Completing on a Friday

Talia78 · 2020-11-14T17:15:52+00:00

I know it is advised not to complete on a Friday incase something is held up with funds - but is it that bad to complete on a Friday? Thanks for any wise words

Dollywilde · 14/11/2020 17:18

We completed on Friday, it was a short chain so I didn’t worry too much. I preferred it as DH is busy at work at the moment so he only had to take one day off for the move itself and then we had all weekend to unpack, settle in etc

frosted232 · 14/11/2020 17:24

We completed on a Friday. I was nervous because I'd heard that there can sometimes be problems with banks and transferring funds on Fridays for some reason but it all went smoothly and we had the keys by 12:30. We were lucky though because we had no chain and didn't need removal men so we could just go at our own pace.

Ffsffsffsffsffs · 14/11/2020 17:28

I worked in mortgages for 15 years (left 10 years ago), almost all of ours completed on Fridays. I don't think we had any problems that meant anyone was homeless over the weekend.

The biggest problem was if something went wrong, we had to fish the solicitor out of the pub to sort it out. Ah, the days of long Friday liquid lunches...

senua · 14/11/2020 17:35

I thought everybody completed on a Friday! OK, not literally everybody but, when I was involved in the conveyancing business, Friday was Completion Day.

senua · 14/11/2020 17:36

Also, the solicitors order the funds on Thursday so everything is there in readiness for Friday.

letsnotscaretheneighbours · 14/11/2020 17:44

I've worked in property finance for 20 years. 99.99999% complete on a Friday. Don't ever remember having a failed completion. Tbh my own was the closest and that was because the start of the chains money wasn't released by the solicitor until mid morning.

LyingDogsLie1 · 14/11/2020 17:46

No. It’s fine. Usually if there’s an issue with funds you can still sort for everyone to move in (it’s called under licence) with funds to follow Monday.

The issue is fridays are v busy which means there’s other demands on people’s time as it can be quite time consuming sorting a messy completion.

LyingDogsLie1 · 14/11/2020 17:47

@frosted232

We completed on a Friday. I was nervous because I'd heard that there can sometimes be problems with banks and transferring funds on Fridays for some reason but it all went smoothly and we had the keys by 12:30. We were lucky though because we had no chain and didn't need removal men so we could just go at our own pace.

We got to the pub once our completions are through

frosted232 · 14/11/2020 18:14

@LyingDogsLie1 there were a few celebratory drinks involved. After waiting nearly 6 months for something that they told us would take 8 weeks a drink was needed!

LyingDogsLie1 · 14/11/2020 18:17

Fat fingers my comment re the pub was in response to The biggest problem was if something went wrong, we had to fish the solicitor out of the pub to sort it out. Ah, the days of long Friday liquid lunches...

LolaButt · 14/11/2020 18:46

I did it on a Thursday. Was exchanging and completing on the same day and wanted a day buffer before the weekend just in case something went wrong.

Rainyday26 · 14/11/2020 18:52

Completed on a Friday (new house) and the keys were literally thrown at us and we were told to speak to the sales office on Saturday if there were any problems. One of the solicitors further down the chain refused to send through the money until he’d received funds (normally proof of sending it is sufficient) This, plus lunch meant a 3 hr delay for everyone. Luckily I had insurance, but had rung up to get authorisation for an overnight stay if needed ..we made it by less than 5 minutes. The other problem was the removal van had been booked for another job, so they literally ran in , dumped stuff and ran out. So, so stressful - yes it can be done , but make sure you have a plan B and insurance !

woodlandwalker · 14/11/2020 18:58

Most completions are Fridays and usually this is fine.
In my case Barclays banking went down and the money at the bottom of the chain did not transfer. One solicitor in the chain did not agree to move under licence so all my worldly goods went to the removal company depot for the weekend and I stayed with family. I had to pay the full removal sum again on the Saturday (though Barclays refunded later).
Standing in the dark on a cold winter afternoon outside the house you can't move into and watching your goods driving away and not being able to return to your old house either is not good!

Jusu48 · 14/11/2020 19:02

I think to complete on Friday is stressful, I understand that it usually gives a couple of days to get sorted straight after but if the process fails you can be stuck till start of business on a Monday. I think that getting the keys at midday or thereabouts is wishful thinking. We moved mid December and I got the call from the solicitor that all had gone through at 4.45 pm after waiting all day in the snow! My poor buyers were moving straight in to live in the new home and had 3 children to consider too.

Chumleymouse · 14/11/2020 19:09

Last house we sold , completed on a Tuesday, didn’t matter to us as we had already moved out

pilates · 14/11/2020 19:14

It’s fine

PleasantVille · 14/11/2020 19:17

I know you don't have to but isn't completing on a Friday the total norm? Who advised you not to?

Original poster

Talia78 · 14/11/2020 19:21

Thanks all - very comforting to hear as the Friday would make our lives much easier.

Currently some of the chain want the Wednesday so hoping there are no objections to the Friday.

Chain completed late July - so much for 12 weeks

OP posts:

LyingDogsLie1 · 14/11/2020 19:22

One of the solicitors further down the chain refused to send through the money until he’d received funds (normally proof of sending it is sufficient)
This is absolute crap, you cannot confirm completion until cleared funds have hit your account. Money can and does get held up in transit. Banks pull money for random checks, it happens. A solicitor gives undertaking to discharge mortgages, legal charges and to hold sale proceeds on trust - that makes their firm personally liable if anything goes tits up.

Rainyday26 · 14/11/2020 22:22

@LyingDogsLie1

One of the solicitors further down the chain refused to send through the money until he’d received funds (normally proof of sending it is sufficient) This is absolute crap, you cannot confirm completion until cleared funds have hit your account. Money can and does get held up in transit. Banks pull money for random checks, it happens. A solicitor gives undertaking to discharge mortgages, legal charges and to hold sale proceeds on trust - that makes their firm personally liable if anything goes tits up.

@LyingDogsLie1....easy tiger ..That’s not what ! Completion didn’t take place before funds were in place took place, but the next solicitor starting did. As my solicitor explained with a long chain : solicitor a sends funds, gets some sort of confirmation they are in transit, tells b who starts his part, then tells c. Everything is started, then a confirms completion , b confirms completion ie the money transit process overlaps. From what I gather the solicitor in the middle refused to proceed (contrary to normal practice) until he saw the funds of the one below him in actually his account which took a while, as you say stuff happens. This was a number of years ago ..I think the solicitor in question was a bit odd anyway and not one who was used to conveyancing.

LyingDogsLie1 · 15/11/2020 06:52

You can tell others in the chain the funds are on their way but you cannot confirm completion or release keys until they reach your account. You can “frogleap” if it’s too late in the day and send funds further up the chain, using your mortgage advance to discharge your mortgage if funds allow, but you still can’t complete ahead of the solicitors above you receiving them.

user1487194234 · 15/11/2020 08:35

You can tell others in the chain the funds are on their way but you cannot confirm completion or release keys until they reach your account. You can “frogleap” if it’s too late in the day and send funds further up the chain, using your mortgage advance to discharge your mortgage if funds allow, but you still can’t complete ahead of the solicitors above you receiving them
This
Funds can't be sent out until the incoming funds are in as otherwise solicitor would be using someone else's money which is a big no no

LyingDogsLie1 · 15/11/2020 08:47

Funds can't be sent out until the incoming funds are in as otherwise solicitor would be using someone else's money which is a big no no

You’re not using anyone else’s funds. You’re selling and buying, so you cut out the middle man and send the sale funds to the solicitor who is acting for your vendor. As you’ve got your mortgage advance that can be used to discharge your mortgage and the remainder can be sent to your purchase. So the vendor of your sale will have two amounts of money - but those together will equal the purchase price.

LyingDogsLie1 · 15/11/2020 08:51

mooney-everett.co.uk/conveyancing/what-happens-on-completion-when-buying-a-house-or-flat/

It’s referenced here as a way to speed things up in the event of a delayed completion- which is exactly why it’s used.

Greenhairbrush · 15/11/2020 08:51

@woodlandwalker

Most completions are Fridays and usually this is fine. In my case Barclays banking went down and the money at the bottom of the chain did not transfer. One solicitor in the chain did not agree to move under licence so all my worldly goods went to the removal company depot for the weekend and I stayed with family. I had to pay the full removal sum again on the Saturday (though Barclays refunded later). Standing in the dark on a cold winter afternoon outside the house you can't move into and watching your goods driving away and not being able to return to your old house either is not good!

This very nearly happened to us thanks to Barclays. We completed by the skin of our teeth. An extremely stressful experience.