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House Sale Completion - what next

andyp774
andyp774 Posts: 26 Forumite
in House buying, renting & selling
Hi All

I was wondering what happens at completion of sale. The funds are transferred into the solicitors account, they will then divvy up their payment plus the estate agents.

How long does it take for the funds to arrive in our bank account?
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Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Perhaps ask your solicitor?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Depends. If Completion takes place early in the day, and the solicitor is administratively fast, he could send the balance due to you same day by electronc transfer.

    If Completion takes place at end of the day, and it's a Friday, and the internal admin is slow, he might send out your chque on Tuesday/Wednesday, 2nd class, so you receive it Saturday, pay it into your bank Monday and it clears 7 days later!
  • andyp774
    andyp774 Posts: 26 Forumite
    Lokolo wrote: »
    Perhaps ask your solicitor?

    Wow that is such good advice
  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    G_M wrote: »
    Depends. If Completion takes place early in the day, and the solicitor is administratively fast, he could send the balance due to you same day by electronc transfer.

    If Completion takes place at end of the day, and it's a Friday, and the internal admin is slow, he might send out your chque on Tuesday/Wednesday, 2nd class, so you receive it Saturday, pay it into your bank Monday and it clears 7 days later!

    That will never happen
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    andyp774 wrote: »
    Wow that is such good advice

    Because it is the correct advice and the most obvious. I asked my solicitor yesterday the same question and he then gave me his response about what they do, which funnily enough is a cheque in the post, but 1st class rather than 2nd.

    How can anyone on here know what your solicitor's process is?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    andyp774 wrote: »
    Wow that is such good advice
    It is the best advice. You can read the guesswork of everybody here instead if you like, but I'm not sure how much it will help you.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    davidmcn wrote: »
    It is the best advice. You can read the guesswork of everybody here instead if you like, but I'm not sure how much it will help you.
    are we allowed more than one guess? Cos if not, I broke the rules - I made 2 guesses...
  • rosyw
    rosyw Posts: 519 Forumite
    PPI Party Pooper
    As has been suggested - ask your solicitor. If you're in a hurry for the funds let them know, in my case I paid for a CHAPS transfer of the balance due to me,it was in my bank by the time I arrived at my new home, approx 30 mins after completing my sale :T
  • Levs01
    Levs01 Posts: 224 Forumite
    When I was filling out the sellers pack it asked me for £30 to cover bank transfer charges and account details for it to be deposited to. Did yours not ask for any such monies or information?
  • Rodders53
    Rodders53 Posts: 2,904 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    In the probate sale we completed last year; when we asked, our solicitor offered to transfer by CHAPS same day for a fee (actually a very reasonable sum of money), or by BACS f.o.c. that takes 3 banking days to clear (iirc).

    On our own home move recently a very small sum on account owed to us was sent by cheque (under £10).

    Most solicitors will do what you instruct them to do, within reason, for a fee.

    But the only way to know how yours acts 'by default' is to ask them. Any other suggestions by posters here are little better than guesses.
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