Advice required - clearing funds for completion

pochacco

Completion date has been set for Monday 7th December. However at 5:34pm this evening I received an email from my Solicitor with the balance due.

The funds I currently have in my account are not sufficient to cover this, with funds pending from another account I have (electronic transfer), along with two cheques that I need to put in to clear.

I'm concerned about the time because I can't afford payment (and subsequent completion) to exceed Monday.

My intention is to go to HSBC first thing tomorrow and plead with them to accept the cheques and get a bankers draft which I can present to the Solicitor. Given that tomorrow is the last 'working day' of the week, what are my chances of success?

Any pointers from those in the banking industry would be much appreciated.

Many Thanks.

shrewsaver

When was the electronic transfer done (CHAPS or BACS?) and when were the cheques presented?

lellow_lorry

Firstly, when did you exchange? Funds should have been organised efficiently to meet exchange. Be aware that if you don't manage to sort your funds then it can be classed as breach of contract....and costly especially if there is a chain.
With regard to the cheques you should be able to get them cleared in a day....there is a charge but i am not sure how much. Last time I did that it was a tenner(each cheque) but that was 15 years ago. Worth it if it solves your problems
good luck

shrewsaver

lellow_lorry wrote: »

With regard to the cheques you should be able to get them cleared in a day....there is a charge but i am not sure how much. Last time I did that it was a tenner(each cheque) but that was 15 years ago. Worth it if it solves your problems
good luck

Not good this close to Christmas as it depends on the post so as it is this close to Christmas it may take a longer time to go for this "special clearance" rather than the normal clearing cycle.

Fire_Fox

Does anyone else think the 5.34pm comment means the OP is hoping to blame the solicitor?

Doozergirl

Fire_Fox wrote: »

Does anyone else think the 5.34pm comment means the OP is hoping to blame the solicitor?

No, I just think they're pointing out that they couldn't act to start sorting things today.

Our buyers were late completing last month. I got over £200 in interest for being four days late which I quite liked - it wouldn't get that in the bank! If there was a chain though, that really would have been fireworks.

Chat to the bank in the morning or ask the cheque payers if they could pay the money in by CHAPS for you instead and you pay the fees?

pochacco

Thanks for your responses and thanks Doozergirl for understanding. Moving is a stressful time as it is.

After having had a long think I reached the conclusion of trying to obtain a bankers draft for the amount of cleared funds I have (over 70%) and asking my father to shore up the rest in the form of a bankers draft. I'll ask the Solicitor whether this is acceptable since it doesn't have the payees name and it would meet the balance requested. That should work right? If I can get them to the Solicitor by COP tomorrow that should be okay? Am I right in understanding that a bankers draft can be received same day as when it's applied for?

shrewsaver

pochacco wrote: »

Thanks for your responses and thanks Doozergirl for understanding. Moving is a stressful time as it is.

After having had a long think I reached the conclusion of trying to obtain a bankers draft for the amount of cleared funds I have (over 70%) and asking my father to shore up the rest in the form of a bankers draft. I'll ask the Solicitor whether this is acceptable since it doesn't have the payees name and it would meet the balance requested. That should work right? If I can get them to the Solicitor by COP tomorrow that should be okay? Am I right in understanding that a bankers draft can be received same day as when it's applied for?

Yes you are right, it takes about 15 minutes to get it done (I know this post is probabky to late for this answer though!). Don't forget though that a bankers draft isn't classed as cleared funds, its just a safer method of hoping the cheque won't bounce ie whether there is a stop placed on the cheque, not due to funds etc.

mclaren32

shrewsaver wrote: »

Yes you are right, it takes about 15 minutes to get it done (I know this post is probabky to late for this answer though!). Don't forget though that a bankers draft isn't classed as cleared funds, its just a safer method of hoping the cheque won't bounce ie whether there is a stop placed on the cheque, not due to funds etc.

Some solicitors will and do accept bankers drafts for completion. A chaps payment can sometimes be delayed so given the short notice if they will accept a draft then this is a good way of doing it, make sure you give some notice for it though.

pochacco

Done! Submitted 2 bankers drafts to the Solicitor which were accepted yesterday. Barclays it's free and instant yet with my HSBC branch, I had to order, come back a few hrs later and pay a £20 admin fee! Anyways all done and dusted now so I can get back to packing and forget the stress that caused me

Thank Q!