One of the main questions I am asked by customers is what time will completion take place and when can I pick up or obtain the Keys? As is always the case there is not a straightforward answer to this since its in part legal-what does the contract say and part practical-when will the sellers vacate the property.
We as a firm adopt the approach of attempting to send the monies before 10 am on the day of completion as this avoids generally the complaint of “We are still awaiting the funds”. The contractual time is generally 1.00pm although customers are requested to aim for midday for clearing the premises.
Quite often we are being told that the Banks are still waiting for the money however this is rarely the case as we have our own terminal here and it takes approximatelly 90 seconds for the payment to arrive. I know as I have tested this on several occasions. The real delay is when other Law Firms do not have a terminal and rely on Bank Staff to notify them when monies have been credited to their account. This can sometimes be hours after the event.
The practical side is as I have alluded to earlier dependant upon when the seller can physically move from the property. If removal companies are used then it is highly likely that the midday target will be met but if the owner is moving themself utilising voluntary help and a hired van then invariably this causes delay. There are ways to enforce compliance if completion is delayed unreasonably and your Lawyer can advise on this when necessary. I can safely say that over 95% of the matters we complete are finished before the contractual deadline.