Completion day - is this normal?

louisaj28

abankerbutnotafatcat wrote: »

Well, that's good, it means that the buyer's solicitors probably have the buyer's cleared funds in their clients' account so there is no risk of the cheque not clearing. That said, it still sounds like a out-dated and cumbersome method of transacting and I can only presume it's so that the buyer's solicitor gets the benefit of interest for two days, which over all the completions they handle could probably really add up.

Isn't all conveyencing outdated and cumbersome?!!

pinkteapot

How bizarre. What would have happened if you were buying yourself and the money from the buyer had to pass up to the chain to the vendor of the house you were buying?

Would be interested to see if Richard Webster (regular poster on this board) has ever heard of this...

JimmyTheWig

Did you use an estate agent? See what they think about it.
Is their a senior partner at your solicitors who you could speak to?

louisaj28

thanks for all the input guys, I have sent my solicitor a list of questions which I would like him to answer...

The estate agent is not interested and says it's between us and the solicitor..

oh and they still want to charge us £20 to send us the payment by CHAPS, even though it will be a week late!

pinkteapot

Does this also mean that the solicitor is not clearing your mortgage until Thursday next week?

If it was me, I would be asking them to pay the interest (a) that I'd receive in savings on the balance and (b) on my mortgage!

pinkteapot

Just bumping this thread for the OP to see if anyone else has ever heard of this happening?

hcb42

has happened every time i have moved, thini it is fairly normal, solicitor normally writes up the account with balance owing if any and sends it on, nothing untoward I dont think

jackomdj

Yes but normally on completion date all funds are cleared into relevant sellers accounts, often to be used against another purchase on the same day. As the property is no longer theirs the mort co should have their money back on the same day.

somewhere_up_there

Your funds must be passed to you 24hrs after completion.
This is the law an your solicitor is fully aware of this.
He will have had cheque from buyers solicitor days in advance.

After this you would be entitled to interest usually 5% above bank base rate .
Serial mover, usually i always complete on Thursdays, so i can be sure funds will be in MY account on the Friday.

Ulfar

Until the solicitor pays your mortgage off to clear the charge on your property they ownership cannot be transferred.

I would be sat in their office tomorrow morning asking what they think they are playing at.