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Sell & buy same time, do you get your sale proceeds?
btcp
Posts: 310 Forumite
Probably a silly question but I cannot get an answer in the internet and don’t want to distract my solicitor with asking before I need to. We are selling our house and using the money to buy one - standard chain situation, but it’s a first time we are in a chain. On one of the documents solicitor sent us to sign I needed to provide my bank account so they deposit sales proceeds from our house. I thought on completion date the solicitor gets my sales proceeds from the buyer and sends them to my seller solicitor to fund my house purchase. If they send the money first to me, then I need to send it back? It does sound silly but I wanted to clarify how it goes.
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Comments
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No, the money doesn't do a merry-go-round. Obviously some people will have a surplus going to them (if e.g. they're downsizing), and it may just be a standard request in case there happens to be money due to you at the end.2
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They send the money direct to the solicitor dealing with the house you are buying.
Sometimes there is some money left over after you have paid the balance on your new house which will be deposited to your account.2 -
Thank you, that’s what I thought too! Could be just a standard document they asked me to fill out.0
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