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  • FIRST POST
    • AJ2608
    • By AJ2608 8th Mar 18, 5:46 AM
    • 3Posts
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    AJ2608
    Cash release on completion
    • #1
    • 8th Mar 18, 5:46 AM
    Cash release on completion 8th Mar 18 at 5:46 AM
    We're about to exchange contracts on our house with a completion date set for Friday, 23rd March. Both my wife and myself have gone our separate ways and are not purchasing another property.

    I would presume that all secured loans, mortgage and other expenses etc will be paid off on the 23rd. My question is would the balance be paid to my wife and myself the same day? We have a financial agreement in place and everything is amicable.

    Cheers
Page 1
    • Tom99
    • By Tom99 8th Mar 18, 6:42 AM
    • 2,058 Posts
    • 1,384 Thanks
    Tom99
    • #2
    • 8th Mar 18, 6:42 AM
    • #2
    • 8th Mar 18, 6:42 AM
    Providing your solicitor has time to make the 2 CHAPS payment that day then yes.

    You probably best putting in an early request to your solicitor with all the account details etc.

    If you are at the end of a chain your sale proceeds might not arrive with your solicitor in time for another transfer to you before the CHAPs cut off time.
    • agrinnall
    • By agrinnall 8th Mar 18, 9:02 AM
    • 20,113 Posts
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    agrinnall
    • #3
    • 8th Mar 18, 9:02 AM
    • #3
    • 8th Mar 18, 9:02 AM
    I'd say it's unusual to get the balance paid on competionday, IIRC it's always been a day or two later when I've been selling.
    • davidmcn
    • By davidmcn 8th Mar 18, 9:10 AM
    • 7,628 Posts
    • 7,757 Thanks
    davidmcn
    • #4
    • 8th Mar 18, 9:10 AM
    • #4
    • 8th Mar 18, 9:10 AM
    I'd say it's unusual to get the balance paid on competionday, IIRC it's always been a day or two later when I've been selling.
    Originally posted by agrinnall
    Wouldn't say it's unusual, but really depends what time funds come in and the solicitors' workload - obviously their priority is getting the transactions completed in the first place, and sorting out where the money goes afterwards is secondary. Some solicitors have very generous service standards for how long they allow themselves to get money to you, it's one to discuss with them.
    • AnotherJoe
    • By AnotherJoe 8th Mar 18, 9:28 AM
    • 9,365 Posts
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    AnotherJoe
    • #5
    • 8th Mar 18, 9:28 AM
    • #5
    • 8th Mar 18, 9:28 AM
    Agree with agrinall, and certainly do not arrange anything that's dependant on having the money arrive in your bank account the same day.
    • olgadapolga
    • By olgadapolga 8th Mar 18, 12:38 PM
    • 831 Posts
    • 987 Thanks
    olgadapolga
    • #6
    • 8th Mar 18, 12:38 PM
    • #6
    • 8th Mar 18, 12:38 PM
    When I sold my house, my solicitor transferred the money to my bank account the same day, but I paid an additional fee for this service.
    • agrinnall
    • By agrinnall 8th Mar 18, 2:58 PM
    • 20,113 Posts
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    agrinnall
    • #7
    • 8th Mar 18, 2:58 PM
    • #7
    • 8th Mar 18, 2:58 PM
    When I sold my house, my solicitor transferred the money to my bank account the same day, but I paid an additional fee for this service.
    Originally posted by olgadapolga
    Do you mean a fee in addition to the fee you'd have had to pay anyway for a CHAPS payment (the most likely method for your solicitor to get the money to you, whatever the timeframe)?
    • TBagpuss
    • By TBagpuss 8th Mar 18, 4:43 PM
    • 6,487 Posts
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    TBagpuss
    • #8
    • 8th Mar 18, 4:43 PM
    • #8
    • 8th Mar 18, 4:43 PM
    Most solicitors offer you a choice - you can pay for a CHAPS transfer, which means the money will be in your account the same day it is sent. This will normally be completion day but if there is a long chain or your seller is slow, you may miss the cut off point and not get it until the following day.

    Alternatively, it can be sent by BACS transfer which is free, but the money will take a few days to clear.

    Talk to your solicitors to check how they would usually do it, and if you want the money sent by CHAPS then make sure that you have let them have your bank details etc in advance to facilitate this.

    I'd agree that it would be sensible to assume that you may not get the money the same day.

    Make sure that the solicitor has either a copy of the order /agreement or written confirmation from you and your wife to say how much is due to each of you.
    • Akahotpot
    • By Akahotpot 8th Mar 18, 4:48 PM
    • 130 Posts
    • 83 Thanks
    Akahotpot
    • #9
    • 8th Mar 18, 4:48 PM
    • #9
    • 8th Mar 18, 4:48 PM
    When I sold I took the 3 day free Bacs option but the money transferred the same day
    Glad I didn't paid the 50 to guarantee same day
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