The time to settle will have been agreed on exchange. It is usually six weeks, though longer and shorter settlements are not uncommon. This time can then only be changed by mutual agreement of both parties. The Purchaser’s solicitor (or conveyancer) obtains all necessary searches whilst the Vendor’s solicitor (or conveyancer) arranges for any mortgage to be discharged.
Services such as electricity, gas, phone and mail redirection need to be organised before settlement. At settlement, the Vendor is paid out the balance of the purchase moneys after deduction of any loan and adjustment for rates, etc. The agent is paid the commission and costs, often from the deposit they are holding on behalf of the parties.
The property must be vacated by the time of settlement and all keys handed over. It is usual for the purchaser to carry out a final (pre-settlement) inspection prior to settlement.
TIP:The final inspection is a nice time for the seller to pass on a few hints about the property, keys and equipment and even details of garbage collection and local services. In return, leave a forwarding address for mail that slips through and perhaps your new telephone number.