How Long to Release Funds after Completion?

onemouseplace

Is nearly two months normal?  I'm getting really quite hacked off now.

In brief - we sold and purchased nearly two months ago. We were taking some equity out of our sale to do some work to the new house, plus (at the very last minute) we had to make up the exchange deposit on our purchase to the full 10% and had to drain our savings to do this.

I was assuming we would get this money back as soon as we completed - it's to the tune of tens of thousands!  I have chased our solicitor but they are saying that their accounts department need to check whether any more payments need to be made on our account before they can release our funds?  This has been the same for the last 3 weeks I have been chasing.

It's a slightly delicate situation as the solicitor handling our file is an old friend and colleague, otherwise I would be kicking up more of a stink (and starting the complaints process to be honest).  But I'm getting to the stage that I just don't care anymore about this and just want my money back as it is having a negative impact on us (as I said, we drained our savings to top up the exchange deposit so have no wriggle room at all at the moment and would like to book some work in at the new house, plus do some fairly normal things like book our summer holiday!)

user1977

Two months with such a vague justification isn't normal or acceptable, no. If there are costs still to come through (which is possible, though you'll know more about the transactions than us) then it would be reasonable to retain a suitable provision for those - not the whole amount though.

onemouseplace

That is what I thought - I'd be happy to leave a suitable buffer with the firm - just not the whole amount.  

km1500

Raise a formal complaint using their complaints process.

Flugelhorn

I have got the money from sales either the same day or the next day - 2 months is ages!

MikeJXE

I don't understand what's going on with your sale/purchase, of the 10 properties i have bought and sold in my lifetime I have never had to pay the 10% deposit,  it alway moved up the line from the bottom of the chain. 

Regards waiting for the solicitor to check as everything is paid, never in a million years has that happened to me,

Everything and everything was completed on the day, the only thing I ever waited for was the land registry document 

onemouseplace

MikeJXE said:

I don't understand what's going on with your sale/purchase, of the 10 properties i have bought and sold in my lifetime I have never had to pay the 10% deposit,  it alway moved up the line from the bottom of the chain. 

That is what I expected (hence having to find the money at the last minute) but our seller insisted, which I strongly suspect was a delaying tactic at the time (slightly complicated, but they produced an onward purchase late in the day when they had said they would break the chain and our buyers were pushing for exchange). 

SiliconChip

Unless your "old friend and colleague" is doing the work for free then you have an expectation that they will act in a professional manner, and as such I'd have been demanding payment if it wasn't in my account within 2 business days after completion. Get your complaint in now.

EssexHebridean

We usually ensure that funds are transferred out to clients same day if time allows - the day after if not. Never later than that though. 

What did the completion statement you were sent ahead of completion day say about the funds owing to you - was the amount shown accurate to what you were expecting? 

 Can I ask - was there a mortgage being redeemed on your sale property and have you had it confirmed that this has been redeemed OK? 

comeandgo

Sorry, I think it’s time to get heavy with your friend.  There is something not right there.  

Jonboy_1984

Two days after completion for us, because we opted for BACs rather than paying a chaps fee.