We’re moving today, completion is due to take place sometime around 2pm….. Looking at my figures again last night we may be out by a few thousand (we might not also, maths was never my strong point)….if needs be that money is available in my savings account so what’s standard procedure here if I’m right and we come up slightly short with the solicitors fees, stamp duty, estate agents fees etc all coming out first and what’s left going forward to the new place and being a few grand short?….does it collapse around our ears or will the solicitor ring me asking if I can get that shortfall to her pronto, which I can do even if I need to drive the bloody cash to their offices myself!

….and we are talking literally just a few thousand not tens of thousands.

Cheers.

If this is the case your solicitor is a bit dumb too, they should have enough money in the client account to complete the transaction. I guess if you haven’t transfered that money to the client account then it has big potential to go pear shaped later?

Perhaps a call to your solicitor would be better than a post on here!

…and people wonder why things go tits-up – yes it could all collapse (computers don’t think ‘oh it’s all right Mr X has got the extra cash in another bank’. And you’ll be really popular with everyone in the chain, just for the sake of a bit of prep and some phone calls.

I don’t think the stamp duty has to be paid immediately on completion so you may be ok with a top up for stamp duty later.

As above – call your solicitor as you don’t want it delaying the process.

Good luck.

You don’t have to pay the estate agents on completion. I asked my solicitor to hold back the payment to the EA because they damaged the wall of the house when they put their board up (broke off a big piece of render).

Apart from the EA getting increasingly arsey over the next week or two, there was no problem.

Depends on the gap. If you have enough in the loan to pay for the property and stamp duty, just phone your solicitor and tell them that you’ll be settling their and the agents fees directly. The fact that your solicitor and agent wont be paid from the loan shouldn’t stop the sale.

Dunno, but we had to have all the money in the account upfront. But then we did spreadsheet EVERYTHING between making the offer and completion because we’d had to bid slightly over our ceiling so it was a case of counting pennies to raise the difference in cash before completion! Ended up being about £6 over for some reason and getting a refund!

Only thing that went wrong was the mortgage company turned around on the day and said they didn’t like the name of the solicitors (seriously, they’re just the local solicitors firm, named after the top guy, offices in town etc). Our friend works for them doing our move and was 8 months pregnant at the time, not sure what happened but they backed down and paid up 😛

Seriously ? If the solicitor doesn’t have this all worked out and the money in the account already you need to get rid !

Your solicitor should have all the figures well sorted by now but if in doubt call her!

My last UK purchase i had *exactly” the right money in the account to pay for the difference between the profit on the old place and purchase price of the new place in my account.

Ended up with an “extra” 50-100 quid as i’d made a payment on the old mortgage a week before the sale.

All the solicitors fees, Arsehole tax (EA fees), mortgage fees and so on was being covered by my companies relocation package, so that got paid once i’d had the bill and submitted it to the company.
The stamp duty i paid at the same time.

Just make sure it’s all spelt out clearly to the solicitor in words of one syllable.

Or they’ll try and take it out of the loan. (it was an offer they made to me some weeks before the sale took place. Ditto with the mortgage arrangement fee.)

everyone likes a story.

Lass at work was moving house, all arranged, the person she was buying from was an old fella moving into sheltered accommodation so he was sorting all the details himself. She sold her place, rented a luton van kipped on a mate’s sofa for the crossover weekend.

Come monday the chap goes to move out of his flat and pay the deposit on the sheltered accommodation. He goes to the bank, turns out he has £27k in his savings, not £127k. He had appalling eyesight and for the last few years had been reading the £sign on his statement as “1” and convinced himself that he’d been incredibly fortunate with compound interest over the last 20 years.

Worth double checking I’d say, not like there’s a fall back plan on they day is there?

Cheers, all went without a hitch….my maths is crap though, we were in surplus to the tune of approx 3k which will be a welcome cheque when it arrives next week!