“
Depends
* what time Completion takes place
* how efficient/busy the conveyancer is
* how the money is transferred
If Completion is later than (3 pm? 4 pm? depends on which bank) it is too late for a CHAPS / TT payment same day
If the conveyancer is slow (for whatever reason, they may not arrange it till next working day
If they post a cheque, the post will take (2?) days to arrive and 7 dats to clear.
Discuss with your conveyancer.
”
There you have it - but the last sentence is the most important.
If they are really busy trying to get completions done and people moved, sending left over money out (which means preparng the accounts with all the figures in) isn't always the highest priority.
If the CHAPS system is about the close down for the day a solicitor is going to prioritise sending money out on a purchase that he has only just received from below in a long chain so that his buyer clients can move in that day!
I never used to guarantee same day transmission of remaining funds - but would normally do it the next working day. Also unless the client urgently needed the money it was cheaper for them for us to do a BACS/faster payment (if under the bank's limit) or send a cheque, because with present interest rates the loss of interest for a few days would be less than the £20-£30 fee for a CHAPS transfer.
RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.