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remaining funds

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hmd1987
hmd1987 Posts: 424 Forumite
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in House buying, renting & selling
Morning everyone

Just a quick question - if the amount of equity from old house is more than what is going into the new house, how long does it take for the solicitors to release the remaining funds? is it usually on day of completion? or is it a few days after the move etc?

thanks in advance

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  • Person_one
    Person_one Posts: 28,884 Forumite
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    Completion day usually.
  • hmd1987
    hmd1987 Posts: 424 Forumite
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    thankyou :)
  • Birdman2015
    Birdman2015 Posts: 222 Forumite
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    When I sold a flat last year the money was forwarded to me on the next working day.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    When we sold our house last year, the amount went in the day of completion.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • TBagpuss
    TBagpuss Posts: 11,205 Forumite
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    It will normally be released to you the same day, but how fast you get it will depend on how it is sent - there is usually a charge if you want it to be sent by TT (so you have the cleared funds in your account the same day)

    If you are happy to have a cheque or BACS payment it would normally be issued on completion day (or the next day if you complete late in the day) but may not reach your account immediately.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Depends on timing, if completion is later in the day may be too late (practically speaking) to arrange the transfer back out from the solicitor's account until the next working day. So if completing on a Friday don't count on being able to spend that money over the weekend.
  • hmd1987
    hmd1987 Posts: 424 Forumite
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    thanks very much for all the replies - really appreciate it :)
  • G_M
    G_M Posts: 51,977 Forumite
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    Depends

    * what time Completion takes place
    * how efficient/busy the conveyancer is
    * how the money is transferred

    If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

    If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

    If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

    Discuss with your conveyancer.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
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    Depends

    * what time Completion takes place
    * how efficient/busy the conveyancer is
    * how the money is transferred

    If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

    If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

    If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

    Discuss with your conveyancer.

    There you have it - but the last sentence is the most important.

    If they are really busy trying to get completions done and people moved, sending left over money out (which means preparng the accounts with all the figures in) isn't always the highest priority.

    If the CHAPS system is about the close down for the day a solicitor is going to prioritise sending money out on a purchase that he has only just received from below in a long chain so that his buyer clients can move in that day!

    I never used to guarantee same day transmission of remaining funds - but would normally do it the next working day. Also unless the client urgently needed the money it was cheaper for them for us to do a BACS/faster payment (if under the bank's limit) or send a cheque, because with present interest rates the loss of interest for a few days would be less than the £20-£30 fee for a CHAPS transfer.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • bobobski
    bobobski Posts: 771 Forumite
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    G_M wrote: »
    Depends

    * what time Completion takes place
    * how efficient/busy the conveyancer is
    * how the money is transferred

    If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

    If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

    If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

    Discuss with your conveyancer.

    I've seen 2.30pm, 5pm and everything in between. It largely depends on the firm. My firm's "bank cut-off time" is 3.30pm (although we need to instruct Accounts by 3pm).
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