Whether you’re nervous or excited about completion day (both emotions are completely valid!), it always helps to have a clear understanding of what the day entails.
To help, we break completion day for new build properties down into clear steps – from transferring funds through to moving in your family, furniture, and belongings.
Step-by-step guide to completion day for a new build
After reserving the brand-new property all those months ago, the big day has finally arrived, but exactly what happens on completion day for a new build?
Let’s find out.
- Contracts are exchanged
With a mortgage in place (if required) and a solicitor on hand to support the legal side of the process, you can move onto exchanging contracts.
This is where the contracts are signed and swapped between the buyer and seller, who in this case is the developer. Exchanging contracts is a legally binding arrangement and the stage at which funds are transferred, too.
- Funds are transferred
To actually buy a new build home, you will – of course – need to make the required payment.
If you’re purchasing the property with a mortgage, you will need to pay the deposit (which is usually 10% of the property purchase price), while the lender will cover the remaining sum.
In some cases, transferring funds when buying and selling property can take several hours on completion day, often due to the multiple linked transactions of a property chain.
Fortunately, with a new build property, transferring funds shouldn’t take too long as the developer selling the property won’t be stuck waiting for the upward property chain to complete.
- Keys are released
Once your solicitor has confirmed that the funds have been released to the developer’s solicitor, the keys for your brand-new home will be released to you.
Depending on the developer, you may need to collect the keys either directly from the on-site agent or from the local estate agent working on behalf of the developer.
- You can move in
All that’s left to do after you’ve got the keys in your possession is to take a trip to your new home and have a good look around.
As new builds are typically ready to move into upon completion, you won’t need to worry about carrying out any essential repair or maintenance works before you make yourself at home.
This means you can position furniture, add decorative touches, and get your family settled on the same day as completing.
However, during your initial tour of the property, we always recommend making a note of any snagging issues, such as leaks, malfunctioning electronics, and damage to the floors, walls, and ceilings.
If you identify any problems with the new build, we suggest compiling a formal document of all faults (complete with photos) which can then be submitted to your developer’s customer service team for repair.
At Eaton Homes, we always endeavour to ensure any snagging issues identified by our team have been appropriately rectified well before you move in.
However, if a problem with your property does slip through the net, you can rest assured that our local, helpful team is easy to contact and will look to resolve any issues as soon as possible.
- Post-completion essentials carried out
While you’re enjoying your new home, your solicitor should be registering the property with Land Registry.
At the same time, we recommend giving yourself both valuable peace of mind and financial protection by ensuring any warranty and completion records are safely stored away for future reference.
Start the new build buying process today!
Regardless of whether you’ve been contemplating purchasing a new property for years, or one of the high-quality, award-winning homes from our latest new build development in Beeston, Cheshire, has caught your eye, getting the keys to your new home starts here!
Offering exceptional energy-efficiency, thoughtful design, and easy access to both convenient transport links and glorious green spaces in-keeping with the rural semi-countryside setting, these new build homes are proving to be incredibly popular.
For more clear and concise answers to other frequently asked questions like: ‘What happens on completion day with a new build?’, don’t hesitate to speak to our helpful team today.
We welcome calls made to 01829 824044 and emails sent to info@eatonhomes.co.uk.
Alternatively, you can always fill in our online contact form with your basic contact details and enquiry – upon receipt of your enquiry, we’ll be in touch shortly to learn more!
