Transferring funds

ccfc1972

I have had a letter through from our solicitor regarding completion, signing contracts etc. I am a little confused as to how the transfer of funds works, could anyone shed any light?
The letter says "I enclose a completion statement showing the sum due from you to complete your purchase. Please ensure when transferring the funds that you quote your file reference number and your Surname.
Before Sending monies to us please call our switchboard to verify the account details.

I was under the impression that the solicitors transferred all funds, is that not the case?
So our buyers' solicitors transfer funds across to ours, then they transfer funds across to the seller's solicitors.
Is this not correct? Does the money come into my account and I then have to transfer it to the Solicitors? All a bit confusing.

davidmcn

We can't see your statement from here...presumably you need to provide some of the money? Or are you expecting the net funds from your sale (plus any new mortgage) to cover everything?

ccfc1972

Yes, all of the funds will be provided from the sale of our house plus the mortgage.

dimbo61

Make sure you make that call to the solicitors.
Confirm the name, account number and sort code with your own solicitor by phoning them direct.
So much fraud and fake emails going about getting buyers and sellers to send money to fraudsters bank accounts and then abroad. 
Don't fall for a scam and make sure you have the money ready to transfer when needed

davidmcn

ccfc1972 said:

Yes, all of the funds will be provided from the sale of our house plus the mortgage.

Ok...and does the statement "show a sum due from you to complete your purchase"?

AskAsk

ccfc1972 said:

Yes, all of the funds will be provided from the sale of our house plus the mortgage.

check with your solicitors.  it could be that they sent you a generic completion statement, and that is the standard wording as most people will need to pay something. 

what about their fees?  that would need to be paid by you or is the sale of your house big enough to cover their bill, stamp duty, estate agent bill etc?  and that in fact they need to send you some money back on completion?

ccfc1972

davidmcn said:

ccfc1972 said:

Yes, all of the funds will be provided from the sale of our house plus the mortgage.

Ok...and does the statement "show a sum due from you to complete your purchase"?

Yes it does.

ccfc1972

The balance will come from the equity from the sale of our house.

AskAsk

ccfc1972 said:

The balance will come from the equity from the sale of our house.

then as i said, just double check with your solicitors that there is no money expected from you as the money is coming from the sale of your house even though the completion statement requests money from you.

ccfc1972

Many thanks, will do. I was just confused as to how it all works. I will double-check everything.

davidmcn

If your purchase and sale are completing simultaneously (are they?) then it ought to be a composite statement showing all the figures - is it only a statement for your purchase? And you haven't yet had a statement for your sale? Perhaps there are figures for the sale they haven't finalised yet.