What happens on day of completion?

Verytryingmummy

I've exchanged on my house and have agreed to complete next week only problem is that due to bad credit I had to agree six rent months up front as we will be renting for a bit until my credit rating is repaired, then will look to buy again.

My plan is to complete and pay the money across by debit card same day the solicitor said its very unlikely that the money wont clear before 3:30 but if not the money wont be chap' over same day.

I wondered what other experiences were I foolishly thought that paying the additional £30+VAT for a CHAPS payment would ensure it came through same day

Gwhiz

Your post makes no sense. You are buying a house with a debit card?

Verytryingmummy

No I'm selling my house then need to pay the 6 months rent via card payment to the letting agent, sorry I should have read it before posting.

I'm faffing

ethank

You may need to give specific instructions. I completed on time but the residual monies were paid a few days later.

Verytryingmummy

I will email my solicitor a list of questions she sent out a letter asking us to put in writing how we'd like to receive payment cheque/bacs 3-5 days or a CHAPS payment same day so I stupidly presumed all would go smoothly.
I'm sure she will have come across this before well I hope so anyway, thanks for your reply

moneyistooshorttomention

You keep your mobile phone on throughout the day, waiting for the phonecalls to come through from your solicitor, then your estate agent to say "Done now:)" :rotfl:

davidmcn

CHAPS are same day transfers, but the links in the chain aren't instantaneous - if one arrives late in the day then your solicitor won't be able to turn it around in time for it to reach your account. 3.30pm is a fairly normal cut-off time, if it's later than that then the transfer to you would have to be done in the morning.

G_M

davidmcn wrote: »

CHAPS are same day transfers, but the links in the chain aren't instantaneous - if one arrives late in the day then your solicitor won't be able to turn it around in time for it to reach your account. 3.30pm is a fairly normal cut-off time, if it's later than that then the transfer to you would have to be done in the morning.

CHAPS is only same day transfer if implemented early enough in the day. the cut-off time ares depending on the bank, but around 2 - 3 o'clock.

So if your purchaser's funds don't arrive in time, you won't get it till next day.

Additionally it depends on your solicitor's turn around time. He may receive it at mid day, but if he's at lunch and then tied up in a meeting, he may not organise the CHAPS trnasfer till 3 which might be too late......

Verytryingmummy

Thanks all, I've emailed her hopefully there shouldn't be a problem as it's only myself and my buyers in the chain so we're hoping for a quick turn around of the funds

[Deleted User]

Are you intending to sign the tenancy agreement, pay the rent + deposit, collect the keys and move in on the same day as completion? If so you're playing a very dangerous game, it's very possible that there may be problems with the funds getting to you on time. You'd be best looking for alternative solutions if that is your plan. Perhaps a family member that can give you a place to stay for a few days, or a hotel.

Verytryingmummy

citricsquid wrote: »

Are you intending to sign the tenancy agreement, pay the rent + deposit, collect the keys and move in on the same day as completion? If so you're playing a very dangerous game, it's very possible that there may be problems with the funds getting to you on time. You'd be best looking for alternative solutions if that is your plan. Perhaps a family member that can give you a place to stay for a few days, or a hotel.

Yes that was the plan we've no where we could stay for a couple of days I may see if I can borrow the money a family member had previously agreed to pay the deposit and first months rent I think as they know we are getting a fair bit from the sale they'll be happy to help us its just the asking I don't like as it's a big ask.

The agreement etc has already been signed and the date set for next Friday if I can borrow the money hopefully I could get the keys a day earlier will help when moving this whole sale has been a nightmare I cant wait for it to be over