When do banks release the funds?

househunt

Hi everyone,

We've already exchanged and our completion should be tomorrow. Halifax have confirmed they will release funds on the completion day.

I'm a little worried as are they not supposed to get the funds to the solicitor a few days beforehand?

How long before completion do banks normally release the funds?

agrinnall

No bank is likely to release funds any earlier than the day of completion, they will do the transfer by CHAPS which is guaranteed same day arrival. It's all perfectly normal, there are plenty of things for you to stress about but this isn't one of them. Hope it all goes well!

davidmcn

agrinnall wrote: »

No bank is likely to release funds any earlier than the day of completion

It's pretty commonplace for funds to be transferred the day before, either because that's the lender's normal practice or solicitors ask in order to ensure no delays on the day of completion. But no point in the OP worrying about that now!

househunt

Hehe, you're right, thanks. Definitely the last thing I want to worry about at this stage. I have a to-do list as long as my arm, so better get on with that.

Do you know what time the vendor of the house has to be out by usually?

hazyjo

househunt wrote: »

Do you know what time the vendor of the house has to be out by usually?

Roughly lunchtime - although could be morning, could be 4pm last minute! They have to wait until all the monies have been transferred. The keys are yours once completed.

Jx

househunt

Thanks hazyjo, but what if funds have been transferred, but the vendors don't leave quickly after that or don't give up the keys immediately after that?

dc197

The funds are released whenever the solicitor asks for them. This is in the day or a day or two before as said above. My sol plans to drawdown the day before, and has warned me that I'll pay an extra day of nterest in return for less risk of problems.
You get the keys when the seller's solicitor tells their agent to release them, ie when the money's in. A front door key should be with the agent for this reason. Other keys can be waiting inside the property, no need for the agent to hold them all.
If the sellers are still there faffing when you turn up, you can huff and puff or help them pack or get a coffee...

househunt

Thank you dc197. Much appreciate your advice.

davidmcn

househunt wrote: »

Thanks hazyjo, but what if funds have been transferred, but the vendors don't leave quickly after that or don't give up the keys immediately after that?

Then you'll need to wait until they're finished. There needs to be a bit of give and take, as nobody knows in advance exactly what time funds will be transferred (and any other legal points covered off) or exactly when they'll have loaded up the removal van.

joeistheone

davidmcn wrote: »

Then you'll need to wait until they're finished. There needs to be a bit of give and take, as nobody knows in advance exactly what time funds will be transferred (and any other legal points covered off) or exactly when they'll have loaded up the removal van.

I agree and have taken this view myself for my move. I've told my estate agent that I'll let them know when my removals people are done and I will leave the spare keys in the property - my buyer can pick up the keys the estate agent has. I'm moving out and into my new property on the completion day and nobody could tell me exactly what time completion will happen other than they think around 1pm.

kingstreet

It's worth bearing in mind, completion/key release follows confirmation from vendor's solicitor that funds have been received, not confirmation from purchaser's solicitor funds have been sent.

On funds release by lender, solicitor submits Certificate Of Title requesting payment of funds on a particular date. The lender actions that request.