Completion and moving in
The final part of the process is to complete the setting up of your mortgage (or confirm your existing mortgage has been ported to your new property) and complete the sale. Then all that’s left to do is move home!
Completing your mortgage and purchase
The last step in buying your home is to complete the sale. Completion is when you pay the seller the remaining money (via your mortgage company) to buy the property. You will usually agree a completion date when you exchange contracts; it’s also the date you’ll take ownership of your property if funds are transferred without any problems. As First Mortgage advisors are involved in every step of your house buying process we’ll be working to make sure everything is in place and your completion goes without a hitch.
In Scotland, this is the stage at which you finalise your mortgage. You’ll have a second meeting with your advisor to run through the mortgage application. We’ll tell you everything you need to know, step-by-step, before we meet you. To find out more about the application, skip to Step-by-step process – applying for a mortgage.
There is often a fee, usually called an arrangement fee, to set up the mortgage. You can add this to your monthly mortgage payments or pay it up front. If you choose to add it to your payments, you’ll end up paying interest on it, so it’s worth getting it paid straight away to save money in the long term.
On the date of entry that’s agreed in the contract, your lender pays the whole of the purchase price and you’ll be given the keys to the property and the ‘disposition’ document transferring ownership to you. This is known as ‘completion’ of the purchase.
There are several payments to make at this stage of a property purchase. You will be charged for the transfer of money from your solicitor’s account to that of the sellers and most likely for further administration charges on your mortgage account. Your solicitor will handle and then charge you for registering your property at the Register of Scotland or Land Registry and paying Lands and Buildings Transaction Tax or Stamp Duty. See our more detailed Money timelines for the region you are buying in.
Now you’ve completed the sale, sorted all the paperwork and paid various people, you can move in to your new home and celebrate! For advice on moving and a moving checklist to keep you organised, see our Moving in Guide.