“Stress-Free Completion?”

May 26th 2016
By: Andrew Gilchrist, Managing Director
One of the frustrations with the system of property transfer in this country is that moving day invariably coincides with the formal completion of a sale.

Usually, the buyer cannot move out, and the seller cannot move in until such time as the completion monies have been received by the seller’s bank, or in most cases, their solicitor’s client bank account. A delay to any link in a chain will have a knock-on effect which can mean that buyers are waiting with a removal truck full of their worldly possessions outside their new home, with no right to enter it.

Such delays can be caused by any number of reasons – even as apparently insignificant as a solicitor in another part of the country being out to lunch. If confirmation is not received until late afternoon, there may not be enough time for the removers to unload before they have to go home! They may not be able to return the following day as they might already be booked on another job!   

One of the contributing issues has been that the payment system used for these transactions known as CHAPS (Clearing House Automated Payments System) closes at 4.20 in the afternoon but that is about to change, from Monday 20th June CHAPS will be open until 6.00 which you would think would be widely received as a good thing  but while the Law Society says it is “a positive step that increases the likelihood of transactions being completed on the agreed date, and lessens the chances of home buyers not being able to move into their new property.”

The British Association of Removers (BAR) are not so sure, they believe this is likely to push back the time that a buyer will get possession of the property in to later in the day meaning more chance that “The client could well be in the unreasonable position of having to either work late into the night, to achieve some level of comfort in their new home or potentially need to fund a night’s accommodation in a hotel, thus incurring yet more expense”

So one thought for a completely stress free completion might be, why not arrange to move out a day or two before completion and move in a couple of days afterwards? This can considerably de-stress the situation, and has the benefit of giving you time to clean the property you are leaving for the next people, and do any bits and pieces on your new home before your furniture moves in. Perfect if you are re-carpeting or want to do some minor redecoration. And the cost of staying somewhere locally is relatively insignificant in terms of the whole house move.

If this doesn’t appeal, we are open to 6.30 weekdays so no matter when the property completes we will be here to handover the keys.