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Completion and settling mortage then money over
Tuscan
Posts: 323 Forumite
Hi all
We are in the middle of moving and heading towards exchange, once the purchase completes and our new house is bought outright and our current small mortage will be paid off and after paying solictor and EA fees we will have quite a large sum of money over. At what point should we be getting that money transfered to us ? should we be getting anything at exchange and/or completion, or does this take a little time to get sorted after completion ?
Thanks
Harry
We are in the middle of moving and heading towards exchange, once the purchase completes and our new house is bought outright and our current small mortage will be paid off and after paying solictor and EA fees we will have quite a large sum of money over. At what point should we be getting that money transfered to us ? should we be getting anything at exchange and/or completion, or does this take a little time to get sorted after completion ?
Thanks
Harry
0
Comments
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If you ask your solicitor, they will CHAPs the residual funds to you on completion, or soon after.
Cost, about £35.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thanks for the reply0
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If the cost is important to you they should be able to write you a cheque instead.0
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thanks ill take it up with my solictor, in the scheme of things £35 isnt much but still better in my pocket than theres though
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If it's a large sum, waiting for them to draw a cheque, post it to you, you to pay it in and wait for it to clear may cost you more than the CHAPs fee.
They may BACS it FOC, but then it's a three day wait...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thanks, yeah thats true. Be nice to have it in the bank straight away, got some spending to do on the new home 0
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makeitstop wrote: »Theirs.
No such word as theres.
im dyslexic, but thanks for pointing it out :T. YAWN....0
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