Sale of property

BOOKWORM.1

My parents have just completed the sale of their property. All contracts have been signed by both purchasers/sellers and the mortgage cheque has been released to our Solicitor.

We have just heard the new tenants are now living in the property yet my parents have not yet received a dime of the money from the sale as it is sitting in their solicitors account.

To make it clear the funds have only landed in my parents solicitors hands within the past 24hrs.

I just want to know is this common practice or should the Solicitor release the funds to the family before the purchasers move in.

Many thanks.

dats_right

By the sounds of it the sale has closed and thus you parents no longer own the property and the people who have moved in do. 24hrs isn't partuclarly long to wait to have the sale proceeds released to your parents, as there are a number of possible explanations; the solicitor may be awaiting up to date redemption figures from the bank if your parent's had a mortgage on he property, or maybe they are buying another property? What arrangements have they made regarding collecting/receiving the monies?

BOOKWORM.1

Thank you very much for your reply.

There was no mortgage on the property and no other house is being purchased. It was just a case of a clean sale.

Maybe we are all over reacting but I suppose it came as a bit of a shock to hear the new owners were at the property; even though the house is now rightfully theirs.

The solicitor is now going on holidays and has said her assistant is authorised to issue the cheque and will do so next week.

As I say it just feels odd sitting here with the house gone at this present moment and no actual funds in the account.

MAGDELENTOWER

hello. house sold last Jan 2019 .solr requested bank a/c details for money transfer in Nov. again in Dec. .then Solr. called Dec 2019 to talk with lady who was due for proceeds, then lady visits solr office during office hours late Dec.,no answer, phoned office had an answer to the call, now find on Christmas hols, suggestions welcome ,

Wildly Boaring

The money is with your parents solicitor?

If so, of course they are in the house.

Sure where else would they be? It's their house.

I'd say 50% of people move in day 1.

lawrencesummers

MAGDELENTOWER wrote: »

hello. house sold last Jan 2019 .solr requested bank a/c details for money transfer in Nov. again in Dec. .then Solr. called Dec 2019 to talk with lady who was due for proceeds, then lady visits solr office during office hours late Dec.,no answer, phoned office had an answer to the call, now find on Christmas hols, suggestions welcome ,

I suggest you figure out what planet the vendor has been on between january and November that they didn’t sort out getting the proceeds of the sale.

lawrencesummers

Wildly Boaring wrote: »

The money is with your parents solicitor?

If so, of course they are in the house.

Sure where else would they be? It's their house.

I'd say 50% of people move in day 1.

And they are probably well settled in at this stage

MAGDELENTOWER

lawrencesummers wrote: »

I suggest you figure out what planet the vendor has been on between january and November that they didn’t sort out getting the proceeds of the sale.[/QUOTE Thanks lawrencesummers

splinter65

Wildly Boaring wrote: »

The money is with your parents solicitor?

If so, of course they are in the house.

Sure where else would they be? It's their house.

I'd say 50% of people move in day 1.

You were responding to a 10 year old thread here. I’d certainly hope they’d have got the money by now!!!

Wildly Boaring

splinter65 wrote: »

You were responding to a 10 year old thread here. I’d certainly hope they’d have got the money by now!!!

Ha. Cheers