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UK House selling question
Booked my flight to Phoenix this morning for the 13th of july. My house sale should be finalised by the end of next week, but can any expats who sold their property before moving, tell me when the money was transfered to their accounts? Was it on the day of the sale? or was there a clearence delay before it showed in the bank accounts?
Cheers |
Re: UK House selling question
Originally posted by Pimpbot Booked my flight to Phoenix this morning for the 13th of july. My house sale should be finalised by the end of next week, but can any expats who sold their property before moving, tell me when the money was transfered to their accounts? Was it on the day of the sale? or was there a clearence delay before it showed in the bank accounts? Cheers Good Luck Patrick |
Cheers Patrick.
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I'd ask your solicitor. There was an extra charge when I sold mine if the money went straight into my account, if not I would have had to wait for a cheque.
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Originally posted by RoB1833 I'd ask your solicitor. There was an extra charge when I sold mine if the money went straight into my account, if not I would have had to wait for a cheque. Patrick |
ok... prepare to be confused....
hope this helps... its a little confusing but easily understood if you take it slow...
when you sell a property the things that happen on the day of completion are pretty unexciting.. especially if you aren't buying as well... i generally advise clients to have the house empty by the day previous to the completion date then you aren't worrying about getting out before the new people are at the door with their removal van... the speed of the monies changing hands depends if you are in a "chain" or not... always try your hardest to sell your property to someone who is a first time buyer or a buyer who isn't depending on selling their own property... what generally happens is that as soon as the funds are available to your Buyers solicitor (the solicitor acting for the person buying your house) they transfer them to your solicitors account.. once they are received by your solicitor they "release the keys" to the Buyers... this happens earlier in the day if you have a first time buyer or someone who isn't in a chain buying your house.. if your Buyer is in a chain and selling their house then their solicitor is most likely waiting on the monies coming in on the sale of their property before they can send that money on to your solicitors.... before this time you should have let your solicitor know if you want to collect the cheque for the sale monies or to have the money transferred into your bank account... theres a standard £25 plus VAT fee (£29.38) for transfering sale monies into an account on the day of completion.. this is usually deducted from the proceeds of sale before the monies are paid into your account.... you should enquire at your solicitor and ask if they can transfer the sale monies direct into your American Bank Account if you have one... we do it on a regular basis at my place of work... i know its confusing but basically if your Buyers have a house to sell then it works that A (your solicitor) is waiting to receive money from B (Buyers solicitor) who is in turn waiting to receive monies from C (their Buyers solicitor)... if you have a Buyer who isnt in a chain.. you're laughing.. cos A is just waiting on B ... and B isnt waiting on anyone.. lmao.. i know.. its as clear as mud... sorry... just try to get a first time buyer... oh and the monies will show in your account on the same day.. its a BACS.. telegraphic transfer of funds... Bee |
Cheers for all the advice. I am lucky in that I have first time buyers moving in and obviously I am not moving into another property. Just wanted to know that if we complete this friday, which looks likely, that I will have access to my money so I can pay off a few bills before I fly to America the following sunday.
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Woo Hoo! the final hurdle in me leaving Limey Land and heading off to AZ was completed today, when I handed over the keys to my house and got a nice fat bank balance in return. Gotta love Cambridge house prices lol. Just been down to the jewellers to pick up the ring Tiff picked out last september when we bought the engagement ring. Just 5 more working days and then off to Heathrow next sunday:D
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*smiles*
have fun Pimpbot....
savour the moment when you have her in your arms again... (and that much money in your bank account) Bee UK to USA |
Re: ok... prepare to be confused....
Originally posted by bizzie@herdesk hope this helps... its a little confusing but easily understood if you take it slow... when you sell a property the things that happen on the day of completion are pretty unexciting.. especially if you aren't buying as well... i generally advise clients to have the house empty by the day previous to the completion date then you aren't worrying about getting out before the new people are at the door with their removal van... the speed of the monies changing hands depends if you are in a "chain" or not... always try your hardest to sell your property to someone who is a first time buyer or a buyer who isn't depending on selling their own property... what generally happens is that as soon as the funds are available to your Buyers solicitor (the solicitor acting for the person buying your house) they transfer them to your solicitors account.. once they are received by your solicitor they "release the keys" to the Buyers... this happens earlier in the day if you have a first time buyer or someone who isn't in a chain buying your house.. if your Buyer is in a chain and selling their house then their solicitor is most likely waiting on the monies coming in on the sale of their property before they can send that money on to your solicitors.... before this time you should have let your solicitor know if you want to collect the cheque for the sale monies or to have the money transferred into your bank account... theres a standard £25 plus VAT fee (£29.38) for transfering sale monies into an account on the day of completion.. this is usually deducted from the proceeds of sale before the monies are paid into your account.... you should enquire at your solicitor and ask if they can transfer the sale monies direct into your American Bank Account if you have one... we do it on a regular basis at my place of work... i know its confusing but basically if your Buyers have a house to sell then it works that A (your solicitor) is waiting to receive money from B (Buyers solicitor) who is in turn waiting to receive monies from C (their Buyers solicitor)... if you have a Buyer who isnt in a chain.. you're laughing.. cos A is just waiting on B ... and B isnt waiting on anyone.. lmao.. i know.. its as clear as mud... sorry... just try to get a first time buyer... oh and the monies will show in your account on the same day.. its a BACS.. telegraphic transfer of funds... Bee As this is exactly the position we're in now, ermmm A to B - thats it. nothing to buy this end, only our spread in NC. wwoooohhhohhoooooooooo regards - Mark |
Originally posted by Pimpbot Woo Hoo! the final hurdle in me leaving Limey Land and heading off to AZ was completed today, when I handed over the keys to my house and got a nice fat bank balance in return. Gotta love Cambridge house prices lol. Just been down to the jewellers to pick up the ring Tiff picked out last september when we bought the engagement ring. Just 5 more working days and then off to Heathrow next sunday:D Just like to add my best wishes, get out there and just do it. Bon Voyage et Bon Chance. Mark |
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