what happens to profit made on my property

mrwoo_2

when my sale is completed this week, there will be a small amount of profit left after the solicitors, estate agent and mortgage have been paid.
how do you get it, is it sent via a cheque or transfered to your bank, also does anyone know how long it roughly takes to receive your money after completion. i've never sold a property before so this is all new to me.

zappahey

In our case, it was transferred directly into our bank account but I don't recall if it was same day or a couple of days.

Bored_Housewife

We had the choice, cheque or into bank account. We chose any method that did not cost us money, it took a couple of days because he posted it on, but agreed with ILW if you collect you can get it the same day.

Forgotten the name of it, mind has gone blank, but some transfers into your account can cost you about 30pounds. So ask the solicitor what they use and go for the one that is free.

ILW

I got a cheque from my solicitor on the day of completion. (Did have to go and get it though)

knightstyle

If your solicitor hangs on to it, waiting your bank details for example, they should pay you interest.

PasturesNew

I had mine paid directly in a bank account. I paid the extra to get it the same day just because I wanted to see all those lovely 0000s and start to feel the sale actually happened.

MunnyBoiler

When this situation happened to me, the money was paid direct into my bank account and boy was it nice the see the increased balance!.

Now is probably a good time to contact your solicitor and clarify how they will transfer the money to you upon completion - make sure they are aware you want your money ASAP!!!

mrwoo_2

thanks for all your answers

i will phone my solicitor, as he has not mentioned the money at all and i would like it asap

zappahey

PasturesNew wrote: »

I had mine paid directly in a bank account. I paid the extra to get it the same day just because I wanted to see all those lovely 0000s and start to feel the sale actually happened.

And, of course, for a significant sum, a couple of days extra interest can more than pay for the transfer fee.

PasturesNew

zappahey wrote: »

And, of course, for a significant sum, a couple of days extra interest can more than pay for the transfer fee.

It was ... it was about £30/day. Wouldn't be now though

googler

If your solicitor can't be bothered to tell you where the proceeds of your sale are going to be put after the sale completes, I'd perhaps suggest you picked the wrong solicitor .....