How long to wait for money on sale of property

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puffin

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Just a question to those of you who have sold property in the past. We have just sold our home, contracts signed both sides, life assurance etc organised by purchasers and loan cheque requisitioned. How long does it take for funds to get to purchasers solicitor and then to our solicitor?This whole selling process is so drawn out and I hope never to have to go through it again....and we were lucky no chain involved either end!
 
It can take from a couple of days to a few weeks. The biggest delay is usually the loan cheque.
 
Thanks for reply Vanilla although not what I wanted to hear. And so continues the test on my patience!
 
well i had mine within a few days. depends how good your broker/solicitor was at arranging getting it. they can then get it couriered from their mortgage company to their solicitor and then couriered again to your solicitor, then a few days in the bank for the cheque to clear.

some solicitors will leave the cheque in their account and then forward to yours as they get the benefit of the interest.
 
"some solicitors will leave the cheque in their account and then forward to yours as they get the benefit of the interest."

Do you honestly think there is the remotest possibility of this happening? Particularly in a day and age when clients are stressed out trying to complete?

mf
 
"yep, happens all the time mate"

I don't agree. The biggest problem always in the transaction is the purchasers solicitor actually getting the loan cheque in- because the borrower has not sorted out direct debits, life cover, house insurance, and the lender has lost most of what has been sent to them.

Once they get it in they will be under immediate pressure to close even before the loan cheque clears.

mf
 
well from personal experience as a buyer and a seller it happens or has happened to me.
As a buyer i had all the life cover etc in place well before the cheque was issued...solicitor still hung on to it...

anyways thats just my experience..
 
Hi

Maybe this is a stupid question, but are funds not electronically transferred from the bank to your solicitor, who then transfers the funds to your own nominated account.

I would have thought that the whole process would have been speeded up considerably in this day and age.

SM
 
For loan cheque - read loan funds. Yes, a lot of lenders will do electronic transfer but the same issues apply. The funds will not be released until such time as the borrower has done everything necessary.

Seriously, this is the hardest part. I should know - I'm chasing loan funds every week and it is exhausting. Between life cover, direct debits, unrealistic special conditions etc.,etc..........

And I had a spectacular altercation with one lender recently who confirmed that funds had been released into my account when they had not. Cue even more chasing.

mf
 
Hi

As someone on the 'coal face', have you noticed that the market has picked up since the general election? How does this period compare to the same period last year. (I ask this because I have heard two estate agents claim that their business is marginally up on the same period last year, and also a removal company claiming that they are now much busier than last year, although having experienced near stagnation earlier in the year).

SM
 
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