Timing of completion

MrsLF2014

Hi All

This might vary quite a lot, but can anyone advise of typical time of day for completion. We are due to complete this Friday, we have already moved out so the house is empty. However, we need the completion money to exchange on our new house on Friday also. We are using different solicitors for sale and purchase, so our sale solicitors need to transfer the funds to us on and then we need to send them onto our purchase solicitors.

Just panicking now in case the completion funds don't come through in time for us to send them to our purchase solicitors before the 2.30 CHAPS deadline.

Annoyingly we had said our sale completion had to be done a couple of weeks ago to avoid this problem but that fell onto deaf ears and ended up being delayed.

davidmcn

MrsLF2014 wrote: »

our sale solicitors need to transfer the funds to us on and then we need to send them onto our purchase solicitors.

Why can't they send the funds directly to the other solicitors?

Gadge2011

I'm currently waiting to complete at the moment and so far I have nothing, but my previous correspondence with the solicitor suggested that it’s likely to be ‘until early afternoon or possibly later’ but it’s down to when the sellers solicitor receives payment.

I’d have personally stayed away from a Friday completion due to the problem of getting in touch with the banks if something was too go wrong over the weekend.

I'd have also thought you could have the money sent directly to the other solicitor.

white_noise

davidmcn wrote: »

Why can't they send the funds directly to the other solicitors?

We have had this, and apparently its due to money laundering? though i haven't had confirmation of this.
WN

G_M

This is one of several reasons why using different solicitors is unwise.

There is no guarantee of what time the funds on your sale will reach your (selling) solictor. Whether he will act promptly forwarding it to your purchase solicitor depends on him. Your purchase solicitor then has to promptly forward it to the solicitor acting for your vendors.....

So you clearly need to speak to both your soliciors and
* see if you can arrange to cut out one transfer by getting your sale money sent direct to the solicitor acting on your purchase or
* ensure both solicitors are geared up to act promptly.

Is there a chain lower down? Will your purchasers have to wait to receive funds on a sale themselves before forwarding on to you? This could determine what time you receive the money let alone any delay built in by your own arrangement.

MrsLF2014

There is no chain, its first time buyers, and we are exchanging on a new build that isn't due to complete for another 4 months.

We asked to not complete on a Friday but our buyers insisted on it due to work commitments, and then when we said we wanted to complete a couple of weeks ago to avoid this problem their solicitor came back with a load more questions.

The reason we have ended up with two sets of solicitors is that we sold our house before we had found anywhere to buy, we decided to move in with family until we found something we liked. So the sale had started to progress but we weren't keen on our solicitors as they weren't great at communicating unless we chased them up and also our buyers solicitors have also been slow in responding.

We then reserved the new build and were asked to use one of their recommended solicitors. These solicitors have been fantastic throughout, in hindsight we would of used these for both sale and purchase.

Both solicitors are in contact with each other, so I'm hoping it all gets sorted quickly.

Our sale solicitor has said they can't transfer the money directly to our purchase solicitor due to SRA rules, they are not allowed to be seen as acting as a bank.

pinkteapot

A crucial point that some posters may have missed in the OP... OP isn't completing on their purchase on Friday. They're completing on their sale and want to exchange on their purchase on the same day.

OP - can you not just tell the builder that exchange will be on Friday or Monday? You could say that you'll exchange on Friday if you're able, as the money for the deposit is coming from the proceeds of a house sale which you'll receive at some point on Friday. If it comes in too late, you'll exchange on Monday. As completion isn't for four months, does a day really make a difference to them?

G_M

Cheers!

missed that!