Selling a house, Question

Traficante

When one is selling a house and if there are say 3 owners of the property I know the money from the sale goes from the purchasers bank to the Purchasers Solicitor and from there to the sellers or vendors Solicitor. My question is what then, is there normally an intermittent period of time between the vendors solicitors recieving the money into their client account and the monies being transferred to the vendors bank, and if so how long is this, typically.

GingerLily

Mine was sent and received on the same working day, but my solicitor was my friend

Traficante

GingerLily wrote: »

Mine was sent and received on the same working day, but my solicitor was my friend

Thanks, but does not answer my question. I know there will be Estate Agent and Solicitors bills to be furnished and paid so in my case it will not be the same day but there must be a typicall sceanario or train of events with most non issue sales once the monies have been transferred from the purchaser and the closing completed.

Baby01032012

Estate agents fee will be taken from booking deposit.

Solicitor should send money without delay. Any management fees, LPT etc will have been agreed and withheld. Your solicitor will deduct their fee and transfer balance. It really shouldn’t take more than a day. Quickest way is to speak to them directly.

GingerLily

Traficante wrote: »

GingerLily wrote: »

Mine was sent and received on the same working day, but my solicitor was my friend

Thanks, but does not answer my question. I know there will be Estate Agent and Solicitors bills to be furnished and paid so in my case it will not be the same day but there must be a typicall sceanario or train of events with most non issue sales once the monies have been transferred from the purchaser and the closing completed.

My solicitor sent money on Wednesday morning, it was received Wednesday evening, the other solicitor asked for funds to be in account for 24hrs before closing. On Thursday paperwork was sent over and finalised and we completed Thursday evening, we collected keys Friday morning.

Traficante

GingerLily wrote: »

My solicitor sent money on Wednesday morning, it was received Wednesday evening, the other solicitor asked for funds to be in account for 24hrs before closing. On Thursday paperwork was sent over and finalised and we completed Thursday evening, we collected keys Friday morning.

Well I was told because there is capital gains tax due this has to be sorted and paid before monies are released?