Completion money not received

[Evecob]

We completed on our sale and purchase friday late afternoon 5pmish.

Our solicitor said it may take until monday to receive the money but after logging in today we still haven't received it.

We cannot get hold of our solicitor by phone or email so far. Can it sometimes take longer to receive moneys?

If they made the payment by Bacs, then yes it could take up to 3 working days to be received.

Is this money transferred from your solicitor? Can you ask them to confirm when the funds were transferred from their client account and what method.

What money are you expecting? Was there profit left from your sale after you purchased the new place? I can't be 100% but I seem to remember my solicitor drawing me up a statement after the sale - which included their fees and then they transferred the balance to me. But it wasn't immediate. (The full sale money never went into my account because it goes in the solicitor holding account and then they pay for the onward purchase with it - I think is what happens).

Most payments are made by either CHAPS or Faster Payments both will be received the same day it is sent (unless sent from certain building societies). You need to check with the solicitors that they have sent it. It may be have been flagged for further checks by your bank so you could ring up but I’d do that after checking with the solicitor and verifying the details it was send to.

A lot of solicitors still use the BACS system which is slow and takes 3-5 working days.

You might be better of trying to speak to the finance team in the solicitor's office as they will have handled/be handling payments and might be easier to get hold of than your solicitor.

I was supposed to complete Friday but there was a hitch lower down and the mortgage company only released the money after 5pm, too late to be passed up to my buyer then on to me. You are not complete until your solicitor has received the funds, and if you are expecting money then whatever method your solicitor agreed with you. I have an onward purchase sometime this month so my solicitor is holding on to it, but I believe in the past the money was in my account same day.

We had this, twice. The first time, the bank found it and the second time it took a mighty effort from the solicitors accountant, us and the bank to find it. It was in a holding account as the solicitors had made an error with our names.