9 Crown Row, Bracknell, Berkshire, RG12 0TH
Liam McDonnell
Lettings Valuer
Liam attended school locally in Ascot and began his career in estate agency aged 18 in the Bracknell area. He has gone on to gain experience within the Maidenhead, Reading and Wokingham markets too. Building relationships is what Liam enjoys the most in his role, which gives him the opportunity to meet and help all kinds of people. Away from work, Liam enjoys playing football throughout the week and for a local Bracknell team on a Sunday (some say the next Sunday League Pirlo).
The best piece of advice I’ve ever been given is…
The way to get started is to quit talking and start doing.
Top of my bucket list is…
To travel around America and Australia.
On Sunday mornings, you can usually find me…
On a football pitch in all weathers – potentially a little jaded from the night before.
My guilty pleasures are…
Watching Super Sunday and the F1 whilst devouring a takeaway. Highly recommended.
The thing I like best about my job…
Helping and advising landlords on how to make the process of letting their property as stress-free as possible, and assuring tenants throughout the process so that it becomes an enjoyable and exciting experience.
The person I’d most like to go for a drink with is…
Sir Alex Ferguson.
26 Sep 2017
The house buying process can seem like a complicated and frustrating process, especially when you are unsure of what happens when – and why. It’s therefore a relief when completion day arrives.
But what is ‘completion’ and what happens when it happens?
First of all, it’s worth defining a few stages of the process. For example, once you agree to buy a property, the seller or his agent will draft a record of the relevant terms, known as ‘heads of terms’. Copies of these heads of terms are then distributed to the various parties and / or their solicitors.
After terms have been agreed and solicitors have been instructed the seller’s solicitor will usually send a draft contract to the purchaser’s solicitor who will begin by submitting local and land registry searches and inspecting the title. He will also draft formal enquiries before contract. Once all terms are agreed the parties will sign and exchange contracts at which time it is usual for a deposit to be paid to the seller’s solicitor. This might be 5 – 10% of the purchase price.
Exchange of contracts creates a legally binding commitment and failure to stick to the agreed terms of the contract can be costly. You might lose your deposit and be sued for damages if you breach the terms of the contract.
One of the terms of the contract will be the date of completion. It’s sensible to give this date some thought so as to make sure it is convenient and to make sure you will have all the funds you need on completion day lodged with your solicitor’s client account.
On completion day, the purchaser’s solicitor will transfer the purchase price, less any deposit already paid at exchange, to the seller’s solicitor. After receipt, the contract is said to have ‘completed’ and ‘possession’ is granted to the buyer. At this point, the seller will release the keys to you and you can move in! The buyer and seller will receive a completion statement from their respective solicitors and, in the case of the seller, a cheque or bank transfer will follow.
After completion, the buyer’s solicitor will arrange for the payment of stamp duty land tax, as appropriate, and this will all be detailed in the completion statement. He will also complete formalities with the Land Registry.
When completion day arrives most people want to move. If you do, make sure the property has been properly insured (this is sometimes done at exchange of contracts). Read all meters, obtain all keys and make sure the removal company you are using have the address and access to the building. It’s worth noting that a delay in transferring funds can result in a delay in completion. This can incur extra costs as people have to be rearranged for another day!
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