Waiting to pick up the keys... argh !!!! I'm dying here !!!

tenke

Hi all,

Just hoping you can get me out of my anxiety state

I am waiting to pick up the keys of my 1st house and I am dying of anxiety !!!

We used a CHAPS, early morning, according to our solicitor, money just came in and now it should be passed to the other solicitor, etc, etc.

I chose to do all today as we are free and start doing somehting but now it feels that is being endless and i dont want to wait another day !!!!

arghhhhhhhhh

Anyway out of my chest, thanks for eye-bearing !!! haha

graphicdesigngirl

Good luck, very exciting times! Hope it all gets sorted.

devon007

Classic example of why you should ALWAYS get all your money in to your property lawyer the day before you want to complete your purchase. CHAPS is NOT an instant service! You give instructions to your Bank - they sit there till someone presses the right button BUT the money does not go straight to your solicitor. Oh No!!!! It goes to a "clearing house" in LONDON, where it sits till someone else presses another button to send it on to your solicitor. :eek: And sometimes it can take ALL DAY to get to your solicitor - basically any time before the end of the day, even if it is after the CHAPS system closes for new monies to enter the system (thus meaning it cannot be sent on anywhere!). It is an absolutely pathetic system in this day and age.
The stock market uses EFTS (not sure of spelling there) which IS an instant system but has not been made available to the average company needing to transfer funds. It really is about time it was made available for property transactions. :mad:
I was acting for my brother (with the approval of my firm) in a property purchase (no related sale). He banks with Barclays. Went in at 9.30 a.m. on the day of completion to order the CHAPS. Nothing with me (firm banked with Barclays too) by 12 noon so he went back to the Bank - instructions were still sitting in his Bank :mad: He got them sent there and then. Still nothing with me by 2.30 p.m. He went to his Bank again and they showed him a screen which showed the monies sitting in the clearing house in London, totally outside of their control. They needed to come in to me to be sent to another solicitors upcountry (who also banked with Barclays). No monies arrived by 4 p.m. by which time the "gates" for putting monies into the CHAPS system were closed :mad:. Our cashiers got on to our Bank and explained the situation to them and basically gave the Bank "down the banks" over the episode as all the delays were down to Barclays and the clearing house. Somehow they actually managed to get the monies to the seller's solicitors for 4.55 pm. that day. Fortunately the Sellers were not buying on - it was a real fiasco. AND it was a Bank Holiday weekend too!!! Which would have meant that he would have been charged 4 days interest on a quite high purchase price for late completion - bad bad bad show banking system!
Which is now why, for years, I have made sure I have both the mortgage monies and the balance monies from my clients the day before completion, then no delay is down to me or the firm's bank (well not often!).
We really really do need to petition for EFTS for conveyancing transactions.

terrierlady

thanks for a brillant description of what can happen....my pet hate is sols who tell the client yes money gone to vendors sols go and pick up your keys.... being in new homes our girls/men can not release the keys till it gets into our account which can take hours so thanks again when we try to explain to people they think we are making it up!

driver85

I'm due to complete on my 1st house tomorrow and had planned to have the money transferred the day before but - oh no! That would have been far too simple. Instead we've had an endless round of phone calls chasing up some paperwork which should have been completed weeks ago.

Still supposed to exchange and complete tomorrow but I'm seriously doubting whether this will happen - fingers crossed!!

Zazen999

tenke wrote: »

Hi all,

Just hoping you can get me out of my anxiety state

I am waiting to pick up the keys of my 1st house and I am dying of anxiety !!!

We used a CHAPS, early morning, according to our solicitor, money just came in and now it should be passed to the other solicitor, etc, etc.

I chose to do all today as we are free and start doing somehting but now it feels that is being endless and i dont want to wait another day !!!!

arghhhhhhhhh

Anyway out of my chest, thanks for eye-bearing !!! haha

We completed on a Monday, the money came through at 4:15 and they told us an hour later :rolleyes: and we drove straight round and picked the keys up just before the EA closed.......nightmare. But opened the door at about 6:15 and never looked back.

mum26

Hope you have the keys and are in your new house right now! Best of luck

PasturesNew

At least the OP didn't come back to say he had the keys and had turned up to move in, but the previous owners were sat there eating their tea ... I've seen that written before

tenke

Ok, final update, got the keys at 4.30 !!!!

We did the funny bit of entering me being carried up until the stairs:p

Anyway, discovered lots of little details that we never checked up thanks to the place being covered up with thik, old curtains.

All in all the neglect of that house makes me wonder how human beings could have lived there without changing anything in 40 years !!!

So lots to be done, but at least now i own , good bye to EAs and noisy neighbours!!! it is detached

Thanks for all your answers

mum26

congrats

GDB2222

tenke wrote: »

All in all the neglect of that house makes me wonder how human beings could have lived there without changing anything in 40 years !!!

As you get older, you'll find that you hate having work done more and more. The upheaval is too much. Also, they may simply not have had the money to do it. You'll be old one day (hopefully!)