How To Receive Money After Selling My House?

Money After Selling A House

You found a buyer. Your home made it through the survey. You exchanged contracts, and you’re well on your way to the day of completion. Congratulations! All that’s left is to get your money from the sale of your home, right?

Maybe the most exciting part of selling your home is getting the money. Nothing feels quite as amazing as having completed that home sale and seeing your bank balance swell. For many people, it’s exactly what needs to happen before they can truly celebrate the sale of their home. In fact, “When do I get my money after I sell my house?” is easily one of the most common questions estate agents and conveyancing solicitors answer for clients regularly. When do you get that money, though, and at what point does it become a sure bet? This guide can help you better understand how the entire process works.

So, When Do I Get My Money After Selling My House? The Fast Answer

I was wondering when you will get your money? The process between exchanging contracts and reaching your day of completion can take between six and eight weeks, and you can’t get paid until you reach completion and you have handed over the keys to your property. At that point, completion funds are sent to your Conveyancer and then confirmed. The Conveyancer will then deposit the money in your account or hand you a check, and you’ll have the money you earned from the sale of your house.

Wait, What’s a Conveyancer?

A Conveyancer deals with the paperwork and legalities involved in a property sale. In most cases, a Conveyancer is a solicitor who specialises in residential property transactions.

Conveyancing itself is just the legal process of moving a property from the seller to the buyer. The entire process was created to make sure the buyer becomes the legal property owner without any potential problems. It also helps to ensure the buyer is aware of potential restrictions on the property before they buy so there are no surprises down the road. At its heart, conveyancing is a fairly simple idea, but it takes place over several different stages before it can reach completion so you can get your money after selling your house.

The Conveyancing Process in Detail – The Necessary Part of the Process Before You Get Your Money

The first step in the process is to choose your Conveyancer. There are many different kinds of people who handle conveyancing. Both solicitors and licensed Conveyancers are fully capable of handling the process. UK law suggests that you can handle conveyancing on your own, but very few experts recommend it. Wondering why? It’s simple. There are legal intricacies that only professional Conveyancers will know how to handle. More than that, though, most mortgage providers won’t offer the buyer a mortgage if they know you’re going to handle the process on your own. In many cases, the buyer’s Conveyancer – on whom the mortgage lender WILL insist – likely won’t even be willing to work with you if you’re doing this on your own. In general, if you’re considering handling your own conveyancing to help cut costs, the risks just outweigh any financial advantage you might get. There are many other ways to cut costs as you work to sell your home, and this isn’t the space you want to consider cutting those costs.

How To Choose a Conveyancer

One quick note: If you have a home sale that isn’t likely to be typical or involves things like new rights of way, dividing property, or altering current boundaries, you may want to use a local provider who can visit the property rather easily so you get the service you need in that special situation.

As you search for a Conveyancer, keep in mind that your estate agent may have some recommendations. While you can certainly work with one of these professionals, it may be best to do your own research in those situations. Many estate agents have agreements with Conveyancers so they get a slight kickback when you use their services. As a result, it’s a better idea to talk with people who have actually used a Conveyancer recently to better understand the services they might offer you. You can always use a search engine to help you research the firms you’re considering to better evaluate whether they might be a good fit.

Another thing to watch for is online Conveyancers. These days, you can find almost everything you need online, and many Conveyancers offer services that are completely online. You’ll find fees quoted as low as £125 as you search for these kinds of services, and while they’re not all bad, they’re not all good either. Cheap conveyancing falls under the same umbrella as DIY conveyancing. In some cases, you get what you pay for. It’s best never to make your decision purely on cost in this situation. Most good Conveyancers charge between £600 – £1,000, so anything that is too far above or below that range should be considered very carefully.

You will find great Conveyancers, though, that offer services based on a no-completion, no-fee basis. This can be a huge help in the event the sale of your home falls through. Statistics suggest that one in three sales fail to complete, so if you have a Conveyancer who is willing to waive the fees should your transaction happen to fail, you may be able to save yourself quite a bit of money in the long run.

Wondering why it’s so important to carefully choose your Conveyancer? Good professionals carry the process through both efficiently and with a high degree of accuracy. They can help to reduce your own stress level by giving you the guidance you need to move from one step to the next and the support you require to handle any potential problems that might come up along the way. Moreover, they tend to be proactive in preventing those problems in the first place, which can help push the sale through far faster. They can also be a huge help as you work to negotiate with your buyer and his or her estate agent.

There are poor Conveyancers out there, though, and they can be seriously damaging to the process as a whole. In fact, they can put the entire sale of your home at risk because they may or may not be reading the important documents carefully, take longer to complete the required paperwork, and fail to alert you when a problem comes up. You’re likely to be able to spot a problem with your Conveyancer if they’re ignoring your phone calls or failing to answer your questions so you can understand the answers. Ultimately, a poor Conveyancer will cost you quite a bit more money than you need to spend, making it essential that you choose the right one initially.

To select the right Conveyancer to meet your needs, look for firms that specialise in residential conveyancing. If you choose a full-service solicitor, make certain the firm has a specialised conveyancing department. You don’t want a solicitor who specialises in litigation handling the sale of your home, as you need someone who is aware of any recent changes and shifts in the world of residential conveyancing services. You’ll also want to be sure the company you select offers you a direct point of contact to handle any questions or concerns you have during the process. Ensure they can use technology including e-mail and SMS updates to reach out. Ideally, you’ll select a team that offers online case tracking so you can continually learn how your sale is progressing. You’ll also want to select a team that operates on a fixed-fee basis. In the past, Conveyancers have worked on an hourly rate, and when that bill comes, those who are selling their homes may get a nasty surprise. Working with a Conveyancer who works on a fixed fee basis, though, allows you to budget carefully so that even if there are unexpected complications in the process of your home sale, you can deal with them.

Don’t hesitate to choose either a conveyancing solicitor or a licensed Conveyancer. Both are equally good at their jobs, and both should be able to help you complete a standard property sale.

After You’ve Selected Your Conveyancer

Once you’ve selected a Conveyancer who will meet your needs, you’ll need to formally instruct them. Most firms will send you a Letter of Engagement to get started. You’re not actually committed to the service itself until you’ve signed and returned it, so you’ll want to do so as soon as possible. Inside that letter, you’ll find the terms and conditions of your agreement, as well as the details of what you’ll actually need to pay when the sale is finished and any payments required now. You’ll want to sign that letter as soon as you get it.

At that point, your Conveyancer will need to see proof of your identification. This could be a photo driving license or something like a passport. You’ll also need to provide proof of your address, which can typically be done through something like a utility bill.

After you have engaged your Conveyancer, you will get a number of different forms to complete. This will include a TA6, which is a Property Information Form, and a TA10, which is a Fittings and Contents form. As with the original letter of engagement, it’s essential that you complete them fairly quickly, as the sooner you complete them, the more likely you are to avoid delays as your home moves through this process. It’s important to note that being completely honest on these forms is required. Should you lie, you might jeopardise the final sale of your property. You could even be sued at some point in the future. As you complete these forms, there may be things about which you’re unsure whether you’ll be leaving. For example, perhaps you’re not sure whether to leave the curtains or certain appliances. Talk to your Conveyancer about those items. There’s a specific way to handle problems like that, so you’ll want to be quite careful. In the event your property is a Leasehold, you’ll also need to complete a TA7 form and provide your Conveyancer with a copy of the lease. A Management Information Pack from the freeholder must also be obtained at some point, and it can take a few weeks, so it’s best to deal with that paperwork fairly quickly.

You may note that you are required to provide quite a bit of documentation in addition to the completed forms. Things like guarantees and warranties are all part of the requirements involved in the sale of your home. Your Conveyancer will likely send you a list of what he or she requires to move forward with the sale. Make certain you obtain those documents fairly quickly to help keep the process moving.

The next step in the process is to speak to your mortgage lender if you have a mortgage on your property. You’ll need to let them know that you intend to sell and need the remaining loan balance. You also need to find out whether there’s a penalty to pay off your loan early. If you intend to buy another property, you may also want to chat about whether you wish to port your mortgage.

A Note about Porting Your Mortgage: The advantages of porting your mortgage can be enormous. If you have a property with a fairly low-interest rate or you simply don’t want to deal with the early repayment penalties, porting is a good option. Unfortunately, if you need to borrow additional money for the new mortgage, you’ll have to apply for a separate loan, and then the two loan rates will be blended together. It does mean avoiding repayment penalties, but it’s not always a simple process, which is why you’ll want to talk with your lender about your best options as early as possible.

The next steps in the process can’t happen until you’ve actually received an offer from a potential buyer. When you get an offer you’re ready to accept, you’ll provide all of the necessary details to your Conveyancer. He or she will use the information you provided in your TA6 and TA10 forms along with the agreed-upon price to draw up a draft contract. Inside that contract will be any fixtures and fittings that are included in the price of the home, as well as the cost of any fixtures or fittings that will be sold separately. Additionally, it will list any warranties or guarantees, as well as any covenants on the property. It may also include a draft date of completion.

The buyer will then book a surveyor to take a closer look at your home. This is the stage of conveyancing where things can get a bit frustrating. A survey can show the buyer some potential issues with your home. For example, if your survey turns up damp or has electrical issues, you may have to change the wording of the draft contract to drop the price or repair the issue before the sale. Other issues your survey could turn up include faulty drainpipes, flat roofing, subsidence, woodworm infestation, or even insulation problems. If the survey uncovers an issue that might be costly to fix, you’ll need to renegotiate the contract.

If the contract is renegotiated, your Conveyancer will once again draw up a draft contract and exchange it with the buyer’s Conveyancer. Expect a number of enquiries at this point. It could be related to property searches like planning or it could deal with things like environmental issues. It could even be enquiries from the buyer that haven’t been properly detailed in the information forms.

When the buyer and his or her Conveyancer are happy with the information, contracts can be exchanged. They will list an official completion date. Until contracts are actually exchanged, either party may walk away without penalty. You can even entertain offers from other buyers until you have exchanged contracts with your potential buyer.

The formal contract exchange typically takes place on the phone in a conversation between the two Conveyancers. It can only happen, though, when everyone is ready to move forward. If your buyer is in a property chain, it won’t take place until the buyer is ready to proceed with the sale of his or her home. After the exchange takes place, your Conveyancer will get the buyer’s deposit. The contract is legally binding at that point.

The day of completion is typically two to three weeks out at that point, but it is possible to request either a longer or shorter period depending on your needs. At this point, it’s time to organise your own removals. Be sure you check the contents of your home against the fixtures and fittings form so you ensure you don’t take something you shouldn’t or you don’t leave behind things you should have taken.

The last step in the process is the day of completion.

Selling Your Home – How You Even Make it to Conveyancing

As you likely know at this point, selling your home can be a fairly long process. Initially, it begins when you decide whether you should sell. If you’re thinking about selling your home so you can buy another one to upgrade your space or to increase the amenities in your home, it’s important to compare whether it’s worth the cost of a remodel and an extension as compared to the cost of selling and buying a new home. Remember, the costs involved can be fairly significant, particularly when you consider the added expense of stamp duty, so it may not quite be worth it to sell your home in the face of the possibility of expanding what you have now.

If you’re selling so you can downsize, keep in mind that you will still have a number of costs involved with selling your current home and buying a smaller one. You’ll still need to pay stamp duty on your new home, and you’ll have to think about estate agent fees, conveyancing costs, and the survey. Smaller properties aren’t necessarily less expensive, and you may be competing with lots of buyers.

If you’re selling so you can move to another location for a new job, you may be better off renting your home rather than selling it. It might mean owning a valuable asset that generates a regular income, and it’s particularly important to consider this process if you’re moving temporarily for work. You can keep the option of moving back into your old house open. It’s also a strong option if you think property prices are going to increase over the next few years.

How Much Your Home Might Be Worth

If, however, you’ve weighed all of your options, and you know selling your home is the right way to move forward, you’re ready to look at the financial side of things. The first step is better understanding exactly what your house is worth. That will help you understand how much money is left to pay off the mortgage if you still have one. There are a few different ways to find a rough estimate of how much your home is worth. Initially, you can take a quick look at your own home’s value by understanding the value of other homes in your area that have recently sold. Sites like Zoopla and Rightmove correlate this information to help you see approximately how much your home is currently worth. It’s important to note, though, that their data comes from the Land Registry, and updates only occur about once every three months. Another way many people find the potential value of their current home is to work with an estate agent. Estate agents understand the market at a local level, and they can help you understand not only what your house might sell for, but also the reasons behind that potential price. Keep in mind, though, that estate agents work on a commission fee. Sometimes they overprice homes to help increase their own commission fees in the process, so meet with at least a few different agents before you affix a price to your home. No matter what figure you land on, at this point, it will only be an approximation. Even if you choose a figure, you’ll have to work directly with buyers to see what they’ll pay.

Deciding Your Future

Next, you’ll need to determine your own path forward. Should you rent a house next or buy a new one? Selling your home to rent something else can actually provide you with several advantages. Initially, it means you can move into your new house almost immediately. That may add to your overall expenses as you may be paying rent whilst making a mortgage payment too, but it means you reduce the pressure on your own schedule. You likely won’t have to compromise on your sale price because you’re no longer part of a pressure-filled property chain. More than that, though, you won’t be pushed into buying a new home that’s less than perfect because you have as much time as you need. It also makes you a more attractive buyer, as you aren’t part of a frustrating property chain that can hold up a sale in the future. There is one key disadvantage, though. If prices are going up, by the time you choose to buy again, you may find that home prices suddenly become unaffordable, and you’re stuck renting for a bit longer than you’d initially expected to be.

Understanding the Methods of Sale

When you’ve decided how to move forward, it’s time to decide exactly how you want to sell your home. You can sell it yourself, you can work with an auction company to sell your home, you can sell directly to a cash buyer, or you can use an estate agent. If you choose to sell your home on your own, you’re going to experience the benefit of increased profits. After all, at the minimum, you won’t have to pay the estate agent’s fees at the conclusion of your sale. You may also experience some other financial benefits. You can ensure your home is listed as it should be, conduct better negotiations, and decide on the best times for you to show your home to potential buyers. There are some downsides, though. First, if you’re tight on time, this may not be the best idea. It can take some time to actually sell your home. On top of that, though, you may make some pricing missteps and experience other issues along the way, and you are the only person who is responsible for the sale of your home, which could seriously impact your schedule.

Selling your home on your own, though, isn’t the only way to make the sale happen. You could also sell it with an auction company. In this setting, your home will be listed in a catalogue of homes for sale, and in some cases, buyers will have up to 30 days to bid on it. Once the auction closes, they have thirty days to get their own paperwork in order, and the sale closes. It’s a fast, effective method, but homes in this setting usually go for just 90% of their market value.

Similarly, you could sell your home to a cash-buying investment company. These companies offer the promise of a quick sale. Usually, you can close the sale within just a fortnight, and you don’t have to worry about making repairs, doing any added cleaning, or having buyers who back out at the last possible second. The drawback, however, is that you typically only get about 80% of your home’s value. The benefit, though, is clear – you sell your home incredibly quickly.

Estate Agents

The most common way to sell your home in the UK, though, is to work with an estate agent. If you go this route, you’ll work to find an estate agent who can meet your needs. You’ll want to choose a local agent with extensive knowledge of the market in your area. You can work with a single agent – an arrangement that is simple to manage and fairly inexpensive – or multiple agents who will grant your home additional exposure. To select an agent, or agents, who can meet your needs, it may be helpful to create a shortlist of three to five agents in your area. Talk to family, friends, and neighbours about the agents with whom they have worked in the past. Look into their own printed statistics, too. How fast can they sell a property? How often do they achieve their asking price? Above all, make sure they have plenty of experience selling properties like yours. After you find a shortlist of agents you’re interested in, speak to each. Learn more about their rates, methods of communication, and just what’s inside each contract. At that point, you should have enough information to choose the right one to meet your needs.

Getting an EPC

Obtaining your home’s energy performance certificate (or EPC) is the next step. This standardised document helps rank properties against each other to show potential buyers which ones are the most energy efficient. You must provide it to every potential buyer. EPCs last around ten years, so if you bought your house within that time frame, the one you already have is still good. If, however, it’s been longer than that or you’ve made significant upgrades since you bought your home, you’ll want to work with an EPC surveyor to get a new one.

Setting a List Price

Settling on a listing price is the next step in the process. It’s a tough decision, and you’ll need to do your research and work with others to decide exactly how much you want to put on your advertisements. Keep in mind that buyers will be looking for a discount, so it’s always best to price your home at least five per cent higher than what you’re prepared to accept so there’s at least a little room for negotiation.

Preparing Your Home for Sale

After you have a price and you’ve decided how to sell your home, you’re ready to actually prepare it for showings. Most estate agents recommend you stage your home for the fastest possible sale. Staging your home means thinking about the kinds of buyers who might be most interested, then staging your house to make it look like something those buyers might want. For example, if your home is in an area that might appeal to young professionals, you’d work to give it a sleek, modern feel. If you’re working to appeal to young families, you’d want to make it look spacious and safe. For most, staging means painting, inexpensive upgrades like new paint and wallpaper, and accessories like new throws and artwork. It may also mean temporarily storing some furniture to highlight a space.

Even if you choose not to stage your home, there are several things you’ll want to do to properly prepare it for sale. Start by eliminating as much clutter as you possibly can. Think about cleaning out your closets so they’re neatly organized to help showcase just how much space you actually have. You’ll want to think out the materials on your shelves, too, which might include storing knickknacks and putting away anything that keeps your space from looking clean and open. As you work to clear your shelves, keep in mind that what works for your day-to-day life may not work well for a decluttered home that’s on the market. You’re working to create a lot of visual space, and this may mean storing what you typically keep on your shelves away until after you’ve sold your home.

Your countertops should likely be addressed as well. You should only have a few things on your kitchen and bathroom countertops whilst you have your home listed. If possible, store all of your appliances like the toaster and the kettle in a closed space.

Additionally, you should take a look at the flow of each room. If you have too much furniture in one space, make certain you store some of it. You want to be able to walk through a room without bumping into furniture. If you’ve ever found yourself turning sideways in a room trying not to bump into furniture, you’ll likely want to rethink the flow of the space, especially while it’s on the market. A self-storage unit is a great way to store extra furniture until your home has sold.

Decluttering isn’t the only step you may want to take in this process. You may also want to depersonalise a bit. Potential buyers want to be able to see themselves in your space, and they can’t do that if you have brightly coloured accent walls, mismatched furniture, unique artwork only you could love, and pictures of your family everywhere. Take the time to begin packing personal photographs, gently store your beloved collections, and remove mismatched furniture so your house looks a bit more like a blank canvas and a bit less like the space in which you’ve lived for so long.

The next step is to address any problem areas of your home. Lighting should be one of your first concerns. You want your property to look as bright as possible. Fortunately, that should be fairly easy. Start by giving your windows a good cleaning, then either open your curtains and blinds before each showing or switch to a light filtering fabric for your curtains like a sheer material so the light can continually come into your space. In areas where there’s still not enough light, you’ll want to address problematic light fixtures. Consider upgrading to LED-based fixtures and adding lamps if necessary to add a bit of brightness.

The next step is to paint your space. Most estate agents will tell you that potential homeowners appreciate a space that is both warm and inviting. A coat of interior paint in all of your rooms will do exactly that. Select a neutral colour that is light and bright to make your spaces appear larger. Why neutral colours? There are actually a number of paint colours that will devalue your home according to some estate agents. For example, while green has been a trendy colour for a while in bedrooms, not all shades of green are appealing to buyers, particularly mid and dark greens, so they’re a colour you’ll absolutely want to avoid. Dark brown, too, is a problem for many buyers. It’s unappealing on the walls because some people associate it with dirt and trash. What’s more, though, is that it can actually clash with your wood furniture, pushing your rooms to feel dingy. Instead, using a lighter colour scheme in every room helps people imagine the possibilities as they look around your home.

Those little fixes you’ve been putting off come next. If you have a floor tile that needs to be repaired, now is the time to do so. Likewise with a drawer that’s lost a pull or a piece of baseboard that needs a quick touch-up. If there’s a small repair you can make that will help your home look bright and well cared for, there’s never been a better time to take advantage of that small repair.

Once you’ve addressed those issues, a deep clean is a must. In fact, most estate agents recommend hiring a professional cleaner for this purpose. Wondering why? Buyers want a home that looks as good as new, and while we all have slightly different ideas as to what clean might mean, your potential buyer wants to consider a home that is spotless. It’s tough to achieve that level of cleaning on your own, but when you hire professional cleaning services, you can expect everything inside your home to look absolutely fantastic. More than that, though, your professional team won’t miss those small crevices you’re likely to overlook. Remember, the smallest detail can make the difference between a potential buyer falling in love with your home and someone walking away, and professional cleaning – whilst it may add to your overall expenses – is well worth the price. It may even save you a bit of time as you work on all of the other tasks associated with selling your home.

Kerb appeal is the final step in preparing your home for sale. A 2019 survey found that more than 68% of UK home buyers found kerb appeal was the single most important factor in the choice of a home, so ensuring your home looks great the moment a potential buyer drives up is nothing short of a must. There are a number of simple things you can do to make your home look more attractive. Many agents suggest painting your front door. Select a colour that you love, but tie it to the palette of both the outside and inside of your home. From there, consider your cladding. Whilst you don’t need to completely redo your cladding to sell your come, you could either add a new coat of paint or consider cleaning it so it looks a bit brighter. Look, too, at your gutters and roofing. Whilst a damaged gutter may not stand out to you, a potential buyer is quite likely to pick up on that problem and wonder if you’re truly taking care of the home. If you notice any serious roof damage, consult a professional. Cleaning and restoring your roof isn’t likely to cost too much, but it could certainly add quite a bit to the overall value of your property and help a buyer be convinced to offer you your sales price in the long run.

You may also want to consider adding some outdoor lighting. Wondering why? If a potential buyer is considering your listing and drives by at night, what might your home look like at that point? Dark and uninviting? Outdoor lighting can help with that, and it will accentuate the features of your home during the day, too. Consider lighting on either side of your front door and solar-powered lights throughout your front garden to help add some appeal to the outside of your home.

Speaking of your front garden, you’ll want to ensure it’s as tidy as possible. Overgrown grass or shrubs will certainly detract from your home’s kerb appeal. A potential buyer driving up to your property at that point will only see extra work instead of a property they want to buy. Carefully trim your lawn and consider adding a few, small potted plants that will help improve the look of your home. If you currently have a problem with weeds in flower beds, be sure you work to eliminate those. If your garden is so overgrown at this point that you’re not certain you can tackle the problem, you may want to engage the help of a landscaping company simply to tidy things up a bit so your home looks great during the process.

The pathway is an often-overlooked part of kerb appeal, but it’s easy to ensure it’s as clean and tidy as possible too. Just jetwash the path so you add a rejuvenated feel to the space between the road and your home. If you notice any broken slabs, you’ll certainly want to replace those as well, as they not only look terrible, but they could trip potential buyers on the way to your front door.

Finally, if you have a driveway, be sure it looks great. As with your pathway, jetwash it before you put your home on the market. If you have weeds emerging between paving stones, be sure to pull those as well. If your driveway is gravel, it’s worth it to have an extra load of gravel delivered and spread to help improve the overall look of the space. You’ll also want to be sure buyers have access to the driveway. Keep any clutter out of the driveway and ensure it’s presented well. Keep in mind that if you store your wheelie bins in the driveway, this is a good time to create a more appropriate storage location for your bins to help declutter the front of your house and make it look as nice as possible when potential buyers drive up.

The Next Steps

Once your home is ready, your estate agent will have it photographed, and then put the listing together. At that point, you simply begin to wait for buyers. You’ll likely have several showings of your home before you actually have a buyer who is ready to make a bid, so be prepared to clean up a bit before each show. Put the children’s toys away and tidy them as much as possible before each show. You’ll also want to air your home out a bit just to make it feel a little fresher. If you have pets, be sure to take them with you each time the estate agent shows your home.

Dealing with an Offer

When a buyer is finally interested, you can begin to consider their offer. Obviously, you’ll want to first think about whether the price is right. You spent quite a bit of time deciding on that price. Is the offer enough? Most buyers will bid between five and ten per cent less than the asking price, and if you feel like they haven’t bid quite high enough, it’s okay to turn the offer down at that point. You may also want to consider the buyer’s position. If they’re a cash buyer, be sure you get proof to avoid a fraudulent transaction. If they’re financing the purchase of the home, ensure they have a guaranteed offer from a mortgage lender. Finally, check to see if they’re part of a property chain. If so, find out if they already have an offer on their home. If not, you could be out of luck should their house remain on the market. Once you’re happy with the offer, you’re ready to move on to the next step.

At that point, the process of selling your home finally moves to conveyancing and, eventually, the day of completion.

Your Day of Completion – Pay Day

Completion day has finally arrived. That means it’s payday for you. It’s literally the final step in the process for both you and your home’s buyer, but it may help to better understand the day as a whole. On your completion day, your solicitor will confirm the transaction, handle the transfer of the deeds, and sign off on any mortgage completion statements.

Before you ever reached this important day, your buyer’s Conveyancer checked to ensure all of the mortgage conditions were met. At that point, he or she requested money from the lender. Meanwhile, your own Conveyancer requested a Redemption Certificate – which was carefully calculated to the actual day of completion – from your mortgage lender. Together, both Conveyancers created completion statements of all of the payments that were made during the sales transaction, and any monies received, and created invoices that had to be paid on the day.

Once you reach your day of completion, the Conveyancers are still hard at work. They make out any final checks, and the buyer’s solicitor gives the order to transfer the money for the purchase through the bank to the seller’s account. When your Conveyancer gets that money, they confirm it with the buyer, and the estate agent releases the keys.

The Conveyancer then handles the required disbursements from the money. This will likely include your estate agent’s commission fees, any money that must go to the mortgage company, and the conveyancing fee itself. Early on, you will have instructed your Conveyancer on how to handle the balance of the money you earned from selling your house. Sometimes sellers want the money electronically transferred to their account. Sometimes they want a cheque with the proceeds. Either way, your Conveyancer will handle the money as you instructed him or her at the outset of the process.

Property Fraud: Protecting Yourself on The Day of Completion

There are some things that could still go wrong on the day of completion. Fraud is one of the most frightening. There are actually a number of different kinds of property fraud. Because much of the communication involved in the sale of your home will take place via e-mail and text message, it’s easy for those who wish to take advantage of a situation to do so. Fraud can actually happen at any stage of the game.

Before the Sale

Before you actually close on the sale, you might encounter a number of different kinds of fraud. In some cases, someone who wishes to defraud you will pretend to be a buyer. They’ll make an offer on your home, but then withdraw it before you actually reach the stage where you exchange contracts. Later, they can use that information they gathered during the process to forge a number of documents and transfer your property deed to their name!

After the Sale

Some fraudsters have been caught pretending to be Conveyancers. This is often uncovered when people report that their Conveyancer supposedly contacts their client to ask for bank details, but it’s not actually the Conveyancer behind the email. Instead, it’s a scam artist hoping to get those bank details. If you respond to that type of email, the bank details can be used to obtain the proceeds from the sale.

Prevention is Key

If you are a seller, there are things you can do to prevent property fraud. Start by visiting the Land Registry website and signing up for Property Alert. The service itself notifies you any time an official search or application is received against a property registered to you. It won’t stop the activity, but it will notify you of that activity. Additionally, you’ll want to be very careful about vetting potential buyers. They may make a great offer, so if it sounds too good to be true, it probably is. If you take them up on that offer, they could withdraw before they complete, taking many of your personal details with them. Be careful as your vet offers. Finally, it’s important to note that your Conveyancer is not likely to contact you via email to request bank details. In the event you get such an email, you’ll want to call your Conveyancer to ensure he or she actually sent that email, and that the details are actually needed.

The Other Potential Pitfalls That Could Happen Before You Get Your Money

Fraud isn’t the only thing that can happen, though. There are other things that could stop the sale in its tracks and make sure you don’t see the money you deserve. Here are just a few.

  • The buyer might not be able to complete it because their mortgage offer expired and they can’t get another one.
  • The buyer may have also changed their mind.
  • You may not be able to complete it because you’re part of a property chain, and it’s just collapsed ahead of you.

These situations are incredibly rare, but if a property fails to complete after the exchange of contracts,  you won’t get paid as quickly. While it is possible to work with an emergency situation, it can get quite costly. If either party fails to complete after ten working days, the contracts must be rescinded, and then the party that initially breached the contract is liable for a number of costs. Those costs could include the contract interest on the purchase price, the legal fees involved, and even the seller or buyer’s foreseeable costs and out-of-pocket expenses like removal fees and hotel fees.

In the event, something happens and you believe you may not be able to complete it, it’s essential you reach out to your Conveyancer as quickly as possible. He or she will be able to help you through the process and make the necessary changes. If you’re concerned about the buyer potentially not being able to complete the sale for one reason or another, be sure to keep the lines of communication open between you and your Conveyancer. He or she is likely to get news about concerns regarding the sale far faster than you will, and together, you can decide how to move forward.

When Do I Get My Money After Selling a House?

If you’re eager to complete the sales process and collect your check, be patient. Once you’ve finally exchanged contracts, it’s still going to be another six to eight weeks before you see that money hit your bank account.

A Few FAQs

If you’re still confused about when you might see that cheque after you’ve sold your home or how much money you’ll get, these FAQs can help sort things out for you.

How Much Money do I get After Selling My House?

Trying to find the answer to the question of “How much money will I make after selling my house?” You’re not alone. Because a house is the largest investment you’ll ever make, you’re likely to be looking at quite a large payday, but it depends a bit on several factors including how much your house sells for and how much you currently owe on your mortgage. Typically, you get the balance of the sales price after you’ve repaid your mortgage, you’ve paid the estate agent, and you’ve paid your Conveyancer. Most of the costs of the sale of a home are paid for initially. For example, if you had to pay for an Energy Performance Certificate, you wouldn’t wait to pay that bill until the completion of the sale. Instead, you’d pay it immediately. Because of that, you get quite a bit after you sell your house and pay off your mortgage. Most Conveyancers cost under £1000, so that expense isn’t a big one. Your estate agent usually gets less than 2% of the sale of your home. The balance goes to you. Here’s a quick example that might help. Say you sold your home for £250,000. You owe £125,000 on your mortgage, your conveyancing fees were £750, and your estate agent got 2% of the sales price. You would get £119,250 after you paid the balance of your mortgage, the Conveyancer, and your estate agent.

Where Should I Put My Money After Selling My House?

You choose the best place for your money after the sale of your house. If you’ve made quite a bit of money that you won’t be investing in a new property soon, it may make sense to put the money in a savings account that pays a fairly high rate of interest. If you intend to buy another house right away, you may simply want to move it to the lending institution from which you’ll be taking out a new loan. If you’ve ported your mortgage, you can simply instruct your Conveyancer to move it to that bank as well. What you do with the money you earn is entirely up to you.

How Much Does it Cost to Sell a House?

Many people want to know the answer to “How much money will I get after selling my house” thanks to the number of fees involved with the home sale itself. There are actually several fees you’ll have to pay when you sell your home. The simple truth is that the answer to the question of “How much money will I have after selling my house” depends entirely on the fees involved with the process. In most cases, you can expect four kinds of fees when you sell your home. The first is your Energy Performance Certificate. You’re required to get one of every ten years on your home, so if you bought your home more than ten years ago, you’ll need a new one. At most, this will cost just under £200, but it’s more likely to cost quite a bit less than that. Your estate agent fees will be the highest cost involved with selling your home. These are usually around 2% of the sale of your home, but they can be as high as 4% depending on the agreement you sign. Conveyancer costs are the next type of fees you can expect to pay, and these usually cost less than £1,000. The final category of costs involved are the costs of the removal, and those depend entirely on how much stuff you have and how far you’re moving. For example, if you have a fairly large home and you’re moving a good distance, you can expect to pay removals fees of close to £5,000. If, however, you’re downsizing and moving somewhere nearby, you pay only pay removals fees of £300. You may have to pay extra costs like an early repayment fee on your mortgage or capital gains taxes if this isn’t your primary residence, but your Conveyancer can usually help you better understand everything you may have to pay in advance of the sale of your home.

How Do I Ensure I Get My Money Fast After Selling My House?

Getting your money quickly depends entirely on the speed of the sale. If the buyer is eager to get the purchase made and you both fill out all of the necessary paperwork quickly, you could get your money in as little as two weeks after the exchange of contracts. If, on the other hand, the survey turns up problems or your buyer isn’t very responsive when it comes to paperwork, it could be some time before you see the money from selling your home. There are some ways to get your money faster, though. For example, if you work through a property auction or a cash buyer, typically the entire process occurs within just a matter of weeks, ensuring you have cash in your hands much faster.

We are proud members of...

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  • Trading Standards

We are proud to be the most regulated property buyer operating in the ‘Quick House Sale’ industry. We are an active member of the NAPB (National Association Of Property Buyers) and are RICS regulated, which means you can have every confidence of selling your home with us quickly & easily.