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Posted byu/[deleted]2 months ago

First time seller.. when do I receive funds from my sale?

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level 1
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Vote
level 1

Same day.

3
level 2

Thank you!

1
level 1

Completions are usually scheduled for mornings on competion day so that you receive the funds the same day. This is because banks have a cut off point for same day transfers - for example HSBC is 3.30pm. May differ for other banks.

2
level 2

Ahh ok fab, thank you!

1
level 1

You should receive the money on the day of completion. If your solicitors don’t transfer the money right away, and you can prove it’s their fault (i.e. the money came in on time from the buyers) they technically owe you substantial interest (BOE base rate +2%) for every day it’s not sitting in your account.

2
level 2

they technically owe you substantial interest (BOE base rate +2%) for every day it’s not sitting in your account.

Can you link to something confirming this?

Are you sure you're not talking about the interest due from the buyer to the seller if the buyer is in breach of contract?

1
level 2

Thank you!

1
level 1

Everyone's given you very definite "same day" answers here but actually it depends - CHAPS payments are same day, BACS payments can take 3-5 working days.

CHAPS payments often incur an additional fee of ~£20-£60, so we always used to offer people BACS payments as an option if they wanted to save the money.

Also yes if something goes wrong and completion doesn't happen til late in the day then the payment to you could miss the bank's cut off time.

Another firm I worked at said they send funds next day, I think that was just because that was a huge and disorganised firm.

0

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Created Aug 20, 2017

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