No ££££ after selling my flat

kate86spar

can anyone help?

I sold my flat on the Friday 1st june, keys handed over but no money showing in my account!

Call my solicitor for them to say due to the jubilee money wont reach my account till 12th june and thats only if i pay £20 charge.

Could they of not of made a CHAPS payment on the friday 1st june for it to be in earlyer

Anyone had this problem when moving before

Also i stay in scotland, incase the law is diffrent

Will be greatfull for any help

FireWyrm

You should have received your money before handing over the keys. What possessed you to give them the keys without getting the money? Unfortunately, there's nothing you can do about it now and just have to sit tight and wait.

googler

The 12th is a week away. That's a ludicrous delay, considering only yesterday and today were the public holidays.....

Your sol should have told you in advance if it was likely to take this long. Did you have any discussion with him in advance as to what the timescale would be?

What's the £20 charge supposed to be for?

googler

FireWyrm wrote: »

You should have received your money before handing over the keys. What possessed you to give them the keys without getting the money? Unfortunately, there's nothing you can do about it now and just have to sit tight and wait.

Standard practice in Scotland is for keys to be released when money has changed hands between solicitors and lenders, or solicitors and solicitor - i.e. when completion has taken place.

Solicitors then apply the received funds either to a client's onward purchase, or to their bank account. So, on the face of it, looks like the money is sitting in the solicitor's client account for a week.... earning interest.

FireWyrm

googler wrote: »

The 12th is a week away. That's a ludicrous delay, considering only yesterday and today were the public holidays.....

Your sol should have told you in advance if it was likely to take this long. Did you have any discussion with him in advance as to what the timescale would be?

What's the £20 charge supposed to be for?

CHAPS transfer fee? My guess is the OP went for 'free' BACS instead.

BitterAndTwisted

The solicitor would not have authorised releasing the keys unless they had seen the funds arrive in their client bank account. Perhaps the funds arrived in their account quite late on Friday and there was no time to send a CHAPS instruction to the bank before it closed for business. I expect the delay now is due to them planning a regular BACS transfer rather than a CHAPS which can incur a charge of upwards of £35 for a same-day transaction

Helen1971

BACS transfers take 3 working days and you shouldn't expect to be charged. CHAPS costs around £20 (although some solicitors charge more to squeeze a bit more out of you; usually referred to as a telegraphic transfer or TT fee) and should go in the same day provided the transfer is made before midday.

If you treat tomorrow (Wednesday) as the first working day after the jubilee, that means that the latest you could expect it to show in your account would be next Monday, i.e. 12 June. Rubbish, I know. Worth paying the £20 to get the funds straightaway net time you sell.

If it's any consolation, even if you'd paid for CHAPS then unless your solicitor executed it before midday on Friday you wouldn't have got it until tomorrow in any event.

Debt_Free_Chick

Helen1971 wrote: »

If it's any consolation, even if you'd paid for CHAPS then unless your solicitor executed it before midday on Friday you wouldn't have got it until tomorrow in any event.

Chances are that the buyer's solicitor only TT'd/CHAP'd the funds on Friday and that they were almost certainly NOT received before midday.

googler

Morale of the tale would appear to be - don't agree to an entry date just ahead of a public holiday.....

G_M

Yup. Money safely received by solicitor, but too late for same day trasfer.

Free BACs transfer takes 3 working days ie Wed to Monday 12th.

Pay for a CHAPS same day transfer (£20 - £30 depending on the bank) and receive it Wednesday 6th.

kate86spar

FireWyrm wrote: »

You should have received your money before handing over the keys. What possessed you to give them the keys without getting the money? Unfortunately, there's nothing you can do about it now and just have to sit tight and wait.

You have to hand the keys in of the morning of the sale and the solicitor hands them over once money is inplace....obviously in place in there account not mine