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Original poster

Did you receive your money the same day you sold your house?

135 replies

stressedoutErick · 12/04/2019 14:12

Losing my shit here.

We completed today. The money still hasn’t hit our bank and we need it to move in to new property. We had to be out by 2pm, new buyers are chomping at the bit to get in.

Dh said the solicitor said she sent it by Bacs this morning. I’ve just checked on line and it says Bacs take THREE working days 😱😱😱

He said it’s instantaneous. Google said different.

I’ve just seen online it could go through CHAPS. I’m fucking praying it does.

Can’t get hold of solicitor to check?

Any one shed any light?

OP posts:
Original poster
stressedoutErick · 12/04/2019 14:16

Bump!

OP posts:
BuzzPeakWankBobbly · 12/04/2019 14:17

House payments almost always go by CHAPS. have you see anywhere mention of a payment/"telegraphic transfer" fee, around £25? that is CHAPS.

I don't know anyone who hasn't had house payments go by BACS.

BuzzPeakWankBobbly · 12/04/2019 14:19

Actually, thinking about it you have completed:

  • On a Friday
  • During School Holidays
  • Right before a long weekend

You are one of thousands of people all trying to do the same thing today, so it can take ages and MIGHT even roll over to next week (worst case, just warning you, sorry).

I completed on a Tuesday in November and was in the new place by 11, for comparison.

AllTheCakes · 12/04/2019 14:19

The solicitors and agents shouldn’t let the keys go unless funds have got your account. You haven’t technically completed as you haven’t received the payment.

Get on to your solicitor ASAP!

GummyGoddess · 12/04/2019 14:19

You are supposed to yes. Is it being used to purchase another property?

Danglingmod · 12/04/2019 14:22

If you're selling a house to buy a house, the money won't go via your bank account but your solicitor's? It's usually instantaneous - that's what completion means... Chase your solicitor again.

79problems · 12/04/2019 14:22

It's not a long weekend @BuzzPeakWankBobbly

BuzzPeakWankBobbly · 12/04/2019 14:23

Dh said the solicitor said she sent it by Bacs this morning. I’ve just checked on line and it says Bacs take THREE working days 😱😱😱

He said it’s instantaneous. Google said different.

(Sorry for multiple posts)

BACS can take up to three days. Faster Payments can be instant or within a couple of hours, but its not guaranteed, OR meant for massive sums like this really (e.g. my own bank has a limit of £10k for online /faster payments. I can make multiple transactions, but that is madness.)

Info on all types here: transferwise.com/gb/blog/chaps-bacs-swift-faster-payments

Original poster
stressedoutErick · 12/04/2019 14:24

She’s now not taking calls today. I’ll try and find the paper work

OP posts:
BuzzPeakWankBobbly · 12/04/2019 14:26

79problems It's not a long weekend @BuzzPeakWankBobbly

I know its not THIS weekend, but next weekend is, and that combined with the school holidays bit just adds to the # of people all thinking this is a great day to complete.

I would advise anyone reading it to AVOID THURSDAY 18TH COMPLETION LIKE THE PLAGUE!

Original poster
stressedoutErick · 12/04/2019 14:26

Yep telegraphic transfer

OP posts:
kaytee87 · 12/04/2019 14:26

Bacs is 3 days, chaps is instant as others have said (or should be instant).
I'd have thought the money would go via the solicitor onto next persons solicitor etc though? Forgive my potential ignorance as we've never sold to buy.

GummyGoddess · 12/04/2019 14:28

Can you call and ask another solicitor and they have a look at the paperwork? Maybe mention the word complaint?

kaytee87 · 12/04/2019 14:28

Phone the people you're buying from and ask them to check if their solicitor has received the money. Surely you wouldn't be moving the money yourself?

Farontothemaddingcrowd · 12/04/2019 14:29

I've just bought and sold and the completion was instanteous. 60 k from my property was being used to fund the deposit for my next purchase. I never saw that money, it was all done through solicitors.
I then had 24 k remaining which was transferred to me via BACS which arrived 3 days later. BACS would not be usual for funding an onward purchase though, as it all has to happen on that day.

Farontothemaddingcrowd · 12/04/2019 14:30

A telegraphic transfer could mean a same day payment rather than BACS. You haven't completed until the entire chain completes, so your buyer has to wait.

OKBobble · 12/04/2019 14:30

Look at your engagement letter and see which partner is overseeing the matter and ask to speak to them?

However it isn't that unusual at only 2.30 pm not to have completed yet. I suspect you will in the next hour or so.

Original poster
stressedoutErick · 12/04/2019 14:32

Our solicitor received the money this morning and says she sent it.

OP posts:
BuzzPeakWankBobbly · 12/04/2019 14:33

@stressedoutErick Yep telegraphic transfer

You've seen this as part of your completion info?
Then funds will be transferred same day IF it is processed in time.

You will 99% be fine and get the confirmation this afternoon, but there is a 1% chance it will miss the cut off. I am not trying to be Debbie Downer, it can happen.

TheChineseChicken · 12/04/2019 14:35

Shouldn't your solicitor being sending the money from your sale straight to your vendor's solicitor, not to you? That's how it works

OnlyFoolsnMothers · 12/04/2019 14:35

I'd be concerned is its not in by 3pm- do not move until that money has cleared. Your solicitor surely has a colleague who could help?

widgetbeana · 12/04/2019 14:37

Yeah, 3 days to clear is standard. We had to send ours by the Tuesday morning for moving on the Friday.

kaytee87 · 12/04/2019 14:37

@stressedoutErick I don't think she meant she sent it to you though?

TitusP · 12/04/2019 14:38

Ours was done by BACS as we didn't need it to buy a new house straight away so in that case it took 2 days to arrive but this was agreed with our solicitor in advance. Does you solicitor know you need the money ASAP?

GummyGoddess · 12/04/2019 14:39

@OnlyFoolsnMothers but if they have received the money then the house is no longer theirs, they can't stay once they have received the money even if their purchase isn't completed surely?