Completion Day Likely Time Of Arrival At Vendors Solicitors

bristolleedsfan

Hoping someone with knowledge experience can give me a bit of a likely time frame excluding unexpected banking events, drones flying close to CHAPS system etc

Friday completion day has been avoided for apparent reason

Reason being planning to travel with removal van on completion day ideally leaving as early as possible from Bristol to Blackpool

Vendor has stated from outset and immediately prior to exchange of contracts that she will be vacating the property day before completion.

I as a Cash buyer plan to send completion funds via Y.B.S Faster payments on the Monday prior to Thursday completion, my Solicitor has indicated she will put completion funds to Vendors Solicitor the day before "in the queue" words were used.


Bearing the above in mind what sort of time will Vendors Solicitor receive completion funds

T.I.A

davidmcn

If done first thing should be there before lunch. In theory the payment itself is instant, but needs people at either end to approve/countersign payment, notice it's hit their account, extricate themselves from other work and authorise release of keys etc. So never any guarantee of time.

Wyndham

It can vary so much. And if you mean this Thursday, i.e. between Christmas and New Year, then it could certainly take more time than on a 'normal' day.

Nothing you can really do though, you just need to go with the flow I'm afraid!

bristolleedsfan

Wyndham wrote: »

It can vary so much. And if you mean this Thursday, i.e. between Christmas and New Year, then it could certainly take more time than on a 'normal' day.
!

Last Thursday in January, Vendors choice to go for 5 week completion date. I had already passed through 10% deposit before completion date was discussed thus had to go with that flow lol

I have said to Solicitor about Vendors Solicitor being sent completion funds day before completion day so as to have certainty about time can set off/earlier time to pick up keys, answer I got was can put in queue day before

G_M

bristolleedsfan wrote: »

Last Thursday in January, Vendors choice to go for 5 week completion date. I had already passed through 10% deposit before completion date was discussed thus had to go with that flow lol

You mean you'd given the deposit to the seller? Seems very unlikely without first agreeing a Completion date!


Or you'd given the deposit to your solicitor? In that case nothing was agreed or committed and there was no reason not to discuss an earlier Completion date - if that is what you wanted.

LateStarter

Hi, you said you planned to send the money via Faster Payments - please note that there the max the system will support is 250k, but most banks actually limit you to a lot less (I'm not sure what YBS allows).

Sanne

We were at the bottom of the chain and keys were released 12.30-ish.

I transferred my funds via CHAPS from Nationwide, instructed the exchange deposit payment one evening and wasn’t actually processed until close to 5pm the next day... completion payment was quicker, instructed around 10am and only took three hours.

AlexMac

As said above, it depends on how efficient the Banks, solicitors and estate agents are.

Last time we sold and bought, I know my solicitor instructed the transfer around 11am and that was the time we handed over the flat we were selling to the incoming owner, who, like us, was only moving a mile or so.

So we let the removals van team shoot off for an early lunch, and, as the owner of the empty house which we were buying was overseas, started to chase the other side via the selling agent... who was busy, absent, in a meeting, out to lunch , in the loo or away with the fairies for hours....

But who eventually rang back very late afternoon to graciously invite us to call by their office to collect the keys... which we politely ignored as we'd bust in, changed the locks (which you always do on day one anyway), unpacked, settled in and made tea!

Just don't tell our solicitor...

martindow

Are you sure you can travel in the removals van? It might be full of removal men or there could be insurance issues that won't allow you to go with them. I'd check whether it's possible in advance unless you need to make other arrangements.