completion and monies

peterpedro1980

Hi all,

just wondering what happens on completion date ?

my late mothers house has been sold and all we are waiting for now is a completion date

do the solicitors take their fees out then send the monies to me the same day ? or do you wait a day or two ?

ideally i dont want to be handing the keys over with the monies being in my account?

how does it work

im using HCB widdows mason

lee111s

Depends on the solicitor. Some will take their fee's and send you the rest. Some will pay you and then bill you for their services.


Is the solicitor acting as the executor or are you? Are you the sole beneficiary or are their others?

peterpedro1980

im the executor - had to apply for probate

there is me and my brother but im the only named one on the probate

pinkteapot

ozzyosbo wrote: »

ideally i dont want to be handing the keys over with the monies being in my account?

I'm afraid you don't have a choice. You must hand over the keys once your solicitor has received the monies.

How the solicitor then gets the money to you is between you and them. Phone them and ask as they all differ. Some will give you a same-day transfer, with some it takes a couple of days. Phone and ask what their process is and when exactly you'll receive the money.

kingstreet

You need to take off your beneficiary hat and don your executor hat.

As executor, you need to ensure the solicitor can offer unencumbered title and vacant possession on completion day. You need to ensure the keys are in a place they can be collected by the purchaser once your solicitor confirms completion has taken place.

Your solicitor should then have an executor's bank account to which the sale proceeds can be paid to the beneficiaries net of any fees, including you. You then distribute those proceeds, settling any remaining estate debts.

Once you've done that, your duties are over.

You can then remove your executor's hat, put your beneficiary hat back on and by now, your share of the estate will be in your personal bank account.

TBagpuss

just to add, if you want the money paid to you on the day of completion then you may have to pay a fee for this.

In my experience it is normal for the solicitors to take their own fees and to pay any estate agents etc before passing on the net balance to their client - normally this is set out in the original terms that you will have been sent (and normally asked to sign to confirm) when you instructed them.

But the best thing to do is to ask them, and then you can also decide how you want the money sent to you

G_M

What you canNOT do is withold the keys once the buyer has paid your solicitor. At that point he is the owner, not you (or the estate), and witholding the keys or denying him access to a vacant property would be breach of contract.