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solicitor holding money after sale !
dorsetjohn_3
Posts: 373 Forumite
hello
heres one for you . my friend in scotland completed selling his house 10 days ago and the funds have not hit his bank account yet . He phoned solicitor up last thursday and asked wheres the money and he said that he is still waiting for the funds to clear
now surely he would hand over the keys to the buyers and let them move in if the funds werent sitting in his bank
my take is he had the funds transfered from the buyers into his account on completion and day and is hlding on to them for a week or so to earn interest
what should my mate do , even if the funds get transferred today ? is the solicitor a chancer.............. is there any way of complaing or proving the funds have just been sitting in his account
many thanks
heres one for you . my friend in scotland completed selling his house 10 days ago and the funds have not hit his bank account yet . He phoned solicitor up last thursday and asked wheres the money and he said that he is still waiting for the funds to clear
now surely he would hand over the keys to the buyers and let them move in if the funds werent sitting in his bank
my take is he had the funds transfered from the buyers into his account on completion and day and is hlding on to them for a week or so to earn interest
what should my mate do , even if the funds get transferred today ? is the solicitor a chancer.............. is there any way of complaing or proving the funds have just been sitting in his account
many thanks
0
Comments
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Is it a reputable solicitors???
Ours have usually transferred (for £40 fee) the day following sale - so yes, 10 days seems excessive.0 -
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bump bump !!0
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My understanding is that the solicitor will have received the mortgage money from your buyers, They will then pay any outstanding mortgage you have and estate agents bills etc then send you the rest, however the chq from the buyers will take 3 -4 days to clear (prob only 3) then the fund will be available for you but if you have not requested a bank transfer then they will send a chq. Not sure why they are saying the funds still have to clear as maximum time would be 4 working days. I would suggest they get back on the phone or if possible go to the office.February 2013 NSD - 40
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longforthesun wrote: »My understanding is that the solicitor will have received the mortgage money from your buyers, They will then pay any outstanding mortgage you have and estate agents bills etc then send you the rest, however the chq from the buyers will take 3 -4 days to clear (prob only 3) then the fund will be available for you but if you have not requested a bank transfer then they will send a chq. Not sure why they are saying the funds still have to clear as maximum time would be 4 working days. I would suggest they get back on the phone or if possible go to the office.
thanks for the reply . but why would the solicitor let the buyers move in before the cheque cleared , supposing it bounced ? I would of thought completion would take place WHEN the funds from the buyers have cleared into the solicitors account , some 10 days ago ?0 -
There may well be a retention in the contract. Very common in Scotland. partic for upto 7 working days whilst buyer checks everything all working etc.0
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