What happens after property completion?
As soon as all the required funds have been transferred to the seller’s solicitors by the buyer’s
Solicitors and the contracts have been signed, completion of the property sale occurs, and the keys to the property are handed over to the new owners. But, once inside the property, there are a number of important things that must be done to ensure that your new asset is fully protected.
It’s normally your solicitor’s responsibility to register the change of ownership of your property with the Land Registry. Since the 1990s, it has been a legal requirement that the purchase of all
properties in England and Wales are correctly registered within two months of the sale, so that
ownership is clearly displayed on the title deeds.
Some of the tasks such as making sure that you have sufficient house insurance for both your
buildings and contents, should be planned well before the agreed completion date. For instance,
talking to house insurance companies or searching online weeks before the completion, can ensure that you get the best deals, and provide you with the peace of mind that you are fully insured from the moment you step over the threshold. Make sure your home insurance has been activated when you move in.
Fixtures and fittings
Another simple and quick task that could save money and a great deal of hassle if it isn’t done, is to check that all the main fixtures and fittings have been left in place and that any issues from the home survey report that the vendors have agreed to sort out have been done as part of the contractual agreement. This might include servicing boilers or gas fires and then leaving copies of the work with completion dates and any guarantees. If there is anything in the agreement that has not been followed by the seller, then it’s important to immediately contact your solicitor.
It’s also important to take a photograph and make a note of electric and gas meters before you use any appliances in the property, then contact the utility companies to say that you are the new owners. This will ensure that you are not likely to be charged for the previous owner’s energy consumption. Do the same thing if you have a water meter fitted to the property.
Make sure that your bank, building society, doctor’s surgery, dental practice, and friends and so on, know your new address. As a safety precaution, just in case you may have forgotten someone, have your mail redirected with the Royal Mail for a period of at least three months, which would give you more time to tell companies or contacts that you may have forgotten to inform.
Updating or making a Will
Although you are not legally required to make a Will, it makes perfect sense to have one in place, especially if you have purchased a property by yourself. Failing to have a Will, does complicate settling your estate in the case of your death, and it is far better to make sure that one of your greatest assets, your home, is passed on to the individual(s) of your choice.
It’s advisable to make sure that you have more than one set of front and back door keys just in case one set is ever misplaced. Also, install a key safe on the outside of the property to avoid the embarrassment of ever locking yourself out of the house. This will always be cheaper than getting a locksmith to come out and gain entry to the property for you.
How Can GloverPriest Help?
At GloverPriest, we provide friendly and transparent legal advice. If you would like further advice on your property, please don’t hesitate to speak to one of our expert lawyers today. Complete our enquiry form