What happens on completion day for Shared Ownership?
You’re almost ready to move into your new Shared Ownership home, so here’s everything you need to know about completion day.
The day that you move into your brand-new Shared Ownership home is almost here. You’ve attended viewings and found a place to live, reserved your new home with us, and got the ball rolling with a Shared Ownership mortgage.
But what is completion day, and what actually happens when this finally comes around? Let’s walk you through everything you need to know, so that you can move into your new home as soon as possible.
What is completion day?
Put simply, Shared Ownership completion is when all the legal, financial, and administrative parts come together with your new home.
This is exactly the same as completion for a house bought privately, but instead of purchasing the full property, you’ll be buying a share of your new home.
The main event during this period is when your solicitor sends the funds over to us, officially transferring ownership of your share to you. In the lead-up to completion day, your solicitor will request the release of these mortgage funds from your lender – though you don’t need to worry about this, as it will happen without you needing to get involved.
Once the funds have been transferred, you’ll be notified by call or email that it’s finally time to pick up your keys!
Completion day checklist
A member of our team will meet you at your new home to hand over the keys. As well as this, we’ll run through our completion day checklist with you to make sure that everything’s ready for you to move in.
The exact items covered will depend on the type of Shared Ownership property you’re moving into, but as a general overview:
- Meter readings: We’ll show you where the electricity meter is, take a reading with you, and submit this to the electricity company to transfer ownership over to you. This makes sure that you’re not billed for any energy that’s used prior to you moving in.
- Keys inventory: As well as handing over your home’s key, we’ll make sure you receive any fobs for communal spaces, and keys that open windows or other spaces within your home.
- Surrounding areas: If your new Shared Ownership home has a shared bin storage, social area, or car park, we’ll show these to you and make sure you’re aware of any rules covering these spaces.
Don’t worry if you have questions after we run through our completion day checklist. You’ll always be able to reach out to our team if anything crops up after you move in.
What you need to pay for on completion day
As well as receiving your keys, you’ll be required to pay your first month’s rent and service charge payments just before or on your completion day.
Rent: Calculated based on the portion of shares that you don’t own
Service charge: Required to maintain features like communal gardens and bin collection
Making sure that these are set up from the moment you move in will make your move as seamless as possible, and avoid any unexpected costs down the line.
Frequently Asked Questions
The exact time of your Shared Ownership completion will depend on when the mortgage funds transfer is completed, but typically this happens between 12:00 PM and 4:00 PM. It cannot happen any later than 5:00 PM, and in the very unlikely situation that there is a delay, completion will take place the following working day.
Typically, contracts are exchanged and mortgage funds are transferred on the same day. This keeps the journey as smooth as possible for you, and means you can move in sooner. If there’s any delay between these two events, it’s often only a few days and your mortgage broker/solicitor will keep you updated.
Unfortunately not. We need to check your ID and make sure that you sign to show proof of receipt. This means that on Shared Ownership completion day, you (or somebody you’re living with) will need to come and meet us to collect the keys.
That’s fine, you’ll have the opportunity to report any ‘snags’ after you move in, and we recommend photographing these and letting us know within 7 days of moving in. This lets us fix everything up as early as possible, so that you can comfortably settle into your new home.
You can! Once you reach completion, your new Shared Ownership home is yours to decorate – turning a house into a home. This means that you can change the furniture, paint the walls, and do anything that adds a splash of personality into your new place.
Any other questions? Get in touch!
If you need to know anything else about Shared Ownership completion, let us know. Please reach out to our friendly team with your questions, or check out our comprehensive HOME Hub for more information on every stage of Shared Ownership.