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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:
79problems · 12/04/2019 16:23

None of this seems to make sense.

Bringbackthestripes · 12/04/2019 16:24

Have you not already paid deposit & rent in advance for rented? Why is moving in dependent on the proceeds of the house sale?

mummymayhem18 · 12/04/2019 16:35

Hope you're sorted now.

MrsMozartMkII · 12/04/2019 16:49

Have you checked the account details it's going into?

I really feel for you. Our move was stressful enough without this level of incompetence thrown in.

Fingers are tightly crossed that all is sorted soonest!

Mummyto2munchkins · 12/04/2019 17:03

Hope it's sorted OP,

BuzzPeakWankBobbly · 12/04/2019 17:13

I'm hoping the lack of updates is because @stressedoutErick is busily moving house!

Brewto you OP!

Undies1990 · 12/04/2019 17:14

This makes no sense at all. Haven't you sorted out your rented property deposit etc in advance?

samlovesdilys · 12/04/2019 17:19

Second Mrs Mozart...our solicitors our the money into the wrong bank account...and then went out for lunch...

HiItsClemFandango · 12/04/2019 17:21

When I moved into my rented property, we had to pay the agency fees beforehand but the deposit and first months rent on the day of moving in before the keys were given to us.

WitchDancer · 12/04/2019 17:21

Fingers crossed you're sorted and moving 🤞

NorthernRunner · 12/04/2019 17:23

We moved house before Christmas but not without hassle. Our solicitor went to Christmas party and forgot to submit paperwork and because there was a chain of 7 people it caused massive fuck ups. No other stress like it!

MrsMozartMkII · 12/04/2019 17:28

We paid rental deposit and first month's rent when we'd completed, as we wouldn't need the rental house if our sale didn't complete. Or solicitor did everything by transfer at a cost of £30 for each transaction.

listsandbudgets · 12/04/2019 17:42

Hope its turned up now OP.

Worst case scenario I ever came across was the solicitor who sent the whole lot to the mortgage company - so mortgage balance AND equity.... that was a pretty picture :( If your solictor is saying she's sent it to you then I doubt that's happened in this case don't worry I'm just a doom monger :)

Amazed she didn't use CHAPS though - worth every penny of the fee

Theyellowsquare · 12/04/2019 17:47

BACS in three days. We aren't allowed to send fast pay transfers as they aren't covered by indemnity insurance. It sounds like your solicitor screwed up. My firm would probably lend you your deposit from office account. We are a small local firm who know most of our clients though.

Theyellowsquare · 12/04/2019 17:49

On your client care letter it will tell you who the supervising parner is. Ring them.

Magstermay · 12/04/2019 17:51

I also am quite confused but if the buyers solicitors have paid yours then they own the house and it’s entirely reasonable for you to get out of the house. It’s not their fault you haven’t got anywhere to go.

I don’t understand how you can have a rental on hold until you get completion money then move in the same day without pre paying. You might just have to get a hotel overnight?

ChicCroissant · 12/04/2019 17:58

You have sold a property - once the money has reached your conveyancer you need to move out.

As PP have said, I can't see how you need the money today to rent somewhere as normally you'd have put a deposit down and signed a tenancy agreement - it's not a same-day thing.

Ask the solicitors to check if the bank have any limits on the amount of money that can be transferred in a day - we sold a house with no onward purchase and only got part of the money on the day because of bank limits!

Tulipvase · 12/04/2019 18:00

Just out of interest, where would you stand if the solicitors collapsed or something and didn’t pass on the sales proceeds?

I’m selling a property soon with no onward purchase and assumed I would get the money the same day?

AventaRizon · 12/04/2019 18:10

I send and receive umpteen bacs payments all the time at work, and the payment reaches the destination bank straight away, no messing about. The only reason it can take longer than that is if the sender doesn't request the payment to be made immediately, but in however many days' time.

If they knew it would take 3 working days then they should have sent it 3 days early to arrive on the right day.

Magstermay · 12/04/2019 18:28

Tulipvase when we sold and moved to rented we were offered a CHAPS payment same day but at £35 or BACS which could take a few days. We went for the latter as didn’t need the money straight away.

BarbaraofSevillle · 12/04/2019 18:45

i send and receive umpteen bacs payments all the time at work, and the payment reaches the destination bank straight away, no messing abou

No they don't. BACS are received on day 3, day 1 being the day the money leaves the sending bank.

You might be talking about faster payments, which are different and, well, faster, usually being instant.

MinnieMountain · 12/04/2019 18:50

Tulipvase solicitors have separate bank accounts for office money and client money, so it's protected if that happens.

Very occasionally the money doesn't arrive with the seller's solicitors before the bank cut-off time for same day transfers. CHAPS is the norm and is usually fine (unless you're moving on a popular Friday).

Tulipvase · 12/04/2019 18:53

Thank you Magstermay. I may pay for CHAPS any way as I then need to distribute some of the money to other parties.

Tulipvase · 12/04/2019 18:55

Thanks as well to Minnie.

Theyellowsquare · 13/04/2019 01:42

@MinnieMountain or the banking system goes down on a Friday (I'm looking at you BarclaysAngry).