This article discusses the place where completion is effected; both in the case of chain transactions and when completion is done by post.
By SC 6.2 (SCPC 8.2) completion for property in England and Wales should be either at the seller’s solicitor’s office or at any other reasonable place specified by the seller. If completion is not effected at the seller’s conveyancing solicitor’s office, sufficient time should be given to the buyer to allow his solicitor to make preparations for completion besides arranging transfer of funds. In fact, if possible, he should be informed of the place when the buyer’s solicitor sends a requisition form investigating title.
Ideally when property that is sold is to be discharged from mortgage and the conveyancing solicitor acting for the seller also acts for the lender, completion is effected only at the seller’s solicitor’s office.
Chain transactions
In the case of chain transactions, all solicitors mutually agree to meet at a place that is convenient to everyone. Thus, several transactions can be undertaken at the same place and that too within a short time.
Completion by post
Although, it is conventional practice to conduct completion at the seller’s solicitor’s office, nowadays it has become common for conveyancers to follow the code mentioned in The Law Society’s Code for completion by post. In such a situation, the actual place of completion is not important as long as both parties to the transaction can contact each other via telephone or fax to confirm the transmission and receipt of funds.
Photo courtesy: Sean Ellis
