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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:
Whatsnewpussyhat · 12/04/2019 15:23

Are you buying a house and moving out of rented or selling your house and moving into rented?

cuppaafteralongday · 12/04/2019 15:23

If you're buying a house why are you waiting for money to arrive in YOUR account? Your Solicitor will send money to the vendor / your vendor's solicitor not YOU.

kaytee87 · 12/04/2019 15:24

Kay yes it is. We have sold out house. We have a lot of equity in it. We are going in to rented

So why do you need the money to move into your new home? None of it makes any sense.

Original poster
stressedoutErick · 12/04/2019 15:24

Yes we have sold our house, but we still haven’t received the money for it. Which we need to move in to rented.

We’re moving the stuff out now but still no money so can’t move in to rental

OP posts:
cuppaafteralongday · 12/04/2019 15:24

Scrap that just seen your update...

QforCucumber · 12/04/2019 15:26

Have you contacted the solicitor firm to speak to someone else?
Could you call the bank and see if they can see a payment clearing into your account?

Ginger1982 · 12/04/2019 15:26

This is odd. If your solicitor can't confirm they have received the money from your buyer's solicitor then you don't hand over the keys until they say they have it. If the money is coming straight to you then I wouldn't leave until I had it.

Singlenotsingle · 12/04/2019 15:27

We didn't get our money through til gone 3 pm when we moved last time. We were just about to head off for something to eat, and we got the call

Farontothemaddingcrowd · 12/04/2019 15:27

It's normal for equity to take a while to arrive. I requested a same day transfer but they accidentally sent it via BACS and it took 3 days. Its different if you are using sale funds to buy an onward property - you don't actually see that money.

TheChineseChicken · 12/04/2019 15:29

OP why do you need the money to move into rented? Surely the deposit and advance rental payment were due before moving in day?

margotsdevil · 12/04/2019 15:29

But it sounds like the solicitor HAS received the money, just that the OP hasn't yet. So technically the sale has completed and the OP does have to move out.

If OP had been using the equity as a deposit I suspect that would have been more straightforward actually as it would just have moved between solicitors. As it is, OP has to move out now and wait until the cash clears if it's needed for the rental - although not sure why it would be Confused

As476 · 12/04/2019 15:30

We moved, our buyers solicitors were fully incompetent and didn’t send their deposit on until 5pm. Hindering the entire chain. They originally told us no rush as they weren’t moving in that day (first time buyer). Then at 5.30pm phoned us harassing us to be out immediately and leave them the keys NOW as they wanted to be in. We took our time as it was their hold up. We also couldn’t move in as our sellers couldn’t move out until our deposit was moved forwards up the chain etc. The money from our sale hit our account that day (equity release)

kaytee87 · 12/04/2019 15:30

You really need to let the buyers in. They've paid and you could be costing them money with removers/van hire etc.
I still don't understand why you need the equity now if you're moving into rented property but that's not the buyers fault.
Call your bank and see if they're holding onto it for any reason.

HogMother · 12/04/2019 15:30

If you’ve completed I’m afraid you need to be out. You’re the top of the chain. Did solicitor know you needed the money for your rental deposit?

StormcloakNord · 12/04/2019 15:41

Surely OP doesn't have to leave her house with nowhere to go if the money from the sale of her house has not reached her yet??

margotsdevil · 12/04/2019 15:44

It's no longer her house though... Hmm

kaytee87 · 12/04/2019 15:45

Exactly, it's not her house anymore. It hasn't been since 2pm.

stucknoue · 12/04/2019 15:46

It doesn't always go to plan, my flat was 2 days late due to issuesin the chain (not me I was at the top)

StormcloakNord · 12/04/2019 15:46

If the money hasn't reached her then how is the sale complete? At the very least they need to send her confirmation from the bank that the money is on it's way...

Smellyrose · 12/04/2019 15:46

Are you expecting the money to come from your buyers solicitor directly to you or have they sent it to your solicitor who is then sending to you?

If the buyers solicitor has sent it to your solicitor and they have received it then you need to leave your house as it no longer belongs to you as the sale has completed.

NoWordForFluffy · 12/04/2019 15:49

Regardless of what's happening to the purchase money which is on its way to you, you had to be out of your house by the time your solicitor received cleared funds, not when you get them.

You need to get out ASAP as the sale has completed and you're now in your buyer's house.

Celebelly · 12/04/2019 15:57

We sold a house recently but weren't buying and we got the money the next day. If we had been buying though it would have gone to the other solicitors the same day. I think if it's not being used for an onward purchase it can take a day or two sometimes.

kaytee87 · 12/04/2019 15:57

@StormcloakNord the sale was complete when the buyers solicitors sent the money to ops solicitors

MillieMoodle · 12/04/2019 15:57

If you are selling your house, the moment the money from your buyer's solicitors reaches your own solicitor's client account, technically you should be vacating the property and completing on your sale.

If you don't move out, you aren't giving vacant possession and you will be in breach of contract. If you are in breach of contract then the buyers solicitors will serve a notice to complete on your solicitors and you will probably end up paying their legal fees plus your own, which will be in addition to any fixed fee you have agreed with your solicitors. You will also be liable for their additional costs, such as removals, storage, overnight accommodation. It is irrelevant that the sale proceeds haven't reached your own bank account yet - you can't delay completion and refuse to move out because of that.

If your solicitor has sent the money by telegraphic transfer, this is a CHAPS payment and should be in your account by 5.30pm today. Unfortunately once the funds are in the banking system, your solicitor has no control over how long it takes to reach your account. It could be 5 minutes or 5 hours, but should be by 5.30pm today, if it's been sent by TT today. If it's been sent by BACS, it will take 3-5 working days, so will probably be in your account by around Tuesday. At some point, your solicitor should have asked you how the payment should be sent to you.

If you are moving into rented today, surely you have already paid the deposit and first month's rent? Will you really be homeless if you don't get the money immediately?

flabbythighs · 12/04/2019 16:02

I believe the money must go into your solicitors client account the moment of completion , it then can depending upon its intended destination either go on into your own account that day or next or onwards to purchase the next property etc
It's sent by CHAPS and should show up as soon as it's sent
Check that the solicitor is sending it to the correct account details , once my middle initial was written down incorrectly even though all other details were correct my bank kept bouncing it back until it was corrected the solicitors end ( yes I was sweating over that ! )