How Long to Release Funds after Completion?

onemouseplace

EssexHebridean said:

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? 

I've not had a final completion statement - I had to push to get an approximate balance currently held (which is in line with what I was expecting).  I suspect initially the solicitor didn't realise quite how much we had on account which is where the initial delay came from, but it's been 3 weeks since then and they are still confirming final amounts. I have had draft completion statements but not one tying the sale and purchase together if that makes sense and showing a final amount after everything has been accounted for. 

The mortgage has been redeemed (confirmation from our solicitor and I received separate confirmation from the bank as well). 

MikeJXE

You situation would definitely concern me, I would be sitting outside their offices waiting for them do open 

Are you certain the company is financially stable ? 

propertyrental

It's usual to get a Completion Statement before Completion.

By then, the conveyancer should know what costs are involved, whether mortgage redemption, estate agent fees, his own fees, or something thing else.

If there is something highly unusual about the transactions (sale or purchase), he or his accounts dept should be able to tell you what it is that they are concerned about eg some as yet unquantified cost.

And should be able to retain a suitable amount to cover this and release the bulk to you.

onemouseplace

I'm not worried about the firm (no news of imminent financial difficulties and it's not a single fee earner firm or anything like that.

I honestly don't know what is going on - my friend is usually very professional and very conscious of their professional standing - so this all seems very odd to me as well.

babyblade41

longest for me is 48 hours. .
I was always given a breakdown of costs at the beginning & everything  sorted on completion & residue sent over either same day or next day if after 3.00pm.

propertyrental

onemouseplace said:

I'm not worried about the firm (no news of imminent financial difficulties and it's not a single fee earner firm or anything like that.

I honestly don't know what is going on - my friend is usually very professional and very conscious of their professional standing - so this all seems very odd to me as well.

Look either you deal with this on a friend-to-friend basis, and have a chat over a pint and find out what is going on, or you approach it as a business matter (involving £X00,000?) and write formally to him, and then (if necessary) raise a complaint.

EssexHebridean

I would suggest contacting your solicitor/friend first thing tomorrow, and telling them that you need a) a finalised completion statement (which as others have said, you should have had BEFORE completion) and b) the money owing to you, and that you need both to be with you by close of play tomorrow. I would do that via email to his business email address, and back it up with a phone call checking it has been received and understood. I would also mention that if you do not have both things by close of business tomorrow, first thing on Thursday you will be passing the whole matter to the supervising partner in the firm - you should have been provided details of this person in your original letter accepting your instruction for the matter.  

This is not the way things should roll out at all - and frankly this behaviour gets all firms a bad name. 

glennevis

Quote

"I would do that via email to his business email address, and back it up with a phone call checking it has been received and understood."

I would leave 48 hours before making any call.
Email communications are legally deemed delivered in 48 hours.

Should it be undeliverable you would receive a delivery failure report from the mail server almost immediately, at which point a pretty urgent call would be deemed appropriate action.

babyblade41

I presume this company has an accounts dept, usually the acting solicitor doesn't have a lot to do with the accounting side. 

If you call the company today & ask to speak to the accounts this should by pass your friend & end the worry

user1977

babyblade41 said:

I presume this company has an accounts dept, usually the acting solicitor doesn't have a lot to do with the accounting side. 

If you call the company today & ask to speak to the accounts this should by pass your friend & end the worry

I'm never encountered a firm where the acting solicitor isn't the one responsible for getting the proceeds to the client - the cashroom won't be empowered to decide what can safely be sent to the client (or possibly even to talk to the client).