Accepted offer on house, how long until money gets transfered.

ambroze

Im selling my house after splitting with partner, as the title asks, how long from sale agreed until money arrives in bank? Is it months or weeks depending on cash or mortgage buyer.

Browntoa

Depends on the solicitor, i got mine to transfer on the day of completion although normally within a few days . They normally deduct their fees at that point

It will not be until after completion

always_sunny

I would think that until all the papers are exchanged and the sale is complete you will not see a penny.
Has the buyer started the searches? Have they got a mortgage or is it cash only?

I think a quick sale is considered 4-6 weeks. So till then, no money I reckon!

Lilla_D

Browntoa wrote: »

Depends on the solicitor, i got mine to transfer on the day of completion although normally within a few days

I think you may have misunderstood the question - OP has just accepted an offer, so interested how long it will take until completion. Just to clarify, the money is always transferred on the day of completion, not afterwards.

Re the original question, the speed of the transaction depends on the parties involved and the property in question:
- you'll have to send a lot of paperwork to your solicitor and it may take you some time
- your solicitor will review the paperwork and send them to the buyer's solicitor, who will also review them before sending them to the buyer
- the buyer's solicitor and your solicitor will be back and forth re various matters as well as waiting for various searches
- if it's a flat, then the buyer's solicitor will also have to deal with (and wait for) the freeholder and the management company
- once everyone is happy with everything, you would exchange contracts and typically get 10% of the sale price
- normally a week or two later completion happens and you get the rest of the money

The mortgage is arranged at the same as the legal stuff, but the mortgage only takes a few weeks normally (except when something is going wrong), while the legal side tends to take 2-3 months on average.

Davesnave

The short answer is 12 weeks if you are very lucky and 12 months if you're not.

A substantial number of sale agreeds (at least 1/4 of them) end up back on the market.

This is assuming the house is iin England or Wales.

societys_child

Or, as in my case, 15 days . . .

Rambosmum

If it's a cash buyer it is usually quicker as they don't need the mortgage company to do survey etc. Of course they may wish to do there own. also depends on how long searches take etc.

It also depends on how long you take to return paperwork sent to you by your solicitor.