FundRobot » Fund Price » How long does it take for the money from house buyer of your house to reach your bank account uk?

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Old   #1 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

I have aged 40 years in the last 3 weeks ! Sold my house to a family member who was granted a mortgage for the full asking price(well i gave him the best price) 3 wks ago he told me the money would be in my bank account.I am still waiting. Luckily the man whos house im buying is in no rush to move out but he has no chain.I thought the whole of the money would go into my bank account and feel stressed as i am sailing by the skin of my teeth now in the bank due to a huge dental bill. Im making a profit by the time ive paid all the agents etc off but im not sleeping at night thou worry
Ah yes im not doing the selling bit myself ive got my back covered lol

Mary500 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

Find out from your solicitor. I hope you are using one while selling your house.
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Old   #3 (permalink)
 
Posts: 2,526
Default long take for the money from house buyer of your house to reach your bank account uk

Ask your solicitor. Mortgage companies never release funds to private individuals. Sounds like your "family member" is stringing you along.

You are using a solicitor aren't you?

I'd hate to think of someone who clearly knows so little about the house buying process trying to do it without a solicitor.
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Old   #4 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

You should both be using a solicitor (not the same solicitor). If you are not, then that is a huge mistake and the source of your problems. Call your solicitor and get him to chase up the buyer's solicitor. It's all done by money transfer anyway, and the funds should have been in place in time for the settlement date. Mortgage companies will only transfer funds via a solicitor or licensed conveyor, and only when they are sure all the paperwork is in order.

Just to be clear, the mortgage lender will not give the funds to the person buying your house - that's not how it works. They will transfer the funds to his solicitor, and his solicitor sends the money to your solicitor, who accepts the money on your behalf, all electronically. Your solicitor will then ask you how you want the surplus money due to you, after he has settled your mortgage and out taken his fee, paid to you (by cheque or bank transfer).
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Old   #5 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

Your Solicitor should ask their Solicitor. That is what you are paying them for.
UK
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Old   #6 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

3 weeks ago to agreeing to the sale or 3 weeks from it completing?

In general from applying for a mortgage to completing i would say it should take around 5-7 weeks. Most of mine are the lower end of that figure but thats because i use lenders i know are quick and have a great solicitor i use all the time.

As a 1 off buyer you may not get the same "service" i get due to the volume i submit so i would say to allow at least another 3 weeks on the safe side.
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Old   #7 (permalink)
 
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Default long take for the money from house buyer of your house to reach your bank account uk

Just tell your solicitor to pressurise your buyers solicitor (even though he is a family member). Remember, business is business.

If worse comes to worse, tell the family member that you might lose the place you want to move out to because of the delay on his side and if that happens you will withdraw your house from the sale. That should set off a firework in his backside and he will spring into action.
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