What happens now?

[darumafan]

I'm in the process of selling mum and dad's house after they both died.

Today I have signed the Contract from my solicitor as well as the Transfer Deed. I have also answered some queries from the buyers solicitor.

My question is, what happens now? How far along the process am I?

Another question, what happens to the money after completion? How long does it take to get to me? There isn't a mortgage on the property, my parents owned it outright.

[Gemizzel]

every sale is different. You have signed yours and now your buyers have to sign theirs (if they havent already) then they need to be exchanged which in theory should take a matter of days. Once exchanged you then set a date to complete. this is what can vary a lot from sale to sale. We just sold ours and from exchange to completion (moving out day) it was 5 days and that included a weekend. If your buyers have a house to pack up they may want to complete in a number of weeks to give them time to sort themselves out.
I pushed our EA for a quick completion date as both us and our buyer weren't in a chain.

[Gemizzel]

Money was in our account within 24 hours after we moved out

[darumafan]

Gemizzel Thanks for your help, the buyers are FTB so chain free. So hopefully not long to go, it's been emotionally tough keeping the house clean and tidy and making sure the lawn is done. I have so many memories of the past there and am finding being there hard. It needs to be gone to lovely new people now.

[specialsubject]

Sorry for the situation.

The money should be on your account within two hours of completion and certainly same day. That is the CHAPS system.

If more than 85k, remember to split it into accounts with different banking licences.

[Gemizzel]

Special ours was more than £85k but we didnt have the money paid into different accounts. Is there a reason? tax? Our solicitor never mentioned anything

[YelloDraw]

It's because the FCA protects money up to £75k for each banking license entity. So if you have more than that you should split into several accounts with banks under different banking licenses. Note that is not the same as different bank brands as some are part of the same organisation and share a license.

I believe there is additional protection for temporary high balances such as overnight when house deposit money is in there but you really should get accounts set up in advance and transfer out within 24 hours.

[Nowthereistwo]

Think they recommend different accounts as that's how much is guaranteed by government if bank fails.

[Gemizzel]

Oh right! will look into this straight away as our money is still sat in our account! sorry OP have hijacked. Good luck with the sale, hope you get everything completed ASAP. I'm sure it wont be long now

[darumafan]

Thanks for the information about the banks YelloDraw would it be alright to put the money into two different bank accounts temporarily until I have spoken to a Financial Advisor? Would that be safe enough?

[specialsubject]

Sorry - the figure is indeed now £75k, eu rules meant it dropped. You do now have six months grace for a large sum such as a house sale so no panic.

The solicitor wont deal with this, not his problem.

[specialsubject]

I will get this right eventually - it is UP to six months, max £1million.