Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

UK House selling question

UK House selling question

Old Jun 27th 2003, 12:02 pm
  #1  
BE Forum Addict
Thread Starter
 
Joined: Jul 2002
Location: Arizona
Posts: 3,113
Pimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond repute
Question 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
Pimpbot is offline  
Old Jun 27th 2003, 12:18 pm
  #2  
Pagan Sex God
 
Patrick's Avatar
 
Joined: May 2002
Location: Living in Oblivion
Posts: 3,668
Patrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond repute
Default 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
The money is in your account by noon the day you sell the house - this has to be so in case you are buying another house. Mine was there by about 1130, I then transferred the money via my bank accounts and it was there in 5 days (transferred on the Thursday - in my US account first thing Monday morning)

Good Luck

Patrick
Patrick is offline  
Old Jun 27th 2003, 5:09 pm
  #3  
BE Forum Addict
Thread Starter
 
Joined: Jul 2002
Location: Arizona
Posts: 3,113
Pimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond repute
Default

Cheers Patrick.
Pimpbot is offline  
Old Jun 28th 2003, 7:25 pm
  #4  
Professional Mover
 
RoB1833's Avatar
 
Joined: Apr 2003
Location: Derry, NH Via Salem, NH via Ma, NC, ex Manchester, UK.
Posts: 670
RoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to beholdRoB1833 is a splendid one to behold
Default

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.
RoB1833 is offline  
Old Jun 28th 2003, 8:40 pm
  #5  
Pagan Sex God
 
Patrick's Avatar
 
Joined: May 2002
Location: Living in Oblivion
Posts: 3,668
Patrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond reputePatrick has a reputation beyond repute
Default

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.
The probability is you pay for it anyway and you have to ask to have it taken off rather than the other way round - if you ask how much a solicitor charges he probably includes that charge and will knock it off if you want a cheque. On almost every house sale the money has to go into your account as the chain will move on one day!

Patrick
Patrick is offline  
Old Jun 29th 2003, 2:34 pm
  #6  
Forum Regular
 
Joined: Jun 2003
Location: Plymouth Devon UK
Posts: 45
bizzie@herdesk is an unknown quantity at this point
Angry 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

Last edited by [email protected]; Jun 29th 2003 at 2:37 pm.
bizzie@herdesk is offline  
Old Jun 29th 2003, 2:48 pm
  #7  
BE Forum Addict
Thread Starter
 
Joined: Jul 2002
Location: Arizona
Posts: 3,113
Pimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond repute
Default

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.
Pimpbot is offline  
Old Jul 4th 2003, 4:10 pm
  #8  
BE Forum Addict
Thread Starter
 
Joined: Jul 2002
Location: Arizona
Posts: 3,113
Pimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond reputePimpbot has a reputation beyond repute
Default

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
Pimpbot is offline  
Old Jul 4th 2003, 4:24 pm
  #9  
Forum Regular
 
Joined: Jun 2003
Location: Plymouth Devon UK
Posts: 45
bizzie@herdesk is an unknown quantity at this point
Default *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
bizzie@herdesk is offline  
Old Jul 5th 2003, 1:16 pm
  #10  
Here and Loving it
 
mark19964's Avatar
 
Joined: Mar 2003
Location: Cornelius NC
Posts: 150
mark19964 is an unknown quantity at this point
Default Re: ok... prepare to be confused....

Originally posted by [email protected]
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
Perfect explanation,
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
mark19964 is offline  
Old Jul 5th 2003, 1:18 pm
  #11  
Here and Loving it
 
mark19964's Avatar
 
Joined: Mar 2003
Location: Cornelius NC
Posts: 150
mark19964 is an unknown quantity at this point
Default

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

Just like to add my best wishes, get out there and just do it.

Bon Voyage et Bon Chance.

Mark
mark19964 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.