Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • hmd1987
    • By hmd1987 17th Oct 16, 9:30 AM
    • 411Posts
    • 510Thanks
    hmd1987
    remaining funds
    • #1
    • 17th Oct 16, 9:30 AM
    remaining funds 17th Oct 16 at 9:30 AM
    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
Page 1
    • Person_one
    • By Person_one 17th Oct 16, 9:32 AM
    • 26,968 Posts
    • 92,392 Thanks
    Person_one
    • #2
    • 17th Oct 16, 9:32 AM
    • #2
    • 17th Oct 16, 9:32 AM
    Completion day usually.
    • hmd1987
    • By hmd1987 17th Oct 16, 9:35 AM
    • 411 Posts
    • 510 Thanks
    hmd1987
    • #3
    • 17th Oct 16, 9:35 AM
    • #3
    • 17th Oct 16, 9:35 AM
    thankyou
    • Birdman2015
    • By Birdman2015 17th Oct 16, 9:41 AM
    • 140 Posts
    • 95 Thanks
    Birdman2015
    • #4
    • 17th Oct 16, 9:41 AM
    • #4
    • 17th Oct 16, 9:41 AM
    When I sold a flat last year the money was forwarded to me on the next working day.
    • seven-day-weekend
    • By seven-day-weekend 17th Oct 16, 9:42 AM
    • 29,855 Posts
    • 55,844 Thanks
    seven-day-weekend
    • #5
    • 17th Oct 16, 9:42 AM
    • #5
    • 17th Oct 16, 9:42 AM
    When we sold our house last year, the amount went in the day of completion.
    To love someone is to learn the song in their heart and to sing it to them when they have forgotten it
    'I believe in Christianity as I believe that the sun has risen. Not only because I see it, but because I see everything by it': C.S. Lewis
    'Let me tell you this one thing. When you fall out, as you will, don't get blaming each other. Look inside yourself first'. - Hilda Ogden, to Sally on her wedding day to Kevin, Coronation Street 1986. '
    • TBagpuss
    • By TBagpuss 17th Oct 16, 9:43 AM
    • 6,084 Posts
    • 7,837 Thanks
    TBagpuss
    • #6
    • 17th Oct 16, 9:43 AM
    • #6
    • 17th Oct 16, 9:43 AM
    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.
    • davidmcn
    • By davidmcn 17th Oct 16, 9:43 AM
    • 6,288 Posts
    • 6,067 Thanks
    davidmcn
    • #7
    • 17th Oct 16, 9:43 AM
    • #7
    • 17th Oct 16, 9:43 AM
    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
    • By hmd1987 17th Oct 16, 9:49 AM
    • 411 Posts
    • 510 Thanks
    hmd1987
    • #8
    • 17th Oct 16, 9:49 AM
    • #8
    • 17th Oct 16, 9:49 AM
    thanks very much for all the replies - really appreciate it
    • G_M
    • By G_M 17th Oct 16, 12:18 PM
    • 42,330 Posts
    • 49,180 Thanks
    G_M
    • #9
    • 17th Oct 16, 12:18 PM
    • #9
    • 17th Oct 16, 12:18 PM
    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
    • By Richard Webster 17th Oct 16, 5:26 PM
    • 7,395 Posts
    • 7,112 Thanks
    Richard Webster
    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
    • By bobobski 17th Oct 16, 6:37 PM
    • 677 Posts
    • 1,540 Thanks
    bobobski
    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.
    Originally posted by G_M
    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).
    #18: Save 12k in 2017: £11,385.86 / £12,000 (94.8%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £21,465.15 / £60,000 (35.7%) | Emergency fund by 31/12/2020: £1,663.13 / £5,000 (33.2%)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,015Posts Today

6,121Users online

Martin's Twitter