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House buying / selling and fund transfer problem.
upallnighteatingcheese
Posts: 31 Forumite
So me and my fiancee are selling up both our flats and are buying a house which were suppossed to be moving into in just over a months time.
The move in date for the house is June the 14th, which is the same date as the move in date for my girlfriends buyers.
My buyers complete on the 1st of June which gives us 2 weeks leeway on that and so is irrelevant to the following quandry.
The problem is, the house builders are insisting on a telegraphic transfer of funds on the 14th of June so they have the money before we get the keys...which is the way i assummed it would be.
However, our solicitor is telling us that the girlfirends buyers will be paying by cheque which will take a week to clear!
This obviously leaves us without the neccesary funds for the bank transfer as we need the profit from both our flats.
Does anyone know what the norm in these cases? I have bought before a flat before, but never sold so have no experience here. Is our solicitor pulling a fast one so he has the money sitting in his account for a week gathering interest at our expense?
At the moment, if were not ready with the funds when the builders give us an entry date then they can start charging us interest.
If everything goes smoothly and the builders stick to the date they have given us then we still lose out cause we won't have the money to transfer due to waiitng on the cheque clearing and then start having to think about bridging loans etc
I don't see any logical reason why our solicitor hasn't insisted on a bank transfer from her buyers.
We are selling and buying in Scotland btw, and the missives have all been signed on all properties.
Thanks for any opinions / help!
Stu
The move in date for the house is June the 14th, which is the same date as the move in date for my girlfriends buyers.
My buyers complete on the 1st of June which gives us 2 weeks leeway on that and so is irrelevant to the following quandry.
The problem is, the house builders are insisting on a telegraphic transfer of funds on the 14th of June so they have the money before we get the keys...which is the way i assummed it would be.
However, our solicitor is telling us that the girlfirends buyers will be paying by cheque which will take a week to clear!
This obviously leaves us without the neccesary funds for the bank transfer as we need the profit from both our flats.
Does anyone know what the norm in these cases? I have bought before a flat before, but never sold so have no experience here. Is our solicitor pulling a fast one so he has the money sitting in his account for a week gathering interest at our expense?
At the moment, if were not ready with the funds when the builders give us an entry date then they can start charging us interest.
If everything goes smoothly and the builders stick to the date they have given us then we still lose out cause we won't have the money to transfer due to waiitng on the cheque clearing and then start having to think about bridging loans etc
I don't see any logical reason why our solicitor hasn't insisted on a bank transfer from her buyers.
We are selling and buying in Scotland btw, and the missives have all been signed on all properties.
Thanks for any opinions / help!
Stu
0
Comments
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I'm sure the money needs to be cleared before they can call it home? I can't believe they'd let someone move into your house without cleared funds. I'm in England but funds have to be cleared before anyone goes anywhere.
Why don't you just insist it's done the way you need?Everything that is supposed to be in heaven is already here on earth.
0
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