We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Does your conveyancer get money day early?
timmyt
Posts: 1,628 Forumite
Any buyer, please make sure that you put your conveyancer in funds for any balance you owe, the day before completion at the latest.
And make sure the conveyancer applies to receiuve any mortgage advance you are receiving the day before completion at the latest.
In that way, your lawyer can press send at 9am (unless you have a depedent sale of course in which case you hope that that buyer has done the same).
Time and time again we get the lawyer acting for the buyer saying we await client funds, or the mortgage has not arrived.
Today we had the Buyer's lawyer finally get the client's balance to complete in at 4pm....too late for bank transfers, but with a buyer still wanting completion.
I agreed to take an Undertaking from the lawyer to pay me first thing Tuesday, but I did not have to. I even served a Notice to Complete to protect my client's position, though I wont charge the usual £150.
Buyers, please make sure you you send your conveyancer your money a day early.
To those conveyancers who do not get mortgage monies a day early 'Bad conveyancer, bad'.
And make sure the conveyancer applies to receiuve any mortgage advance you are receiving the day before completion at the latest.
In that way, your lawyer can press send at 9am (unless you have a depedent sale of course in which case you hope that that buyer has done the same).
Time and time again we get the lawyer acting for the buyer saying we await client funds, or the mortgage has not arrived.
Today we had the Buyer's lawyer finally get the client's balance to complete in at 4pm....too late for bank transfers, but with a buyer still wanting completion.
I agreed to take an Undertaking from the lawyer to pay me first thing Tuesday, but I did not have to. I even served a Notice to Complete to protect my client's position, though I wont charge the usual £150.
Buyers, please make sure you you send your conveyancer your money a day early.
To those conveyancers who do not get mortgage monies a day early 'Bad conveyancer, bad'.
My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o
0
Comments
-
Why would it not be standard practise to have the funds the day before?0
-
Our buyers didn't get the funds the day before - it was a bit of a nightmare! Everyone in the chain waiting around for the money to transfer - so this is good advice. In the end our buyers managed to transfer the money a couple of minutes before the deadline for completion but everyone else up the chain ended up being late. We could then have been asked to pay the penalty in our contract for late completion (fortunately that wasn't enforced).0
-
I've been asked to ensure it's there the day before.
C*F0 -
I agree with TimmyT's original post.
The problem is that a lot of lenders say "we normally send the money the day before completion..." so in a lot of cases you do get the money the day before when you have told them the real date for completion. Every now and again they let you down and you get it on the day of completion very late and that is simply not acceptable. So we ask for it the day before and usually (but not always) get it two days before.
Client has to understand they will have to pay interest for the extra day (or for longer if e.g. over this weekend).RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards