I Have the Keys to My New Property, What’s Next?

It is an exciting time when you are finally handed the keys for your new property.  This may be after many months and lots of communication with the agents and your solicitors. But, for your lawyers Post Completion department the work is just beginning to ensure that the property is officially under your legal ownership.

So what is going on behind the scenes?

Transferring Deeds

Once the Transfer deed is signed and dated and completion has taken place, these days over the telephone, (luckily there is no more running around to the vendor’s solicitors office to physically exchange the documents!) your seller’s solicitors will send your solicitors the Transfer deed as proof the property has been sold.

Stamp Duty and Land Registry

Next a Stamp Duty Land Tax return needs to be filed with HMRC and tax paid, failure can result in penalties falling due, delays in registration and other legal complications.

Once this is complete, your post completion team will receive an online certificate which will accompany the application to HM Land Registry – this is so there is evidence that the required tax payment has been made.

Registering the Mortgage

If you have taken out a mortgage to purchase the property, there will be a Charge against the property which will also be required to be registered.  The mortgage will be noted at the Land Registry on the new title documents.

The Application Process

Once all the documents have been meticulously checked for correct dates, spelling and execution then the application can be drafted on the Land Registry’s own digital portal.

The application is then ready to be submitted and the Land Registry will offer an estimated completion date.

It is important to note that this is only estimated and applications can be completed long before the dates given or unfortunately afterwards, if an issue comes up with the application, usually something which is unforeseen. If this does happen the Land Registry will raise a requisition, your legal team are able to do this on your behalf – something our post completion team are highly equipped to deal with and offers as a standard service.

Receiving Your Title Documents

Finally, when the application is completed, new title documents are sent to you. It is important to keep these documents safe, as although digitally logged, they are evidence of your ownership for the property.

Once this is all done, congratulations, your property purchase is officially complete!

Are You Looking to Purchase or Sell a Property?

Get in touch with our helpful Residential or Commercial property teams today to get expert legal advice and support through every step of the process.

This article was originally written by Antonia Wright, a post-completions assistant in our residential property team, contact Antonia today to learn more information about the post-completion process.