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Money Transfer on Sale
Gwenrose
Posts: 104 Forumite
We are buying a vacant bungalow from the sale of our house. We do not need a morgage and the family are selling the bungalow as their mum died.
Question? Do we have to arrange the transfer of the money on the day to our solicitors account to then be transfered to the sellers account. I've emailed the solicitor but I'm still waiting for a reply. It's the first time we have not had the security of a building society doing it all, it's a bit frightening and as hubby is leaving every thing for me to do (his no good at the paperwork side of things) I could do with a bit of help please.
Question? Do we have to arrange the transfer of the money on the day to our solicitors account to then be transfered to the sellers account. I've emailed the solicitor but I'm still waiting for a reply. It's the first time we have not had the security of a building society doing it all, it's a bit frightening and as hubby is leaving every thing for me to do (his no good at the paperwork side of things) I could do with a bit of help please.
You have to listen to learn!
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Comments
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You've not told us if you are selling and buying at the same time or not?
If it's all happening at once, the solicitor will simply transfer the funds they receive from the sale to the vendor's solicitor. They will charge you for that.
If the money is already in the bank then you will need to arrange your 10% deposit for exchange and the balance for completion. Same day via CHAPs will cost you, do it about 5 days in advance to be sure it gets there on time and it won't cost you anything.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »You've not told us if you are selling and buying at the same time or not?
If it's all happening at once, the solicitor will simply transfer the funds they receive from the sale to the vendor's solicitor. They will charge you for that.
If the money is already in the bank then you will need to arrange your 10% deposit for exchange and the balance for completion. Same day via CHAPs will cost you, do it about 5 days in advance to be sure it gets there on time and it won't cost you anything.
Yes it is all happening at once.You have to listen to learn!0 -
Then you've nothing to worry about if your sale amount is larger than your purchase amount.
Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »Then you've nothing to worry about if your sale amount is larger than your purchase amount.
O Yes, for the first time in our lives we will have money in the bank to do all those lovely jobs we want to.You have to listen to learn!0 -
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