• Transfer Of Completion Funds To Seller

    By Guest on 29th Mar 2015

    How long does a private seller's solicitor have to transfer the funds to the client after the completion of the sale, and is there any statutory ruling on this? If so, where can it be found? Thanks Very Much! John Stansfield

  • 1 Answers

    By Guest on 05/04/2015

    The funds should be transferred on the day of actual completion unless some other arrangement has been reached between solicitor and client. Sometimes circumstances dictate that the transfer has to happen on the next working day (for example the solicitor does not receive the funds into his account until late in the day). Also, depending on the method of transfer the seller may not receive his funds immediately (a BACS transfer takes 3 working days to reach the destination account, a cheque has to be posted and then has to clear).

    If you have received funds later than the day of completion ask your solicitor for an explanation. If he says that the terms and conditions you signed allow the solicitor to hold onto the funds for a period of time after completion ask for a copy and perhaps speak to the Legal Ombudsman to see if such a provision is actually permitted.

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