transferring funds

jackiebur6

can anyone tell me how long it is after exchange of contracts we will actually receive the funds for selling our house?? we need the money asap obviously and do we receive the total amount and is it paid by bank transfer.

chappers

Depends on when has been set as exchange date that is when you will get the cash into your solicitors bank account you will get the amount minus your solicitors and agents fees again depends on what has been arranged. They will probaly give you acheque for free or charge you for a bank transfer.
why the big hurry? if you don't mind me asking.

Flat_Eric

I would expect the funds due to you would not be released until completion has actually taken place, i.e. the buyer has paid over the balance of the purchase monies. On exchange the buyer will be required to pay a deposit of 10% of the purchase price. Sometimes it can be just 5% but this has to be agreed by your solicitor.

So the 10% deposit gets paid over on exchange and this is held by your solicitor until completion when the buyer pays over the balance due.

Sometimes you exchange and complete on the same day - usual when the buyer is taking a 100% mortgage/has no deposit.

So depending on the time the money to complete the purchase is actually received by your solicitor I would expect funds to be available either the same day (if the funds from the buyer were received in the morning) or the following day if the monies were not received until late in the afternoon.

Usually you can specify whether you want the proceeds of sale via cheque (no fee) or same day telegraphic transfer (fee payable).

KellsBells

On exchange your sols will be given the buyers deposit (if they have one). On exchange of contracts your sols and buyers sols will agree a completion date. The completion date is the day your sols get the rest of the buyers money.

KellsBells

chappers wrote: »

Depends on when has been set as exchange date

Completion, not exchange

chappers

indeed sorry.