Completed on the house but no funds!

roisin75

Hello all

Just wondering if anyone has any advice, we completed on our house yesterday and have moved, we kept checking our account throughout the day but nothing. I called the solicitors and said we paid £24 for a instant transfer and she said it can take till 5pm - but nothing


We checked the account numbers to make sure and they are right everyone else has had their money apart from us.


What should we do as we now have no money!


Many thanks

kingstreet

So, you sold a property and requested the funds due to you be transferred directly to your bank account?

There appears to be no other option than to call the transferring solicitor on Monday morning to request they verify how the money was paid.

You could also call the receiving bank and ask them if there are any pending credits into the account, just in case it hasn't been sent by CHAPS or faster payment.

Doozergirl

I guess you weren't buying yesterday, as you'd be homeless and distraught! Be thankful for small mercies

It will appear. If there is a sizeable chain below then it can get to nail biting.

ERICS_MUM

perhaps it was sent by faster pay rather than CHAPS ?

With FP it has to be "there" by the end of the next working day. CHAPS payments have to be received by end of the day.

poppysarah

I've never understood why completion usually happens on the day least likely to have anyone about to help with issues the next day?

TrickyDicky101

poppysarah wrote: »

I've never understood why completion usually happens on the day least likely to have anyone about to help with issues the next day?

^+1

That's why we went for a Monday completion when last we moved.

agrinnall

How much money is it, and do you know what bank the solicitor uses? Having paid for the transfer it should have gone by CHAPS, and therefore should have been with you on Friday (unless your bank has held it up for a money laundering check - you'll never know if that is the case). But if the amount is less than the sending bank's FPS limit then the solicitor may have tried to make a profit on the deal by using that instead, in which case it could still be on the way. In which case I'd be asking for the £24 back and an explanation of why CHAPS wasn't used.

ian103

can you not contact the bank today as many have a telephone banking option. as an aside when we sold our house the money took 3-4 days to arrive as it was a BACS transfer, but our bank knew it was there.

Doozergirl

poppysarah wrote: »

I've never understood why completion usually happens on the day least likely to have anyone about to help with issues the next day?

I think it's only because people like to have the weekend to move in. It's not a solicitor thing, I think they'd prefer not to have umpteen sales always completing on the same day.

Richard_Webster

Did the solicitor guarantee that the money would come through on the day of completion? I would never do that. Fridays are too busy and it is more important to get people moved than for us to fuss about saving someone some piffling figure like 82p interest they might gain on say £100,000 (at 0.1%) over a weekend.

If the money came in in time and we were not pre-occupied with other completions then we might get the money out to the client, but very often it would have to wait until the Monday.

agrinnall

Richard_Webster wrote: »

Did the solicitor guarantee that the money would come through on the day of completion?

The OP said

" I called the solicitors and said we paid £24 for a instant transfer and she said it can take till 5pm - but nothing"

Which suggest that there was at least an expectation it should be same day.