Can anyone advise me

jackie_w

Hi There,

Im writing this on behalf of my sister, she and her husband are selling their home, and are moving to Canada to stay. Today, the missives have been concluded (we live in Scotland). She is due to move out of her home on Friday, and the new people move into her old hom on Friday. She has been told by her solicitor that they will pay off her mortgage, however, the balance that is due to her wont be given to her until next Wednesday because they have to wait until the cheque clear . She was under the impression that everything would be done by CHAPS transfer, and that she would get her balance on Friday at some point.

This really mucks up her plans. Her husband and her children are due to start school in Canada on the 2nd September, but, obviously, cant go until she has all her money sorted. Im not sure if her Solicitor will be giving her a cheque on next Wednesday, or if he will do a CHAPS or a BACS transfer next week to her account.

Is this the way it is normally done? Any advice would be greatly welcome.

Thank You


Jackie xx

Locoblade

Im no expert but sounds odd to me. When you move as part of a chain all the money is instantly transferred so I can't see why the same can't apply to money into her bank.

Do you know which "cheque" they're claiming to be waiting clearance on? From what I understand the buyer's lender will send the buyer's solicitor the money to cover the purchase, the buyer's solicitor then transfers that money to your sister's solicitor at the point of exchange (immediate transfer), and as your sister isn't buying another house, she should then get the money from her solicitor.

If she was buying another house, her solicitor would have to get the money out the same day to cover that purchase, so I don't see why it would be different just because its going to her bank account. If its her solicitor simply writing a cheque to give her the money and trying to save her the cost of the CHAPS transfer, obviously that will take time to clear, but I can't see why they couldnt do this by CHAPS same day instead, with a small cost involved I assume.

Putting my cynical hat on for a moment though, having say £200k of money sitting in an account for a few days whilst the cheque is sent out / cashed could generate around £30-40 a day interest, so will the solicitor pay her that as well by any chance?

beecher

I didn't get the balance from my sale until a few days after my move - the mortgage was paid off that day but I believe the solicitor holds onto the balance, takes his/her fees off and any other payments which have to be made. In my case there wasn't any talk of cheques clearing though.

Can't she still go to Canada and have a friend/relative put the cheque into her account if the solicitor won't transfer it?

socrates

With the type of mortgage fraud going on these days I would only accept a chaps payment - especially as for up to 8 days with some banks the cheque can still bounce. I have a Scottish bank account linked to an offset mortgage and to say the least they are not up to the standard of English Banks - but they are run by Australians so perhaps its sour grapes for the Olympics!