Balance of Funds

Locana

Hi,

Mum has sold her property and due to complete on 3rd Feb.

She is asking how soon the outstanding mortgage gets paid off, and when the balance of her money will come to her. Will she need to pay the estate agents/solicitors out of this or do they take their fees as the same time too?

She's a bit of a worrier, but I don't know the answer! Can you help,

Thanks
Lo

davidmcn

Locana wrote: »

Mum has sold her property and due to complete on 3rd Feb.

She is asking how soon the outstanding mortgage gets paid off, and when the balance of her money will come to her. Will she need to pay the estate agents/solicitors out of this or do they take their fees as the same time too?

She's a bit of a worrier, but I don't know the answer!

Why is she asking you? It's her solicitor who deals with this and who should be telling her. They'll normally deduct everything and send her the balance, I would expect within a day or two.

Locana

Thanks.

My mum asks me everything due to her vulnerabilities and various other reasons.

Solicitor hasn't been the greatest in returning calls.

Thanks for your help.

MyOnlyPost

I usually contact my solicitor by email. If I call it may take 24 hours to get a call back but usually emails back same day

Locana

My mums one hasn't been that great with emails either. We deal mostly with the Estate agent. However if its only a few days as davidmcn says, then I will just tell her that. Sometimes its quicker to get help for a question on here!

G_M

Is she doing the conveyancing herself? Or you? If so - stop as you don't know enough.

Is she also buying? I'll assume not as you don't mention.

If using a solicitor, he will

* receive the money from the buyer
* send the required amount to the estate agent for their fee
* send the required amount to the mortgage lender - it will take them a week (or two) to remove the Charge from the property but this does not concern her
* withould the required amount to cover his own fee
* pay off anyone/anything else that requirespayment
* transfer the balance to her.

As all the above costs should be known in adnvance, he should be able to pay her straight away - either by CHAPS (same day) or via a cheque. It might take him 24 hours for his internal admin.

He should send her a 'Completion Statement' showing all this in advance of the Completion date (unless there are some unknown costs).

But if she's concerned, she can ring and ask!



edit: just a thought: do you have POA for your mum? If so, you can ask him yourself on her behalf and, indeed manage this and other financial matters for her.

If not, it might be worth discussing this with her and setting up a POA for the future. Far better to set it up in advance than to wait till she has become unable to cope completely.

My mum set it up in her 50s. We did not use it till she was 75 or so and then started helping with her banking. By 85 she had dementia and would have been unable to grant us POA as she was no longer legally 'mentally capable' to make the decision.

Locana

Thank you so much G_M!

She's not buying on, and we have solicitors, so not doing it ourselves (No way!)

She's just a bit of a worrier, is all, so this is very helpful.

Thanks
Lo


Edit: Actually, that may be an idea. I will look into this for her for the possible future. She is fine mentally, but suffers from long term Anxiety more than anything. Although I have been assisting her more than I thought I would with this sale. Definitely something to consider. Thank you.