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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 · 13/04/2019 22:29

Just an update!

It continued to get worse 🙈

Looking back now it was a huge mistake to count on the money from the equity to pay for the deposit.

After speaking to our solicitor we started shifting every thing out quickly and took one load to Dh dads lock up (as the bloody van was too small to put it all in) as we were on our second load the new owners turned up and stood at the gate. As I was hurriedly going down the path I apologised as said ‘ sorry for the hold up we were counting on the money coming in quicker’. The young women owner said something but I didn’t hear and said ‘pardon?’ And she said ‘As of one pm today this property is legally mine and if you don’t get off it I’ll call the police’. Dead pan face.

I lost my shit then and embarrassed myself by shouting at her. I ended up driving off and coming up to the new house to meet estate agents and left Dh and his dad to pack the last bits on the van.

New house was great. Estate agent left. Dh l & dad came up with one van load. I couldn’t get the heating on as the house was freezing, tried ringing estate agents, they had closed. emergency call out wouldn’t come as it was rental and we needed permission off landlord. Dh dad had to go to work so left a shit load in his lock up - all out warm clothes extra bedding ect..

So we ended up in a hotel any way.

Today has gone much better and I’ve just sat down with a beer.

Absolute shit show and all our own fault. Never again!

OP posts:
BarbaraofSevillle · 14/04/2019 06:48

It's not your fault at all, it's how almost everyone does it, especially when moving to a larger property as almost no-one has tens or hundreds of thousands of pounds or qualifies for a mortgage on the house they are buying without using their existing equity.

Not sure what's gone wrong in your case but hope you get it all sorted asap Flowers.

HisMoneyMyMoneyCardboardBox · 14/04/2019 07:21

OH OP!! That sounds so bloody stressful. Was the hotel nice, at least?

I'm glad you're in your new home.

What an absolute cow that woman was. What does it cost to just show a little humanity?

Chickencellar · 14/04/2019 07:28

But OP wasn't moving to another that they would own. They were moving to a rental , seems very strange they were using the equity from house sale to pay for the rental deposit. Usually this has to be paid before you move in not on the day. Never heard of this before I thought the deposit went into a separate account.

HisMoneyMyMoneyCardboardBox · 14/04/2019 07:30

What makes you think we are choosing to rent?
We currently rent. I'm pretty sure I said we were selling to house to buy a family home.

HisMoneyMyMoneyCardboardBox · 14/04/2019 07:31

Ohhhhhhh sorry.

I thought this was my thread.
Ha!!!

FiveLittlePigs · 14/04/2019 07:37

They were moving to a rental , seems very strange they were using the equity from house sale to pay for the rental deposit. Usually this has to be paid before you move in not on the day.

This. It seems very odd. I know I would be pissed off on completing on my house purchase so expecting vacant possession to find the previous owner yapping on an internet forum and with her stuff still in my house.

MrsMozartMkII · 14/04/2019 07:38

Yikes lass. What a time of it you've had. So glad you're in and I hope you get sorted soon.

We paid the rental deposit and first month's rent with the proceeds of the house sale, i.e. same day. The LL knew we'd only want (need) the rental house if our sale went through okay. Thankfully, in our case, apart from the usual dash to get out of the house (big house, so much stuff), the monies hit our account on time, and other than the buyer being a bit odd after the event, all went as well as it could in the circs.

NeverTwerkNaked · 14/04/2019 07:53

*you were completely in the wrong
The moment completion happened that property was theirs. The time the money reached you was irrelevant. You should have vacated the property before completion.

I am appalled you shouted at her. It was entirely your fault.

NeverTwerkNaked · 14/04/2019 07:56

@BarbaraofSeville yes
chain conveyancing is normal but everyone in the chain is supposed to vacate their property before completion. I am gobsmacked people don’t understand this.

liitlepenguin · 14/04/2019 08:05

Erm Op are you sure the solicitor hasn't taken the money

You cannot move out of a house without receiving the money for it Shock

MrsMozartMkII · 14/04/2019 08:06

I must live in a parallel universe...

Every sale I've been involved with or known of, the monies go through any time between 10am and 2pm. Everyone has been removing last bits, giving a last dust round, as the new people are moving in. One of ours we were moving in through the backdoor whilst the previous owners were moving out through the front. Took all day.

Moving is very stressful. Unless it's something one does on a regular basis, it's new and scary and huge, and things do go wrong. Each time lessons are learnt. Most of the time people are surprisingly kind and understanding, sometimes they aren't. One just has to learn from it.

Catchingbentcoppers · 14/04/2019 08:09

I am gobsmacked people don’t understand this.

I'm gobsmacked too. Totally gobsmacked that people have to act like such arseholes in a stressful situation, like threaten to call the police rather than show a little kindness when someone fucks up. It's not mandatory to be a twat. Though I'm sure you don't get that @NeverTwerkNaked.

OP, the people who lived in our house before us had some major problems when moving out, their removal van broke down in the middle of nowhere. They were moving stuff out as we were moving stuff in. We helped each other out and sat and had a takeaway together in our house that night.

Soontobe60 · 14/04/2019 08:11

When we moved house, we were selling to a cash buyer and buying from someone who was going into rented. We had a considerable amount of equity as we were downsizing so expected that money in our account on th day.
On the day of completion, our solicitor had told us (in advance) that the equity would be in out account by midday. She already had the money from our buyer in the client account. The vendors of our new house had moved out the day before into their rented property.
We had to wait 5 hours with our van packed before we could get hold of the estate agent of our new home to get keys off them! Luckily, our purchaser was lovely about it. She wasn't moving in straight away, all her stuff was in storage and she was currently living at her mother's house (she had sold her house a few months earlier).
We ended up unpacking the van at 7pm that evening. The Most stressful day of my life 😱

NeverTwerkNaked · 14/04/2019 08:12

The contract is pretty bloody clear. Your lawyer shouldn’t be completing until the house is empty!

Original poster
stressedoutErick · 14/04/2019 08:13

I am appalled you shouted at her. It was entirely your fault

Well I’m human and it happened. Not every one is perfect and I did state it was our fault on reflection.

Thanks barbara Mrsmotzart and hismoney , all is well and I’m enjoying a coffee looking at my new view!

OP posts:
NeverTwerkNaked · 14/04/2019 08:19

I’m a property solicitor. I am beyond astonished how many people on here don’t realise the property is supposed to be empty before they complete. And how many people don’t realise that from completion the property belongs to the buyer. Completion happens between solicitors, any onward transfer of money is not relevant. Ownership transferred at the point of completion.

Karwomannghia · 14/04/2019 08:21

Similar happened to me. Our bank sent money by bacs so it wasn’t going fast enough and the bank allowed a temporary massive overdraft to send it again by chaps and stop the bacs. The other solicitor was wrong to send it bacs and should be sorting this out.

HisMoneyMyMoneyCardboardBox · 14/04/2019 08:25

@nevertwerknaked I just PM'd you.
Feel free to ignore, it was just a quick question.

NeverTwerkNaked · 14/04/2019 08:42

Have replied hismoney Smile

WitchDancer · 14/04/2019 08:55

I'm glad it all worked out in the end. We all do strange things when we're stressed that we wouldn't normally do. In your shoes I would send her a card to apologise.

Catchingbentcoppers · 14/04/2019 09:06

Gobsmacked? Beyond astonished? A touch of hyperbole there, don't you think @NeverTwerkNaked?

I'm sure most people do know these things, they just live in a world where, sometimes, things go awry. These situations can normally be resolved by a little bit of common sense and understanding.

Danglingmod · 14/04/2019 09:55

Actually I've just remembered that the last time we moved it was to downsize so there was about £20k equity to come back to us after mortgage disbursed, EA paid etc from the proceeds of the house. It took a few days to come to us from the solicitors because why wouldn't it? But the minute the solicitors have the money from our buyers the house is theirs, not ours and we moved out!

MrsMozartMkII · 14/04/2019 09:58

Danglingmod You can choose to have, and pay a fee for, a bank transfer so your money is available pretty much immediately.

Danglingmod · 14/04/2019 10:04

Yes, but the last minute calculation on the amount owed to the mortgage company (daily interest) might be out by a few pounds, the amount owed to the management company (leasehold) needed calculating so not a big deal to us for the solicitor to take the correct amount of time figuring out the sun's and sending us the balance.

I can't believe there's more than one person on the thread to had a landlord ready to accept them in to a rental property and pay (and presumably sign contracts) on the day! That seems highly risky for the landlord!