When will the back release the money??

holidayhippo

We're to complete on Friday, everything is in place and the money has been requested.

Can someone tell me if the money will be released tomorrow ready for Friday or Friday?

Can someone also tell me what happens after? We're signing everything tomorrow, technically theres no keys to get (long story) but do we get a copy of the contract? or the Deeds? What happens after the money has gone to the seller?

Thanks!

TBagpuss

Once the money has been sent to your seller's solicitor, the property belongs to you. Normally the keys would be released to you at that point, if there are no keys then you can just go in from then.
If you want a copy of the contract ask your solicitor.
After completion, your solicitor will register the change of ownership and the new mortgage with the Land Registry - you'll get a copy of the LR entries when the LR updates their records, from your solicitor.

You will need to get a Stamp Duty Return completed - normally your solicitor will do this for you but double check.

G_M

Sounds like you should not be doing your own conveyancing.

Hopefully you have a solicitor/comveyancer - you are payimg them so they should answer all your questions.

The bank release question depends which bank, and when your solicitor requests it - so only he can tell you!

do we get a copy of the contract?
yes though you should already have one I'd have thought. Have you Exchanged?
or the Deeds?
You'll be sent a copy of the Land Registry Title in due course. If there are related Deeds, Conveyances etc, request these from your solicitor who might otherwise store them.
What happens after the money has gone to the seller?

You move in to your property.

kingstreet

Your solicitor submits the certificate of title to the lender to request the funds on a particular date.

The lender provides those funds on that date.

Your solicitor carries out the other tasks for completion.

AnnieO1234

When did you start the purchase? It sounds as though the vendor is known to you or it's perhaps a probate property? Especially with you talking about keys?

Normally the process would be:

Transfer Form TR1 (which is the contract) completed by vendor solicitors and sent to buyers solicitor for approval.

Searches undertaken.

Search results, TR1 sent to buyer for approval with any salient points highlighted.

Documents signed and returned to solicitors.

Solicitors agree exchange.

Solicitors request funds, best practice says request day before completion.

Day of completion, funds pass through chain usually via CHAPs/TT.

Once funds received, keys released (may be very late afternoon) to the new owner.

Xxx