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When does the money go into your account when you complete your sale

kitkat81_2
kitkat81_2 Posts: 15 Forumite
in House buying, renting & selling
as the title says... we completed on our sale today and was wondering how long does it take for the money to hit the bank account?

Comments

  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    It should be the same day. Some banks don't show the money as being in your account until the following day though.
  • kitkat81_2
    kitkat81_2 Posts: 15 Forumite
    thats what we were thinking, only when we checked this evening it wasnt there :mad: will check in the morning fingers crossed..
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    kitkat81 wrote: »
    thats what we were thinking, only when we checked this evening it wasnt there :mad: will check in the morning fingers crossed..

    Doesn't the money go to your Solicitor's account first? :confused: And then on to your account - once the Solicitor's/EA's costs are paid? :confused: Unless you paid these separately? :confused:
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • kitkat81_2
    kitkat81_2 Posts: 15 Forumite
    yes, into the sols account first but I thought they did the transfer to your account the same day... I am sure that is how it happened when we last moved.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    kitkat81 wrote: »
    yes, into the sols account first but I thought they did the transfer to your account the same day... I am sure that is how it happened when we last moved.

    Depends ... have you paid your Solicitor? :confused:
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Look at the solicitors' terms and conditions.

    If people expressly ask for an instant electronic transfer I will arrange it but charge £30 plus VAT for doing so and if the money doesn't arrive in my account until the afternoon there might not be enough time to make the transfer that day, so it happens the next working day. My default is to send a cheque out to the client as soon as I can, normally the day of completion.
    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.
  • ginvzt
    ginvzt Posts: 4,878 Forumite
    1,000 Posts Combo Breaker
    We had to choose if we want BACS or CHAPS transfer - the first one is for free, while the second one was extra £30, I think. We thought about it and decided to pay extra £30. Got money the day of the sale. If your solicitor is transferring money by BACS, you would get them within 3 working days, I think.

    Oh, and our solicitor took his fee from sale proceeds together with the outstanding mortgage amount and EA's fees before transferring the rest to us.
    Spring into Spring 2015 - 0.7/12lb
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I paid the extra to get the money the same day.
    I didn't need it, I just wanted to see it .... and didn't really believe I'd actually sold the house until I saw the money in the bank.
  • westv
    westv Posts: 6,613 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Richard_Webster wrote: »

    My default is to send a cheque out to the client as soon as I can, normally the day of completion.

    You send a cheque? I thought cheques went out with the Ark.
This discussion has been closed.
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