Sale STC

[Aaron1068]

So my grandfather passed away 2 years ago and now the sale of his bungalow was accepted STC about 5 weeks ago give or take, I was inquisitive as to how long it takes on average to receive the funds.

Me and my brother have some money coming from the sale but are a little confused as to why it's been sold for 5 weeks but haven't received the funds yet

Thank you guys. Any help would be great.

You sound a bit confused about the process. If it’s sold STC (which stands for subject to contract) that means someone has agreed to buy it. They haven’t actually bought and paid for it yet - that happens once you’ve exchanged contracts and completed on the sale.

Before that happens there’s a legal conveyancing process to go through with solicitors.

IP, if a sale was agreed 5 weeks ago and its still showing STC it means its right at the start of the conveyancing (sale) process.

I wouldn't expect to see funds until late October at the earliest.

Say a house gets an offer accepted in June (SSTC).

The money won’t be received until Completion which won’t happen until the Autumn probably.

Whoever is buying it will have had a survey done most likely and their solicitors will be raising enquiries based on the results of that. Lots of contract work. The average for a sale to go through is 12 weeks. Longer if it is a longer chain, it people don’t get the paperwork done in a timely fashion. You need to speak to whoever is overseeing the sale to find out what stage it is it.

@Aaron1068 have you appointed a solicitor to handle your side of the sale? Agree you sound confused. You need a solicitor to act for you in the sale process. At the end, you will need to pay both the solicitor and the estate agent. You must have signed a contract with an estate agent, right? They should have a sales progressor who can advise you as to the progress of your sale, as your solicitor can too. You are right at the beginning. Have your buyers had a survey done or do they have one booked? That would be one of the next major things I would expect to be happening.
Best of luck.

That just means a sale is agreed, there is lots of work going on with solicitors in the bs ground but a date for completion should have been given and that when the funds will process then your solicitor will receive them and distribute them to you. My last sale took 5 weeks to complete.

You sound very young and confused. Presumably your parents are dealing with it?

Buying a house isn't just going into an estate agent and saying "I'll have that one please." Then walking out with the keys.
It's a long legal process that takes 12 weeks MINIMUM in most cases.

I'm in the process of buying myself, and had my offer to buy accepted exactly 3 months ago, and we're nowhere near completion.

If you had the offer accepted in mid-June, you're probably looking at October at the earliest.