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Completion monies?
Margot123
Posts: 1,116 Forumite
I've had a Google etc and can't find anything that explains exactly what a solicitor means by 'awaiting completion monies'.
Excuse my ignorance, but is this confirmation of funds? actual funds in the buyers or sellers client account?
Still waiting for the solicitor to get back with an explanation.
Excuse my ignorance, but is this confirmation of funds? actual funds in the buyers or sellers client account?
Still waiting for the solicitor to get back with an explanation.
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Comments
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Have you already completed , or about to ?Ex forum ambassador
Long term forum member0 -
You'll need to give us some more context, particularly as it's now the weekend! Are you talking about a completion which was meant to happen yesterday? Are they perhaps waiting for funds so they can be ready for completion at a future date? Who do you think they might be waiting for money from?0
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Sorry to be vague.
It is my buyer's solicitor who has said 'we are waiting for completion funds'.
The buyers have specified a completion date of 7 March but we have not yet exchanged. No deposit has even been mentioned.
They have FTBs buying their property so was wondering if this was the funds from the FTBs' mortgage company.0 -
Sorry to be vague.
It is my buyer's solicitor who has said 'we are waiting for completion funds'.
The buyers have specified a completion date of 7 March but we have not yet exchanged. No deposit has even been mentioned.
They have FTBs buying their property so was wondering if this was the funds from the FTBs' mortgage company.
No, the mortgage funds don't typically arrive any earlier than the day before completion. They might be talking about funds for the deposit. But if there's no urgency about it I suggest you wait for them to clarify - it doesn't sound critical whatever they're talking about.0 -
Thanks all.
I'll see if there's any movement on Monday.0 -
Basically, they're waiting to be certain that they'll have the full purchase price by the day of mooted completion. Could be mortgage offer, could be the buyer lodging the deposit with the solicitor.0
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ThePants999 wrote: »Basically, they're waiting to be certain that they'll have the full purchase price by the day of mooted completion. Could be mortgage offer, could be the buyer lodging the deposit with the solicitor.
Yes, I see, perhaps one of those 'catch all' phrases that solicitors like to use.0
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