Funds after completion?

jls85

How long does it normally take to get the funds after completing on a house sale? I completed in my house sale yesterday lunchtime but still have no idea how much money I am due to receive (I have a rough idea based on my own calculations) or when it will arrive. My solicitor hasn’t responded to my call or email and I’m wondering if this is normal? Does it normally take a few days?

Tiglet2

Read the correspondence you have received from your solicitor.  Somewhere in there, it should say what their procedure is once you have completed.  I'm assuming there wasn't a related purchase attached to your sale and monies passed up the chain.  

The firm I work for states this and is stated several times throughout the transaction:
"The final receipted account will follow after completion. As you are selling a property with a mortgage to redeem please remember, and budget accordingly, that the account and any monies will only be sent to you after the Lender has specifically confirmed to us that the mortgage(s) has been fully redeemed which may take several days"

tigerlily74

My solicitor sent me a letter and some final statements which I signed off before we exchanged. We didn’t pay for expedited transfer so it will take 3-5 days he said.

jls85

Thanks both. I don’t have any paperwork and got no statements or anything to sign before exchange. In fact I didn’t even know we had exchanged until I chased her up on Wednesday. To be honest, my solicitor was recommended by the EA and she’s been useless. Yesterday, after completion and the buyer was in the property, she had me call my mortgage company for a redemption figure as she hadn’t got that yet! So I’m not at all surprised there are delays. 

jls85

To be honest I’m less worried about actually getting the funds as there’s no rush for that, I just want to know what the final figure is.

AskAsk

i have always had the completion statement before completion and the money in my bank the same day.  didn't know they take longer than this!

tigerlily74

AskAsk said:

i have always had the completion statement before completion and the money in my bank the same day.  didn't know they take longer than this!

I could have had it the same day if I had paid £48 for a faster payment.

AskAsk

tigerlily74 said:

AskAsk said:

i have always had the completion statement before completion and the money in my bank the same day.  didn't know they take longer than this!

I could have had it the same day if I had paid £48 for a faster payment.

yeah, we always pay for the chaps payment as it works out more favourable to have the money straightaway.  i don't remember the solicitors asking us, they just did it and charged us the bank transfer fee.

theartfullodger

I got mine same day of completion, in the morning in fact (err date of entry, Scotland), before the paperwork.

Tiglet2

Same day payment if no mortgage to redeem.  But sounds as though OP's solicitor hadn't even got a redemption figure in time for completion, so they would be unable to transfer funds to OP without confirmation of the precise amount the lender needs to close the account.

jls85

Thanks all, seems like mine is a bit behind the norm. I’ve chased her again as I’ve heard nothing all day again despite promises that she’d email me the statement today.