Transferring funds

loubel

Is the same solicitor acting on both the sale and purchase?

ccfc1972

davidmcn said:

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.

We are hopeful that they will be completing simultaneously now, yes.
It is only a statement for our purchase. We have different solicitors acting for our sale and our purchase. Getting solicitor B (purchase) to communicate with Solicitor A (sale) seems impossible.

davidmcn

ccfc1972 said:

davidmcn said:

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.

We have different solicitors acting for our sale and our purchase.

Ah, now you tell us! In which case yes, your purchasing solicitor is going to need somebody to send them the money, aren't they? You will need to make sure your solicitors liaise with each other about that.

loubel

Well that explains it. As they aren't acting on the sale they are letting you know how much money you/your other solicitor will need to transfer on completion. Send a copy to your sale solicitor and ask them if sufficient funds will be available on completion to cover the statement. If not, you will need to top up.

ccfc1972

davidmcn said:

ccfc1972 said:

davidmcn said:

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.

We have different solicitors acting for our sale and our purchase.

Ah, now you tell us! In which case yes, your purchasing solicitor is going to need somebody to send them the money, aren't they? You will need to make sure your solicitors liaise with each other about that.

Haha sorry...I'm new to all this and find everything a little confusing.
So it will be the Solicitors acting for our sale that will transfer the funds to the solicitor acting for the purchase? I just need to make sure they all do what they are supposed to do?

davidmcn

ccfc1972 said:

davidmcn said:

ccfc1972 said:

davidmcn said:

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.

We have different solicitors acting for our sale and our purchase.

Ah, now you tell us! In which case yes, your purchasing solicitor is going to need somebody to send them the money, aren't they? You will need to make sure your solicitors liaise with each other about that.

So it will be the Solicitors acting for our sale that will transfer the funds to the solicitor acting for the purchase? I just need to make sure they all do what they are supposed to do?

Yes, ideally that's how it ought to work. Though you don't sound very sure that the transactions will actually be simultaneous? But obviously, you can't buy the new house without the purchasing solicitor having the money. The wording they've sent you will just be standard wording assuming that you are sending them the balance rather than you having a different solicitor dealing with a sale.

ccfc1972

davidmcn said:

ccfc1972 said:

davidmcn said:

ccfc1972 said:

davidmcn said:

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.

We have different solicitors acting for our sale and our purchase.

Ah, now you tell us! In which case yes, your purchasing solicitor is going to need somebody to send them the money, aren't they? You will need to make sure your solicitors liaise with each other about that.

So it will be the Solicitors acting for our sale that will transfer the funds to the solicitor acting for the purchase? I just need to make sure they all do what they are supposed to do?

Yes, ideally that's how it ought to work. Though you don't sound very sure that the transactions will actually be simultaneous? But obviously, you can't buy the new house without the purchasing solicitor having the money. The wording they've sent you will just be standard wording assuming that you are sending them the balance rather than you having a different solicitor dealing with a sale.

Thanks David.
I'm pretty sure that we will be able to complete at the same date, it has just been touch and go.
So, to clarify, and apologies again for being a bit slow with all this, I just need to get it all straight in my mind...
We sell our house for £195,000.
We have around £92,000 equity from the sale.
The new purchase is £395,000.
We are borrowing £305,000.
The balance due to complete is circa £90,000.
So, solicitor A (sale) should send the £90,000 to solicitor B (purchase). Solicitor B should then send the full amount (£395,000) to solicitor C (vendors). Solicior A should then transfer the balance remaining from the sale to our account? (£2,000ish)
Do I have all that correct?

davidmcn

Yes, that's what I'd expect. The additional transfer (from firm A to firm makes the completion timescales a bit tighter though.

ccfc1972

davidmcn said:

Yes, that's what I'd expect. The additional transfer (from firm A to firm makes the completion timescales a bit tighter though.

When you say "a bit tighter", what do you mean? it may not all happen on the same day?

davidmcn

ccfc1972 said:

davidmcn said:

Yes, that's what I'd expect. The additional transfer (from firm A to firm makes the completion timescales a bit tighter though.

When you say "a bit tighter", what do you mean? it may not all happen on the same day?

Every transfer takes time - in theory the bank transfer itself is instantaneous, but there's admin involved at both ends, and people trying to get other completions done. Adding another step in the process increases the risk that it might not all happen on the same day.