Cash release on completion

AJ2608

We're about to exchange contracts on our house with a completion date set for Friday, 23rd March. Both my wife and myself have gone our separate ways and are not purchasing another property.

I would presume that all secured loans, mortgage and other expenses etc will be paid off on the 23rd. My question is would the balance be paid to my wife and myself the same day? We have a financial agreement in place and everything is amicable.

Cheers

Tom99

[FONT=Verdana, sans-serif]Providing your solicitor has time to make the 2 CHAPS payment that day then yes.

[/FONT] [FONT=Verdana, sans-serif]You probably best putting in an early request to your solicitor with all the account details etc.

[/FONT] [FONT=Verdana, sans-serif]If you are at the end of a chain your sale proceeds might not arrive with your solicitor in time for another transfer to you before the CHAPs cut off time.[/FONT]

agrinnall

I'd say it's unusual to get the balance paid on competionday, IIRC it's always been a day or two later when I've been selling.

davidmcn

agrinnall wrote: »

I'd say it's unusual to get the balance paid on competionday, IIRC it's always been a day or two later when I've been selling.

Wouldn't say it's unusual, but really depends what time funds come in and the solicitors' workload - obviously their priority is getting the transactions completed in the first place, and sorting out where the money goes afterwards is secondary. Some solicitors have very generous service standards for how long they allow themselves to get money to you, it's one to discuss with them.

AnotherJoe

Agree with agrinall, and certainly do not arrange anything that's dependant on having the money arrive in your bank account the same day.

olgadapolga

When I sold my house, my solicitor transferred the money to my bank account the same day, but I paid an additional fee for this service.

agrinnall

olgadapolga wrote: »

When I sold my house, my solicitor transferred the money to my bank account the same day, but I paid an additional fee for this service.

Do you mean a fee in addition to the fee you'd have had to pay anyway for a CHAPS payment (the most likely method for your solicitor to get the money to you, whatever the timeframe)?

TBagpuss

Most solicitors offer you a choice - you can pay for a CHAPS transfer, which means the money will be in your account the same day it is sent. This will normally be completion day but if there is a long chain or your seller is slow, you may miss the cut off point and not get it until the following day.

Alternatively, it can be sent by BACS transfer which is free, but the money will take a few days to clear.

Talk to your solicitors to check how they would usually do it, and if you want the money sent by CHAPS then make sure that you have let them have your bank details etc in advance to facilitate this.

I'd agree that it would be sensible to assume that you may not get the money the same day.

Make sure that the solicitor has either a copy of the order /agreement or written confirmation from you and your wife to say how much is due to each of you.

Akahotpot

When I sold I took the 3 day free Bacs option but the money transferred the same day
Glad I didn't paid the £50 to guarantee same day