Completion Day - Equity Funds

chezba

Just a quick question re. equity and completion day.

- my husband and I have been separated and are now selling marital home pre-divorce. We are selling to FTB and hoping to exchange/complete soon. We have some equity in the house which we are splitting and my question is when do we get this money? Is it also on completion day? Obviously buyers money goes to our solicitors who pay off mortgage company and I'm assuming they also pay fees to EA? Does all the money transfer to accounts on same day?

This is first time selling so no idea how it works!

Thanks

G_M

chezba wrote: »

....when do we get this money? Is it also on completion day? Obviously buyers money goes to our solicitors who pay off mortgage company and I'm assuming they also pay fees to EA? Does all the money transfer to accounts on same day?

Thanks

Yes. Solicitor will deduct all bilss/fees etc (mortgage, estate agent, his own fees) then transfer the balance to you.

He may do it same day (depending what time of day the funds are received) but more likely next day. Probobly via CHAPS (which will cost you £25-35) so same day transfer.

But why not ask him?

chezba

Thanks. Will confirm when we set dates but was just wondering. Husband and I have both given account details so money is sent separately.