Funds after completion?

AskAsk

Tiglet2 said:

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.

we still get the money the same day even though there is a mortgage to redeem.

Tiglet2

Fridays are the busiest day for completions - they are probably behind with admin, so assume you will get it on Monday

AskAsk

jls85 said:

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.

as someone had said, it could be the delay in the mortgage redemption.  how long ago did you exchange?

Tiglet2

AskAsk said:

Tiglet2 said:

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.

we still get the money the same day even though there is a mortgage to redeem.

I'm aware that firms work differently.  Obviously if there is a chain and monies have to be passed up then of course that happens on the same day.  If you are only selling and there is a surplus of funds after completion, the solicitors have to transfer that to you. If the solicitor can do it on the same day, great.  But some will not, especially where there are other accounts to settle on completion day too, e.g. the Estate Agent's Account

AskAsk

Tiglet2 said:

AskAsk said:

Tiglet2 said:

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.

we still get the money the same day even though there is a mortgage to redeem.

I'm aware that firms work differently.  Obviously if there is a chain and monies have to be passed up then of course that happens on the same day.  If you are only selling and there is a surplus of funds after completion, the solicitors have to transfer that to you. If the solicitor can do it on the same day, great.  But some will not, especially where there are other accounts to settle on completion day too, e.g. the Estate Agent's Account

we have only sold in a chain once i think but otherwise no chain.  the solicitors always seem to pay the same day as they have already prepared the completion statement a few days before completion.  may be we have just been lucky even though we think our solicitors are terrible.

jls85

@AskAsk We exchanged yesterday at around 12pm. Like I said I’m not even in a hurry for the actual money, just to know what the final figure will be as we were planning on doing some ‘future planning’ calculations over the weekend. We can still do it with my rough estimate of course but seems like a figure should be able to be given by now if not the funds themselves.

jls85

Also @AskAsk there was a delay in the mortgage redemption as I had to call up for the figure myself yesterday and pass it on to the solicitor. So it was held up but she has it now.

AskAsk

jls85 said:

@AskAsk We exchanged yesterday at around 12pm. Like I said I’m not even in a hurry for the actual money, just to know what the final figure will be as we were planning on doing some ‘future planning’ calculations over the weekend. We can still do it with my rough estimate of course but seems like a figure should be able to be given by now if not the funds themselves.

it could be that the solicitors haven't had much time between exchange and completion so the delay.  the normal course of events is that they exchange, then prepare the completion statement and ask the bank for the redemption figure.  as you only exchanged yesterday, they may not have round to doing this bit of work yet.

jls85

Ok so update from last week. My solicitor has still not responded to any of my emails and calls are going unanswered (although I do appreciate that many people may be working from home due to COVID so office phones might not be manned). I've also heard from my mortgage company that they have received no payment yet despite the fact we completed on Thursday lunchtime. So I'm starting to get a bit anxious now. Surely at least the mortgage should have been cleared by now if nothing else? I don't want to be a pest by contacting her all the time but at the same time I just want to know what's going on...