If you’re looking to sell your property and you have accepted an offer from potential buyers and have a ‘sold’ sign outside of your house, you still have a little wait on your hands before you see any money hit your bank account. It’s not just as simple as buy and sell. So when do you get money from selling a house?
In normal circumstances, a sale process can take around six to eight weeks to happens. In England and Wales, a house sale is only final and money is issued after the sale ‘completes.’ That is, the date of the exchange of contracts (same as when the keys are handed over), and the money hits your account.
When you sell your house, your conveyancer will typically issue you with a ‘Completion Statement’ before the legal home sale happens. Detailing everything that will be paid out of sale proceeds, such as estate agent costs and legal fees, the statement will outline what funds will be left over and given to you when the sale happens.
What happens on the day of completion?
As most conveyancers are not located physically close to one another, most house sales take place via post or online, using the Law Society’s Code for Completion. This code outlines the process for the sale, and how everything takes shape on the day when it’s time to sell.
On the day of legal completion, the funds will be sent to your conveyancer by the buyer’s conveyancer before an agreed time on the day of the house sale.
When do you get money from selling a house?
On issuing a receipt of the full amount of money, your conveyancer will then confirm that legal completion has taken place, but should still ask you for permission to handover the keys to the buyer and post the signed paperwork to their conveyancer. At this point, the sale price money will still be with your conveyancer.
When the conveyancer is working for you during your sale, they will ask you how you want payment during the sale process. For example, is the full payment going to you? Or will it be split between you and a partner?
These details should be confirmed and signed in front of a witness before the date of your legal completion, which means that on the day they release the keys to the buyer, they can easily transfer the funds to your account.
Contact UK Property Cash Buyers
Looking to sell your house quickly and easily? Need advice about Land Registry data or energy performance certificates (EPC)? Give UK Property Cash Buyers a call today on 0800 044 5336 to speak to a real estate agent and discuss your available options for selling your home.