Sale completed but no keys :( Sellers bank "holding pool" has not released the funds?

davidmcn

I presume the OP's solicitor is already holding everything they need to complete, and all that is lacking is the seller confirming they have money and authorising release of keys? In which case there should be a court remedy if it came to that (assuming the seller really owns the property...).

agrinnall

How did your solicitor send the funds? If it was by CHAPS (as it should have been) then there's little likelihood that the receiving bank would hold them up for more than a very short time - although if the funds were sent late in the day then they might have missed the CHAPS cut off for same day crediting. If any other payment method was used then all bets are off.

Thrugelmir

agrinnall wrote: »

How did your solicitor send the funds? If it was by CHAPS (as it should have been) then there's little likelihood that the receiving bank would hold them up for more than a very short time - although if the funds were sent late in the day then they might have missed the CHAPS cut off for same day crediting. If any other payment method was used then all bets are off.

The size of the transfer involved may have resulted in a temporary hold. If the receiving bank had been informed beforehand could have been avoided most likely. People often complain about dealing with solicitors. Nothing worse than a complete amateur.

G_M

Thrugelmir wrote: »

The size of the transfer involved may have resulted in a temporary hold. If the receiving bank had been informed beforehand could have been avoided most likely. People often complain about dealing with solicitors. Nothing worse than a complete amateur.

On the last occassion when I sold a property doing my own conveyancing, I had discussed the sale with my bank in advance.

I had checked with them how I could most easily/quickly confirm receipt into my account, and thus release the keys. So they knew in advance that the funds were coming on that day, and why.

Bad_Ash

Your solicitor should be able to phone their bank and ask them to trace the funds and confirm receipt into the beneficiary's account.

silvercar

So now it is Monday and I've just had an update of the same thing, my mortgage has started but the seller has not received the funds and my solicitor said they can't do anything about it, its up to the seller to nag their bank.

This is wrong. If money has gone missing the tracing has to start from the buyer's end and follow the path the money took. You can't start at the (empty) bank account of the seller and look to see where the money that should be in the account actually is, it would be akin to looking for a needle in a haystack.

jessex1990

They probably triggered an anti-money laundering alert by having a large amount paid in. If that is the case the source of the money is being investigated by the vendors bank.

Slinky

silvercar wrote: »

This is wrong. If money has gone missing the tracing has to start from the buyer's end and follow the path the money took. You can't start at the (empty) bank account of the seller and look to see where the money that should be in the account actually is, it would be akin to looking for a needle in a haystack.

This^^

We had completion money go missing on the way to us. Fortunately it wasn't required for an onward move as it took from Friday until the following Wednesday before it was traced and credited to us. The investigations had to start with our solicitors as they'd put the details into the system.

Katsa

Ok update, phew it all went through and completed. By the looks of it the seller did not inform his bank what was happening so he had to answer questions or something, then they closed over the weekend so did nothing and continued it all on Monday late afternoon (No solid answers were truly given as to why, just vague ones).


Finally its all over! and I have the keys *sigh of relief* strangely though when we went to the house in that evening the seller had not locked any doors to the house =\ All locked now though and we want to get new doors put in anyway.


Thank you all for your advice So happy its all done with

G_M

Thanks for the update

Katsa wrote: »

...... the seller had not locked any doors to the house =\ All locked now though and we want to get new doors put in anyway.

Now don't forget to change the locks this week.