I am due to move house next week, I made £40000 on the house I sold, when will I get the money that I made from the solicitor?
2006-08-20 21:22:16 · 8 answers · asked by duboislynette 1 in Business & Finance ➔ Renting & Real Estate
I moved last week, I recieved the cheque from them within 2 days
2006-08-20 21:39:35 · answer #1 · answered by internet_jonny 2 · 0⤊ 0⤋
On the day of completion the deeds to the property are conveyed after the money is received. For this reason a bankers draft is usually the preferred means of payment. This is a cheque guaranteed by the issuing bank. It does not mean the funds will clear that day it means that the financial institution receiving it is more likely to allow you to draw against it. Problem is the funds go into your solicitor's a/c from where disbursements and other fees are deducted before you receive funds. It is possible to ask for special clearance of a cheque. This costs about £25-40 and means that your bank will carry out checks immediately (hence the fee) and allow you to draw against the funds as soon as checks are complete. I would allow up to an hour. Suggest you check with your financial institution how long these things take. It's over 6 years since I used this 'service' it may be different now.
Your solicitor may issue a cheque to you on the strength of the banker's draft but can also prevaricate if they want to as technically the funds have not cleared. Alternative method is to pay solicitor's fees up front and have banker's draft made payable out to you.
Remember that your solicitor works for you not the other way round - don't be intimidated by them. If it comes to the crunch ask them directly if what they are telling you is a point of law or merely down to the way they practise it. Hopefully this last bit is unnecessary.
2006-08-21 02:48:12 · answer #2 · answered by charlie r 2 · 0⤊ 0⤋
On the day of completion which is the day the new people move in to your house you will receive the money that is left over.Some times it will get paid straight in to your account other wise you will receive a cheque.It depends how you have said you would like the money!
X
2006-08-20 21:42:02 · answer #3 · answered by jo 4 · 0⤊ 0⤋
Ideally you should get it within a few days, the solicitor should send you the cheque ASAP. They have no reason to hold it. But solicitors are parasites, they prey on anyone who has money.
http://www.eMortgageDomain.com
2006-08-20 23:21:09 · answer #4 · answered by bidia 3 · 0⤊ 0⤋
it truly is genuinely talked about as a "clause". i'd not enable her to personal 5% of your position. If something, i might want to write up a promissory note for the quantity you're borrowing. Pay her back as quick as you could. considering she is relations, she ought to not cost interest (if she does, it would not say something about her personality) The note ought to contain the names of the debtors, the lender, the quantity, the date it became given, the date it truly is due and payable, and what the month-to-month legal responsibility will be. Have an legal professional seem the note over to operate any mandatory legal jargon and then have it notarized. i might want to a lot particularly pay back borrowed funds than not personal one hundred% of my abode.
2016-11-05 06:59:42 · answer #5 · answered by ? 4 · 0⤊ 0⤋
you either get a cheque on day of completion or you can ask (it does cost approximately £40) for it to be paid directly to your bank account.
2006-08-21 05:44:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
ring and ask but should be within 7 days
2006-08-24 20:01:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
within a few days dubois unless you get one of those guys who keeps it in his account for a bit of interest
2006-08-23 05:28:55 · answer #8 · answered by srracvuee 7 · 0⤊ 0⤋