Solicitor not releasing funds after house sale

31michaelgardens

Hi,

I completed on the sale of my property for which there was no mortgage to redeem. My conveyancing solicitor did not email the transfer form (TR1) to me until after completion and has since failed to transfer the £440K funds into my account. How long after completion should funds be transferred and what can I do to escalate this situation?

Kind Regards,

Paul.

Gonzo33

When did you complete? Did you request a transfer on the forms you completed, including your bank account details or did you request a cheque and forget (that would be the sort of thing I do)?

Some cases are pulled for audit, that may also have happened which may have caused a delay but if I am honest my first port of call would be to call your conveyancer.

pmlindyloo

This happened to us.

We were told that it would take between 7-10 days! Same situation - no mortgage to redeem.

We kicked up an almighty fuss and it was transferred the same day that we complained.

Shocking when it is such a large sum of money.

31michaelgardens

I completed last Friday and because the solicitor did not previously issue the stock tranfer forms. They emailed them to me Friday evening and I sent them back in the post next day, recorded delivery. They were confirmed received on Tuesday. On Wednesday when I chased I was told funds would be tranferred that day but nothing happened. The same story yesterday. It's now Friday and I am getting very angry.

DVardysShadow

31michaelgardens wrote: »

I completed last Friday and because the solicitor did not previously issue the stock tranfer forms. They emailed them to me Friday evening and I sent them back in the post next day, recorded delivery. They were confirmed received on Tuesday. On Wednesday when I chased I was told funds would be tranferred that day but nothing happened. The same story yesterday. It's now Friday and I am getting very angry.

Not sending you the forms in time is not an excuse - it is effectively an admission that they were deliberately delaying your money. They should know what is required.

31michaelgardens

I agree.

Forum Moderator - Am I able to name the conveyancing company here?

giraffe69

It seems to me that the delay is unacceptable and you ought to be asking for interest. If we are talking hundreds of thousands of pounds then it is a nice game to keep it for a week or two.

G_M

31michaelgardens wrote: »

I agree.

Forum Moderator - Am I able to name the conveyancing company here?

Far mor use would be to make an official complaint to one or more of

* the solicitors complaints managr
* the Senior Partnr of the firm
* the Legal ombudsman

But 1st port of call is just speak to your conveyancer and firmly ask for
a) an explanation and
b) some action!

Richard_Webster

It seems to me that the delay is unacceptable and you ought to be asking for interest. If we are talking hundreds of thousands of pounds then it is a nice game to keep it for a week or two.

Yeah, we solicitors will all get really rich.

Interest at 0.1% (which is what I get on my client account balances) on £100,000 for a week is £1.92!

Loopgames

Richard_Webster wrote: »

Yeah, we solicitors will all get really rich.

Interest at 0.1% (which is what I get on my client account balances) on £100,000 for a week is £1.92!

Are you saying solicitors aren't clever/devious enough to put it directy in a high interest account...I know my £2k in my first reserve account got higher than that for only 2 weeks in the account!!

Richard_Webster

It has to be instant access - it's other people's money and they could want it!