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Completed on property but funds not received

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Kyresa Posts: 1,534 Forumite

5 September 2020 at 6:25PM

Tiglet2 said:

If you were selling but not buying simultaneously, this is normal practice. The solicitor most likely did have the redemption statement, however, although they would have sent over the funds to redeem the mortgage according to the redemption statement, the solicitor has to wait until the mortgage lender confirms that the mortgage has been fully redeemed and the account closed. Lenders won't do this on the day of completion, it is usually a few working days later. Perfectly normal for you not to have received the balance of monies on completion day. Only sellers who have sold a mortgage-free property get their funds the same day.

No they don't. How could a sale and onward purchase ever complete on the same day if this were the case....

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Completed on property but funds not received

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