Completed on the house but no funds!

G_M

We are all assuming, but perhaps the OP could confirm

a) this is a seller
b) the buyer DID send the money to the OP's solicitor(and it arrived) otherwise Completion should not have taken place
c) the money is 'missing' in that the OP's solicitor promised to forward it same day to the OP and it has not arrived?

Not that surprising. If this was a CHAPS transfer, they are only guaranteed same day (NOT instant)if sent before (I think) 2.00 PM. It is not uncommon for the money to be received by the seller's solicitor after 2.00, especially where there is a long chain for the funds to be transferred down.

Or for the solicitor to need time to transfer it on.

If it was to be sent via 'Faster Payments', this too is not guaranteed 'instant'(though the £24 payment implies CHAPS).

See Barclays:

CHAPS is a same-day UK electronic transfer (instructions must be received by 2pm on a working day). CHAPs payments are useful if you need to urgently send money to someone or when you buy a house and your solicitor needs to send money to the vendor. There is a charge of £25 for this service for Personal Banking customers.

Expecting to receive the Completion money same day is unrealistic.

artbaron

I don't understand the OP at all. No money received therefore completion hasn't happened. No solicitor would say it has before confirmation of funds. Plus I don't know which funds were expected where.

G_M

artbaron wrote: »

I don't understand the OP at all. No money received therefore completion hasn't happened. No solicitor would say it has before confirmation of funds. Plus I don't know which funds were expected where.

Hence my assumptions (unconfirmed)

a) this is a seller
b) the buyer DID send the money to the OP's solicitor(and it arrived) otherwise Completion should not have taken place
c) the money is 'missing' in that the OP's solicitor promised to forward it same day to the OP and it has not arrived?

Thrugelmir

G_M wrote: »

c) the money is 'missing' in that the OP's solicitor promised to forward it same day to the OP and it has not arrived?

Unlikely given the cut-off time for submitting a CHAPS request to a bank.

Yorkie1

artbaron wrote: »

I don't understand the OP at all. No money received therefore completion hasn't happened. No solicitor would say it has before confirmation of funds. Plus I don't know which funds were expected where.

I'm not sure this is correct. If you read Richard W's post, it clearly states that monies may not be transmitted on the same day despite completion having occurred.

Solicitors can hold money to another solicitor's order, against a professional undertaking. Therefore the movement of money does not provide a necessary indication of the status of the transaction.

roisin75

Hello all, sorry for the delay getting back to you all, we have been waiting for the Internet to be connected!

I spoke to my solicitors first thing on Monday morning, turns out their accounts department forgot to press go on our account, so everyone else had received their monies ie mortgage, estate agents, solicitors etc but we hadn't.

They realised what happened and refunded us the money paid for instant transfer and 4 days interest.

The funds we was expecting was our profit - which was in the region of £35k - we have sold our house and have taken a long term rental, and the estate agents on both selling and letting had been paid.

My original concern was a wrong digit in quoting the account numbers but just turns out the accounts department had a funny Friday moment!

Thank you all for your prompt response on this occasion it was a slip on their behalf but all the same a very horrible scare.