Funds on completion

Har1ech

Hi, I'm due to complete on my house purchase this Friday coming. I've had to put all my sparer cash into the deposit on exchange. I have planned that I've by house sold that I receive some of the equity to pay the the fees to solicitor etc at the end. When I complete, will I have the funds transferred to me, as well as to mortgage provider when I complete on my house purchase or when my buyer completes on buying my house?

G_M

You are selling, and buying?

At the same time?

Using the same conveyancer for both?

The conveyancer will use the money from the sale towards the purchase. However he will also need any extra cash required, in advance of Completion.

This means he'll need your mortgage funds released by the lender (he'll arrange this) + any cash you are putting up. This will need to cover:

* your purchase
* the SDLT on your purchase
* the conveyancer's fee
* your estate agent's fee

All before Completion takes place.

He';; also need tp have enough t pay of any existing mortgage you have on your sale.

Har1ech

Hi I am buying and selling at the same time and using the same solicitor for both. I'm putting down more than enough for the deposit on the property but when my house sells I am withdrawing some of the money that it went up in value by so i can pay the fees at the end and also gone improvements. I just want know if these will get transferred to me at the same time as the sale/purchase or if there will be delay.

davidmcn

Any surplus should be transferred to you almost immediately, you need to check with your solicitor if you need a better idea of timescales.

Har1ech

Excellent, thank you. I will double check this with my solicitor, I just need to know if I will need to borrow money on the day or not.

lee111s

The solicitor will normally send any surplus back to you, minus their fee's At least that's how my solicitor works.

G_M

As explained, your soliciitor will receive

* the sale price of your current property
* your new mortgage
* any additional funds you need to give him to cover the outgoings below

On Completion he will use all this to
* pay off your old mortgage
* pay for your purchase
* pay himslef his fee
* pay the SDLT
* pay your EA
* pay any other associated expenses

Whatever is left over, he will give to you. He may
* send you a cheque (a week or so)
* make a CHAPS payment ( a day or two)
* make some other kind of payment (?)

Ask him.