Completion statement

[NIsense]

Hi.
Selling my home to buy another. 3 Person chain - I'm in the middle.
When I get a completion statement before completion - when do I have to pay solicitors fees, estate agent fees etc? Is that on completion day when the money is drawn down - passed through the chain, or before completion out of my own pocket?

Advice is appreciated.

That’s a really good question.

You pay on completion. Along with stamp duty etc.

Ours were paid on the sale - so we had the completion statement the day before completion (which was a nightmare, push for it sooner!), then solicitors took what they were owed out of the proceeds and also paid the estate agents with it too. Nothing came from our own pocket except some additional funds we transferred for the deposit.

@EmpressWitchDoesntBurn

That’s a really good question.

Yes it is! Do you know the answer? ;)

Sorry, the additional funds were for the new house!

@Chocoqueen

Ours were paid on the sale - so we had the completion statement the day before completion (which was a nightmare, push for it sooner!), then solicitors took what they were owed out of the proceeds and also paid the estate agents with it too. Nothing came from our own pocket except some additional funds we transferred for the deposit.

Hi. Amazed by the speed of good folk out there in answering! Why do you say to 'push for the completion statement sooner'! Is this a just in case of extra surprise fees?

All paid on completion. Our solicitor sorted it all.

You'll receive a draft completion statement to review.

RE and conveyancing costs can be paid from completion funds if you choose, that's quite normal. You will likely need to pay a deposit to the conveyancer for searches.

House funds will move at completion.

You will then receive any balance of funds to your bank account, by bank transfer. The conveyancer should confirm your bank details over the phone and it may take a couple of business days to see the balance of funds in your bank account.

@PicsInRed

You'll receive a draft completion statement to review.

RE and conveyancing costs can be paid from completion funds if you choose, that's quite normal. You will likely need to pay a deposit to the conveyancer for searches.

House funds will move at completion.

You will then receive any balance of funds to your bank account, by bank transfer. The conveyancer should confirm your bank details over the phone and it may take a couple of business days to see the balance of funds in your bank account.

Thank you for your detailed answer - much appreciated. You say - RE and conveyancing costs etc. Whats RE? Real estate?

No problem!

RE is real estate - the sales commission owed by you to the estate agents.

@PicsInRed

No problem!

RE is real estate - the sales commission owed by you to the estate agents.

Thats great :) Although no other choice in my case! I'll be banking for a bit for last minute oddities just the same.