After completion - how long for money transfer?

carrie483

We completed yesterday and our solicitor didn't transfer us the money (cheap ploy to make extra money on the interest i guess) Spoke with her today and she said she has pressed the button to transfer into my account but it can take anywhere up to 3 o'clock to enter my account.

I thought money transfer was instantanious....?

Thanks, Carrie.

newlywed

Solicitors aren't allowed to make any financial gain on the client's money .

They way they transfer the completion monies is only guaranteed by the Bank to arrive by 3 pm, so standard time by the bank. Nothing that the solicitor can do to speed that one up.

(Ex-legal secretary!).

carrie483

newlywed wrote:

Solicitors aren't allowed to make any financial gain on the client's money .

(Ex-legal secretary!).

Would they make interest on the money if it is in their account overnight? Or is in a different type of account?

Thanks.

newlywed

If they make any interest on it they have to pass it on to you. Details should be given to you by them of the amount of interest earned. So they usually do that and send you a completion statement detailing all the money transactions including any interest.