When do you see the cash?

Fireflyaway

We are going to put our house on the market in the next few weeks.

My questions is at what point do you actually get the funds after the sale has completed? Is it the day you move out or a bit after that?

We are going to be moving to a larger house and will need to buy furniture but I'm not sure if I can count on the proceeds from the house or should save up separately.

Many thanks

arbrighton

Surely if you are buying a larger house those funds will pass up the chain as part of your new purchase?

Cornucopia

Not sure I understand the scenario.

If you are selling ONLY (not buying something else) then the funds are released on the day of completion, assuming you have them paid via a bank transfer. Alternatively, you could have a cheque from your solicitor on that day.

If you are selling AND buying, then there will only be excess cash if the figures work out that way.

G_M

Are you using a conveancer?

If not, the seller will pay you directly on Completion day.

If yes, he will pay your conveyancer. Conveyancers usually pass on the funds within a day or two. If you need it urgently, make sure they send it via CHAPS (will cost you £30 - £45). As long as it is sent by about 3.00 pm you'll get it same day. Of course if your buyer sends it late to your conveyancer, or he sits on it, it will go next day.

I'm assuming you are not buying the larger house but already own/rent it.

Guest101

arbrighton wrote: »

Surely if you are buying a larger house those funds will pass up the chain as part of your new purchase?

Small house in london > big house outside london (for example)

movilogo

Funds will first come to your solicitor's account. Then usually on next business day will be in your account via telegraphic transfer.

Dollyrockerz

I received the money from my solicitor approximately 48 hours after completion

Fireflyaway

Thanks Guys. Just to clarify - we are selling only. We will be renting the next house.

Excuse my ignorance ( I have never sold a house before) 'completion' is - the day when you actually have to leave your house or before then?

G_M

Fireflyaway wrote: »

Thanks Guys. Just to clarify - we are selling only. We will be renting the next house.

Excuse my ignorance ( I have never sold a house before) 'completion' is - the day when you actually have to leave your house or before then?

Correct. The sale completes and you no longer own the property.

Fireflyaway

Great, thanks.

Cornucopia

Completion is legal completion - the day on which the house is actually sold, and ceases to be yours.

You can move out any time up to then, but Completion day is the last possible day to move out.

I'm surprised others have had a delay on receiving funds. I've sold without buying a couple of times, and always had funds on the day. The last time, I personally collected a cheque from my Solicitor's office.