When you sell your house, getting the money from the sale is probably one of the most important things to you and you may be itching to know how soon you can get your hands on it. Once you’ve agreed on a price with your buyer and are moving towards the exchange, you will also be thinking about getting the money from the sale straight into your bank account. But unfortunately, you won’t receive any of the funds from the house sale until the completion.
Upon completion, the funds will be sent to your solicitor by the buyer’s solicitor on the completion date and set time. Once your solicitor has received the full funds, the completion can be confirmed, and then you may go ahead and release the keys to the buyer. Solicitors will also take out their fees which you owe, including mortgage repayments and any legal fees. Once the solicitor has sorted out all payments, they can then release the funds from the sale to you.
How long does the solicitors take to release funds?
The answer to this will depend on your individual situation and your solicitor. The best way to get an idea of how long it will take is to look at the pre-arranged completion statement.
If in this statement you have stated you have a lot of outgoings after the sale, then it will take a little while longer for you to receive funds. For example, if you must pay off mortgage repayments, legal fees and any other fees involved.
The funds are usually transferred electronically using CHAPS, this way the money is transferred instantly and will be released quicker. However, if your buyer is paying by cheque, it can take a few days for the full funds to be with your solicitor and will ultimately take longer.
Fees when selling your house
When your solicitor receives the funds from the sale, they will need to pay any outstanding payments and fees you owe before they transfer you the money. The fees involved are legal fees, estate agent fees and paying off your outstanding mortgage. You may also have other costs to cover, such as removal costs, stamp duty and even survey fees.
How to get the funds quicker
When it comes to selling your house, there are some ways in which to make the process quicker. Although you normally get the funds immediately on completion day, It can sometimes be a very long wait before you actually see any of the money.
Here are some options to consider if you’re looking for some quick cash:
- Go to auction!
- Sell your house through a ‘sell your house for cash’ company.
- Part Exchange – Although you won’t physically see the money, this scheme allows you to trade the value of your current home against a new build property, with your property being a part payment. A part exchange scheme can be generally good for a quick house sale, as it means a guaranteed sale of your property and there’s no chain.
