The sequence of events in selling my home and receiving equity?

A_Flower

Advice appreciated. We are planning on putting our house up for sale soon, and due to the lack of equity to buy again, we will need to move into rented accommodation.

Am I right in thinking that the little equity we receive on selling the house will be put into our bank account on completion day? Therefore I am assuming I would have to have separate funds in place beforehand for removals, rental deposit etc?

Many thanks

A Flower

agrinnall

I wouldn't rely on getting the money on completion day, it depends how efficient your solicitor is. I've just checked when I got mine, I completed on April 4th but didn't get the money until the 10th, although that was partly due to a mix up in the amount of fees that had to be paid out of the proceeds which held things up for a while.

You may or may not need funds in advance for removals, if you have a credit card pay with that and you'll get a period before you have to pay it off. That may also be true of the rental deposit (and you'll probably have to pay the first month in advance too) if the landlord or letting agent will take a CC but if they won't then you will need that money in advance.

G_M

When you receive the money depends on several factors:

* what time your solicitor receives it from the buyer
* whether it is passed the cut off time for TT transfer (about 3 pm?)
* whether the solicitor's admin is organised enough by that cut off
* whether they use TT or a slower form of transfer