remaining funds

hmd1987

Morning everyone

Just a quick question - if the amount of equity from old house is more than what is going into the new house, how long does it take for the solicitors to release the remaining funds? is it usually on day of completion? or is it a few days after the move etc?

thanks in advance

Person_one

Completion day usually.

hmd1987

thankyou

Birdman2015

When I sold a flat last year the money was forwarded to me on the next working day.

seven-day-weekend

When we sold our house last year, the amount went in the day of completion.

TBagpuss

It will normally be released to you the same day, but how fast you get it will depend on how it is sent - there is usually a charge if you want it to be sent by TT (so you have the cleared funds in your account the same day)

If you are happy to have a cheque or BACS payment it would normally be issued on completion day (or the next day if you complete late in the day) but may not reach your account immediately.

davidmcn

Depends on timing, if completion is later in the day may be too late (practically speaking) to arrange the transfer back out from the solicitor's account until the next working day. So if completing on a Friday don't count on being able to spend that money over the weekend.

hmd1987

thanks very much for all the replies - really appreciate it

G_M

Depends

* what time Completion takes place
* how efficient/busy the conveyancer is
* how the money is transferred

If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

Discuss with your conveyancer.

Richard_Webster

Depends

* what time Completion takes place
* how efficient/busy the conveyancer is
* how the money is transferred

If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

Discuss with your conveyancer.

There you have it - but the last sentence is the most important.

If they are really busy trying to get completions done and people moved, sending left over money out (which means preparng the accounts with all the figures in) isn't always the highest priority.

If the CHAPS system is about the close down for the day a solicitor is going to prioritise sending money out on a purchase that he has only just received from below in a long chain so that his buyer clients can move in that day!

I never used to guarantee same day transmission of remaining funds - but would normally do it the next working day. Also unless the client urgently needed the money it was cheaper for them for us to do a BACS/faster payment (if under the bank's limit) or send a cheque, because with present interest rates the loss of interest for a few days would be less than the £20-£30 fee for a CHAPS transfer.

bobobski

G_M wrote: »

Depends

* what time Completion takes place
* how efficient/busy the conveyancer is
* how the money is transferred

If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day

If the conveyancer is slow (for whatever reason, they may not arrange it till next working day

If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.

Discuss with your conveyancer.

I've seen 2.30pm, 5pm and everything in between. It largely depends on the firm. My firm's "bank cut-off time" is 3.30pm (although we need to instruct Accounts by 3pm).