So the all important completion date has arrived and the end of a long and complex property selling process is in sight. But you still have one question on your mind. When will you receive your money.
The answer to this can vary and as can be expected with a lot of things in the conveyancing process, some time can pass before you receive your money as an extensive range of legal checks need to be carried out before your solicitor can transfer the funds into your account. Although this is time consuming, this process prevents any chance of fraud and is beneficial to you in the long term as it assures all outstanding fees have been fully paid.
Normally the process begins on completion date when the buyer transfers the agreed amount of money to their solicitors who will then transfer the money to your solicitors. In order for your team to hand over the money to you they have to have cleared the fund in their account. Depending on the method of payment used this could happen on the same day as the money was transferred or it could take up to 4 working days if a cheque has been used.
Your solicitors will normally aim to get your money to you within 24 hours of the sale being settled and completion occurring. However, there are a few essential steps they must take before releasing the money to you. The first thing they will do with your funds is to redeem your mortgage (if you have one) to minimise interest rates. They will then check that you are in a position to pay all the fees that have been involved in the selling process. This includes any conveyancing fees and/or fees owed to other parties if you are involved in an onwards chain. After this step has been successfully completed, your solicitor will carry out some final financial checks and verify a bank mandate for security reasons. If this all passes through successfully, you will receive your money.
So it is clear that there is a lot to be done on the completion date before you finally receive your money. But you can rest assured that your solicitors will work as quickly as possible in order to be able to transfer your money. Conveyancers are highly professional and adept solicitors and they have a deep understanding of a seller’s desire to receive their money with the least amount of delays possible. Just because it is the last day of the process does not mean they will work less hard. Your solicitors will do all they can to ensure that your money is in your account as soon as possible.
