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Confirmation of completion / receipt of funds

kjs31
kjs31 Posts: 217 Forumite
100 Posts Second Anniversary Name Dropper
in House buying, renting & selling
How long does it generally take solicitors to confirm receipt of funds and to say that keys can be released? My solicitor emailed at 11am this morning to say that the buyer’s solicitor said that funds had been transferred. The new owners are here ready to move in, I’m here to hand over the keys (property is empty) but my solicitor says that the accounts department hasn’t yet confirmed receipt of funds 3 hours later 🤔. 

Comments

  • user1977
    user1977 Posts: 16,467 Forumite
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    Nothing unusual about that timescale. They'll turn up.
  • lika_86
    lika_86 Posts: 1,786 Forumite
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    A Chaps transfer should be effected within about an hour max. 
  • user1977
    user1977 Posts: 16,467 Forumite
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    lika_86 said:
    A Chaps transfer should be effected within about an hour max. 
    The transfer itself might, it's the human involvement at either end which delays things (especially if the same people are sorting out a bunch of other completions today).
  • housebuyer143
    housebuyer143 Posts: 4,011 Forumite
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    edited 17 November 2023 at 2:49PM
    My mate transferred the money at 11am and got the keys at 5:30pm.
    We transferred the money at 9am and didn't get the keys until 4pm. Sometimes at can just be slow unfortunately, we both had no chains either.
    I sold my house, no chain and the buyer got the keys at 9:45am.
  • Hoenir
    Hoenir Posts: 5,196 Forumite
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    lika_86 said:
    A Chaps transfer should be effected within about an hour max. 
    No guarantee that internally it will processed by the bank within an hour. All depends on work volume and where it is in the queue. Then likewise processed at the receiving bank end. 
  • EssexHebridean
    EssexHebridean Posts: 23,462 Forumite
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    lika_86 said:
    A Chaps transfer should be effected within about an hour max. 
    Unless the bank decides to stop it for random fraud checks - it happens a surprising amount! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
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  • theartfullodger
    theartfullodger Posts: 15,319 Forumite
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    IMHO a reason not to complete on Fridays...
  • kjs31
    kjs31 Posts: 217 Forumite
    100 Posts Second Anniversary Name Dropper
    theartfullodger said:
    IMHO a reason not to complete on Fridays...
    Definitely not my choice. Property is empty so we could complete on any day of the week. Date was picked by the buyer. They’re not moving in either, just storing their stuff there so that could have been done any day. Oh well. 
  • kjs31
    kjs31 Posts: 217 Forumite
    100 Posts Second Anniversary Name Dropper
    Thanks all. Turns out that the seller’s solicitor hadn’t sent the money at 11am as they had said 🙄. They’ve been useless all the way through so I suppose that shouldn’t have been a surprise. We did complete eventually though. 
  • chanz4
    chanz4 Posts: 11,043 Forumite
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    depends on how many transactions the solicitors bacs account has to process
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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