The Day of Legal Completion When Buying a Property

This day has been circled on your calendar for weeks, and it’s finally here! But what should you expect? Aimee Orrock, Corporate Account Manager at Gilson Gray, walks us through what happens on the big day – the day of legal completion when you finally get the keys to your new home! Let’s dive into some of the most commonly asked questions to help you feel prepared and excited.

What time do I get my keys?

The exact time you’ll get your keys isn’t set in stone. Both your solicitor and the seller’s solicitor have several tasks to complete on the day of settlement. Here’s a brief rundown:

1. Settlement Pack Check: Your solicitor will receive a settlement pack from the seller’s solicitor either the day before or on the day of settlement. They’ll check to ensure all documents are in order.
2. Title Verification: The seller’s solicitor will order updated searches to confirm the seller still has a good title to the property.
3. Transfer of Funds: Your solicitor will transfer the purchase price to the seller’s solicitor, usually via bank transfer, as soon as your mortgage funds are received.

Once all these steps are completed, the solicitors will agree to settle the transaction. Your solicitor will then call you to let you know your keys are ready for collection, typically around midday.

Where do I collect my keys?

Your keys will be available at a location arranged by your solicitor. This might be from:

• Your solicitor’s office
• The seller’s solicitor’s office
• The estate agent, if they originally marketed the property

Your solicitor will ensure the collection point is convenient for you.

Do I need to bring anything with me when I collect the keys?

Yes, it’s a good idea to bring a form of ID, like a photo driving license or passport. This helps confirm that the keys are being handed to the right person.

Can someone else collect the keys for me?

Absolutely! Just let your solicitor know in advance who will be picking up the keys on your behalf, and they’ll inform the seller’s solicitor.

I’ve got my keys and I’m in my property, what do I do now?

Congratulations! You’re in your new home. Here are a few things to check off your list:

• Meter Readings: Take readings for electricity and gas. This helps ensure you’re only billed for what you use from your move-in date.
• Central Heating and Appliances: Check that the central heating system and other appliances are working as expected. If there are any issues, contact your solicitor within five working days to address any potential problems with the seller.
• Property Condition: Make sure the property is in the same condition as when you viewed it, allowing for fair wear and tear.

When do I get my Title Deeds?

Your solicitor will handle the registration of your Title Deed with the Registers of Scotland. The time it takes can vary:

• For properties already registered, expect your Title Sheet within a few weeks.
• For properties not previously registered, it may take several months or even a year or two for first registration due to the complexity involved.

Is there anything else I should think about?

Buying a property is a significant life event, and it’s a great time to consider having a Will in place, especially if you’re buying with someone else. Additionally, you might want to think about preparing a Power of Attorney to manage your affairs if you’re ever unable to do so yourself.

I hope this helps clear up what to expect on your day of legal completion. If you have any more questions or need further guidance, feel free to reach out to us at Gilson Gray. Happy moving day!

Find out more about our Property Services here.