Financial Resource

make sure your Solicitor expressly requires the seller to clear it. If you are in contact with the seller, arrive early on the completion date and make sure it is clear. Let your Solicitor know, ideally before the day of completion whether there remains a problem.

TIP 30 – Where are my sale proceeds? Your Solicitor will make them available to you either as a cheque, or for a small fee a same day bank transfer (usually around £30 plus VAT). Most people tend to want their money on the day of Completion and so opt for the latter. Your Solicitor is not usually able to make a bank transfer payment if the buyer is late in sending their money to your Solicitor. The usual cut-off point is 3.30pm. This means your monies will be sent the next day at the latest.

BONUS TIP 31 – Choose a Solicitor who does not spring extra legal fees on you.  Some conveyancers will tell you they have a very low legal fee (alarming in itself as go cheap, get cheap) but then pile on hidden charges – so watch out for these, as they should not be individually charged and the conveyance is misleading you:

Acting for a mortgage company. Mortgage lenders set out a figure for legal costs in their mortgage offers.   Some solicitors charge this on top for doing the legal work on the mortgage.   Most include this as part of their own charge and usually at no additional cost.
A ‘leasehold fee’ which is not a payment made to anyone, just the lawyer charging more because the property is leasehold. Most include it within their own charge.
An unregistered deeds fee.  Many conveyancers struggle with unregistered deeds and so consider there is more work needing to be charged. Your experienced Solicitor will not charge this.
A contribution to the Firm’s Professional Indemnity Insurance – that is an overhead!
Completing the Stamp Duty Form – this is part of their work as a Lender requires them to do it, so is pure profit to them – and takes 5 minutes!
Postages and telephone calls – this is an overhead!

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