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madeline06

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MovingForwards

When did your solicitor ask for the funds to be with them? 
Generally they ask to have them to day before to get transfers underway the next day.

Completion should be tomorrow, when your solicitor (the accounts department) has transferred the money from under your client reference number to your in-laws client reference number.

aoleks

Today. Banks release funds the day before completion. Also, you’re buying from family, so most likely not the end of the world if you don’t complete on the day. I’m sure your inlaws won’t take you to court because thr bank delayed funds by a few days.

but again, today!

[Deleted User]

if the solicitor has requested they be released the day before they will be relased the day before. If the solicitor has been requested they be released on the day of completion then they will be released on day of completion. 

Its not about when the solicitor sent the request for funds,   its when the solicitor requested funds be released.  We cant guess that information

user1977

madeline06 said:

Is it day before with every bank?! 

No, it isn't - that's a rather misleading generalisation by aoleks when we don't know who your lender is.

As for timing, it will arrive when it arrives, but generally early. I wouldn't stress about it, the lender and your solicitors do this for a living.

[Deleted User]

madeline06 said:

Might be tomorrow then. Solicitors words were “we will complete on Friday when mortgage advance arrives”

Either way it was more the time tomorrow I was curious of. Not the day itself as that’s been confirmed! I just want it to be early tomorrow lol

if sol requested for funds release on 19th then it will be between 9am and 5pm.    Usually before 1pm but no guarantees.  This is why most solicitors will request funds the day before so they can get started on completion early in the morning  

[Deleted User]

removed. wrong thread

MovingForwards

@Deleted_User I think your last post should have been on a different thread.

Sncjw

madeline06 said:

Our solicitor has said that we should complete by 1pm tomorrow but likely earlier than that. Counting down the hours: buying a house is not for the faint hearted.

We didn't buy from family but we had the stress of moving during covid. We sat outside the house the solitcor has the money and transfered and we waited longer for the code to get the keys from the key lock. It was like piggy in the kdidle.


I'm. Sure your family will be ok moving in before the full completion. 

MovingForwards

Neither messed up.

Your solicitor (the accounts department) will have a pile of transfers to input into the system, these then get authorised by a person with authority and payments go out.

On the other side, their solicitor has to wait for confirmation from the accounts department to say the money has been received. Once that's confirmed keys can be released.

You wouldn't have been 'soooo sued' as the money went through. 

The mistake was wanting to complete on a Friday, that's the busiest day for property completions!

Anyhow, you're in, enjoy your new home.

Thrugelmir

madeline06 said:

We completed at 3.30pm when the banks funds arrived - very stressful. No idea if it was HSBC or the solicitor that messed up. Was a horrible day. I hope others with HSBC complete earlier - especially if you’re in a chain!  I’m pretty sure if we weren’t buying off my husbands parents we would’ve got soooo sued!

Banks have a cut-off of 1pm for accepting CHAPS requests. Then a 2 pm deadline for processing. 

Receiving bank has to process and notify the recepient. 

Never been any different.....................