How long after completion for funds.

propertyrental

thewad said:

Why has it stopped the transfer of the buyers funds to the seller.

I think we all assumed you meant your solicitor had received the buyer's funds, but not passed it to you.

Now you are suggesting your solicitor never received the buyer's funds. In that case. Completion did not take place and the keys should not have been released.

Which is it?

MattMattMattUK

propertyrental said:

thewad said:

Why has it stopped the transfer of the buyers funds to the seller.

I think we all assumed you meant your solicitor had received the buyer's funds, but not passed it to you.

Now you are suggesting your solicitor never received the buyer's funds. In that case. Completion did not take place and the keys should not have been released.

Which is it?

I read it that the solicitor's bank stopped the transfer to the OP. 

propertyrental

MattMattMattUK said:

propertyrI thinkental said:

thewad said:

Why has it stopped the transfer of the buyers funds to the seller.

I think we all assumed you meant your solicitor had received the buyer's funds, but not passed it to you.

Now you are suggesting your solicitor never received the buyer's funds. In that case. Completion did not take place and the keys should not have been released.

Which is it?

I read it that the solicitor's bank stopped the transfer to the OP. 

I think you're right, but a bit unclear. And the title suggests OP wants to know what's a 'normal' timescale, rather than a situation where IT systems crash or the bank holds up funds for money laundering checks/whatever.

booneruk

It sounds as if you've run into a pretty standard experience with solicitors, in that they appear to be constantly elusive and slow to act (although I would hope this isn't actually the case). Additionally, it seems as if one of the banks involved may have put a pause on the transfer.

These frustrations do happen, I think you'll just have to be patient. Keep on the solicitor, with politeness I might add.

Good luck

thewad

Just being a bit paranoid....been a stressful sale.

kingstreet

If the solicitor sent it via BACs and you didn't pay for a CHAPS/telegraphic transfer, it will take upto three working days to appear in your account. How was it sent?

Is this solicitor acting as Executor handing funds to beneficiary, or solicitor handing funds to Executor (you!) to hand on to beneficiary (possibly also you!)?

thewad

CHAPS paid......he's our solicitor who's transferring funds to us from the buyer.....I'm sure this will be sorted me just being impatient......it's been on and off for weeks now.

propertyrental

thewad said:

CHAPS paid......he's our solicitor who's transferring the buyer's funds to us from the buyer  his client account ....I'm sure this will be sorted me just being impatient......it's been on and off for weeks now.

With CHAPS some banks have a cut=off time so it depends on which bank and what time he sent it.

But it sounds like it's the Windows crash that stopped your payment arriving.

Hoenir

Solicitor would have missed the cut-off for CHAPS on Friday.  CHAPS doesn't operate at weekends either. 

Unless you've ever worked in a finance role. There's often a misconception of what's involved in making "payments". Not simply a question of clicking a button and transferring the money on. Unfortunately there's only so many working hours in a day.  All the time the solicitor is on the phone they won't be productive either. 

RHemmings

Has the money arrived yet?