When do you find out how much money you get from a sale?

Anamox

This is the first time I've been in the country dealing with my own sale and not my first simple question I'm ashamed to ask!

When do I get to know exactly how much money will be due to me on completion minus all costs of paying off the old mortgage, estate agent, solicitors etc? I know exactly to the penny what I need to buy the next place including all fees, but I don't know how much I'm going to get from this place... I'm worried I'll end up being £50 short and having to delay because my purchase solicitor is insisting if all the money isn't there from my sale then it will delay as it's a further transaction to verify. So far I only have my own approximation from looking at how much outstanding on my mortgage etc. and it puts me perilously close to not being enough.

lesalanos

You will not know until you get a completion date

Anamox

lesalanos said:

You will not know until you get a completion date

So when we agree a completion date with the chain, before exchanging contracts, my solicitor should be able to give me an exact amount of money I'll receive assuming we do indeed complete on that date?

I'm a bit anxious about exchanging contracts if I haven't got the money sorted and confident my sale more than covers my purchase, however I achieve that.

Slithery

If you haven't got at least a few months wages in savings then you really shouldn't be moving. What happens if the boiler fails in the first week and you need to pay for a new one?

HummingBird76

Anamox said:

lesalanos said:

You will not know until you get a completion date

So when we agree a completion date with the chain, before exchanging contracts, my solicitor should be able to give me an exact amount of money I'll receive assuming we do indeed complete on that date?

I'm a bit anxious about exchanging contracts if I haven't got the money sorted and confident my sale more than covers my purchase, however I achieve that.

Hi, your solicitor will do a completion statement prior to completion, which will detail exactly what is due. Don't panic about being short, your solicitor will requisition any funds needed from you in time.

Anamox

Slithery said:

If you haven't got at least a few months wages in savings then you really shouldn't be moving. What happens if the boiler fails in the first week and you need to pay for a new one?

My concern isn't regarding affording it, as I can, comfortably. My concern is that on all the solicitors paperwork and mortgage stuff my onward purchase was being covered by sale proceeds, now I've taken a reduction on price this may not be the case. If I have to supplement the tiny shortfall by my own savings (a different source of money, basically), it may delay my already fragile chain.

PS, if my boiler fails I'll replace it myself 

davidmcn

Anamox said:

lesalanos said:

You will not know until you get a completion date

So when we agree a completion date with the chain, before exchanging contracts, my solicitor should be able to give me an exact amount of money I'll receive assuming we do indeed complete on that date?

Maybe, maybe not. They'd need a redemption figure from your current lender for your completion date, there can be other minor variations depending on what disbursements might happen before completion happens. You shouldn't really be budgeting a house move down to a few quid here and there, and nobody is going to guarantee an exact net amount. But I expect your solicitor can give you a better estimate than your own calculations if you ask them.

RelievedSheff

You will get a completion statement from your solicitor once a date for completion has been agreed. This will indicate any excess which will be paid back to you or any shortfall which you need to transfer to the solicitor prior to completion.

sheramber

I think the OP is trying to say that he can supplement  any money due but he is worried that if he has to transfer money from his bank account that will need to be  verified  ( for money laundering) and that will delay things.

davidmcn

sheramber said:

I think the OP is trying to say that he can supplement  any money due but he is worried that if he has to transfer money from his bank account that will need to be  verified  ( for money laundering) and that will delay things.

Oh. In that case, no, they don't need to worry about it causing a significant delay, unless it's coming from some unusual source.