What to Expect and How to Prepare for Settlement Day
Settlement day is an exciting milestone in the home-buying journey, marking the official handover of your new property. To help you navigate this important day, we’ve put together a guide on what to expect and how to prepare for a smooth settlement process.
Understanding the Settlement Process
1. Settlement Time
A few days before settlement, your conveyancer or solicitor will inform you of the exact time your settlement will take place. Most settlements take place in the afternoon, so take this into account when arranging the move.
2. Pre-Settlement Inspection
A pre-settlement inspection is a critical step to ensure the property meets your expectations before settlement. We recommend scheduling this inspection as close to settlement day as possible.
During the inspection, check that:
- The property is in a similar condition to when you last viewed it.
- All chattels included in the sale (e.g., appliances, fixtures) are present and in working order.
- There are no unexpected issues or damages.
If you notice anything concerning, bring it to the attention of your agent and legal representative promptly.
Important Considerations for Settlement Day
Belongings of the Previous Owner or Tenant - Even if your purchase includes "vacant possession," the property legally belongs to the seller or tenant until settlement. Their personal belongings may still be in the home up until the handover. So don't be surprised at the pre-settlement inspection if there are still items to be moved and cleaning to be done.
Collecting Your Keys
Once settlement is finalised and solicitors confirm the transaction, the keys will be released to you. Typically, you can collect them from the real estate agency, but it’s a good idea to double-check this process beforehand to avoid any confusion on the day.
Tips to Prepare for Settlement and Moving
To ensure you’re ready for the big day, here are some practical tips:
1. Plan Your Move
Arrange for removalists or transportation early and coordinate the timing to align with key collection.
2. Organise Utility Connections
Schedule connections for electricity, gas, water, and internet to start on settlement day, so your new home is ready to go.
3. Get Insurance Sorted
Ensure your home insurance policy is active from the day of settlement to protect your new investment.
4. Pack Essentials Separately
Keep important items like documents, medications, and chargers in a separate, easily accessible bag during the move.
5. Have Cleaning Supplies Handy
You may need to do a quick clean of the property before settling in, so bring basic cleaning products with you.
6. Set Up Mail Redirection
Organise mail redirection to your new address to avoid missing important correspondence.
Settlement day can feel hectic, but with a bit of preparation and a clear understanding of the process, it will be a smooth transition into your new home. If you’re unsure about any part of the settlement process, your agent or conveyancer is always there to help.
Congratulations on this exciting step—here’s to making your new house a home!