“Where’s my money?”
“When do I receive funds from my house sale?”
These questions stress countless home sellers. How do I know?
I’ve guided hundreds of people through this final hurdle.
You may receive your funds from a house sale on the same day as completion or a few days after. It usually depends on how big the chain is. The money is sent to your solicitor who will deduct fees, pay off your mortgage and send you the left over balance.
Want your house sale money faster and with certainty?
Understanding the House Sale Completion Process
First let’s get a basic understanding of the completion process…
From Exchange to Completion
Exchange day makes your sale legally binding.
Your buyer transfers their deposit, usually 10% of the sale price.
The gap between exchange and completion varies from same-day to several weeks. This time lets you finalise moving plans and pack your belongings.
Final checks happen during this period. Your solicitor confirms all conditions have been met before the big day arrives.
Completion Day Explained
Money moves first thing in the morning. Your solicitor receives funds from the buyer’s legal team through a secure banking system.
Once payment arrives, keys can be released.
The estate agent typically handles this handover to the new owners.
The legal ownership transfers officially today. The Land Registry gets updated with the new owner’s details, though this paperwork takes several weeks to process fully.
Money Transfer Process
Solicitors hold client funds in protected accounts.
This system keeps your money safe during the property transaction.
Strict identity checks protect everyone involved. These anti-money laundering steps might seem annoying but they prevent fraud.
Key financial points to remember:
- Mortgage lenders release funds early on completion day
- Your solicitor handles paying off your existing mortgage
- You receive remaining balance once all fees are paid
- Final statements show exactly where money has gone
Understanding these steps reduces stress. Knowing what happens when helps you plan your move with confidence.
Typical Timelines for Receiving House Sale Funds
Now let’s get more familiar with the timeline for receiving your money!
UK Fund Transfer Timeframes
House sale money doesn’t come right away. If everything works as it’s supposed to, you could get it the same day you sell.
Most people get their money the next day after selling.
Your solicitor gets the money first, then sends it to you.
Sometimes papers get mixed up or lost. This can make your money take longer to reach you.
How Chains Affect Your Money
When lots of people are buying and selling at once, it slows things down. Think of it like a line of dominos – each one has to fall before the next one can.
If you’re last in line, you wait the longest. Everyone before you must finish their sale first.
Selling your house to cash buyers (like us) or first-time buyers speeds everything up. Chain-free transactions typically complete faster with fewer complications.
How Banks Handle Your Money
CHAPS transfers move large sums but stop at 3pm. Late afternoon completions mean next-day payment.
Banks don’t work on weekends or holidays. If you sell on Friday, you might wait until Monday or Tuesday for your money.
Things to remember:
- Morning sales are better for getting money quickly
- Plan to wait at least one day
- Keep some extra money for emergencies
- Ask your lawyer when to expect your money
Knowing these timelines helps you plan better. Good planning means less worry when moving house.
Payment Methods and Their Impact on Timing
The way money moves when buying a house affects when you can move in.
CHAPS is a special way banks send big amounts of money.
This is how most people pay for houses in the UK. It’s like a super-fast money transfer that happens on the same day. Your lawyer sends the money from your bank to the seller’s lawyer’s bank in just a few hours.
The steps to sell a house depend on these money transfers happening at the right time. It’s very safe because banks check everything carefully.
It costs about £25-£35 to use CHAPS.
These funny names tell us when the money actually arrives.
Wet funding means the seller gets the money before giving you the keys. It’s called “wet” because the money is actually there, not just promised. Most house sales in the UK work this way because it’s safer for everyone.
Dry funding means getting keys before money arrives.
The seller gives you the keys based on a promise that the money is coming soon. It’s riskier, which is why many banks don’t like it.
Buying from someone in another country takes extra time.
Money from different countries needs to be changed into British pounds first. This means more waiting and extra fees. If the seller lives somewhere with a different time zone, banks might be closed when UK banks are open, which causes more delays.
Banks are extra careful with money coming from other countries.
Normal bank transfers have limits on how much you can send.
Most banks only let you send about £10,000-£25,000 per day, which isn’t enough for a house. A banker’s draft is like a special cheque from your bank that can’t bounce, but someone has to physically carry it to the seller’s lawyer.
Regular cheques take too long to clear for house buying.
Faster Payments is another way to send money online, but it only works for smaller amounts. You can usually only send up to £10,000 this way, which is much less than what houses cost.
Always ask your lawyer which payment method is best. Using the wrong one might mean waiting longer to move into your new home.
Factors That Can Delay Receipt of Funds
When selling your home, getting your money quickly matters. But delays happen.
One sale affects all others in a chain.
When a buyer has a problem, everyone waits. This happens because most people need to sell their current home before buying a new one. The money from their sale pays for the next house.
Your buyer might be ready but stuck waiting for their buyer.
Sometimes chains have five or more linked homes.
This creates many chances for things to go wrong. The longer the chain, the more likely someone will face delays.
With cash house buyers, you can move on without endless delays.
Banks don’t work as fast as we’d like.
Large money transfers take time to process. Your money might sit in a holding area for hours before reaching your account. Daily transfer limits can split your payment into chunks.
Technical problems can freeze everything.
Bank computer issues happen sometimes.
These rare events can add days to your waiting time. Even routine maintenance can slow things down unexpectedly.
Missing papers stop everything.
Legal teams need complete paperwork before finishing your sale. One missing form or wrong signature can pause the entire process. Questions between lawyers can eat up valuable time.
Small mistakes cause big delays.
Forgotten initials or wrong dates matter.
These tiny errors can take days to fix as papers travel back and forth. Every correction needs checking by multiple people.
Friday sales face special challenges.
When you complete your sale on Friday, money might not move until Monday. Banks process fewer payments over weekends, creating a traffic jam of transfers. Your money gets stuck in this weekend freeze.
Guess what makes this problem even worse?
Most people choose Fridays to move!
With so many sales happening on one day, systems get overloaded. Your transfer competes with hundreds of others.
Understanding Your Completion Statement
The completion statement shows exactly where your money goes.
Your solicitor sends this important money document before completion day. It lists every penny going in and out from your house sale. You should check it carefully to make sure all the numbers look right.
The statement starts with your sale price. Then it takes away what you still owe on your mortgage.
You’ll see fees listed for different services. These include your lawyer’s charges and what the estate agent gets paid for finding your buyer.
The document also sorts out bill sharing.
Things like council tax, water bills, and service charges get split fairly. The buyer pays for their share from moving day onwards.
I’ve reviewed hundreds of these statements and always check the final number. This shows how much money you’ll actually get in your bank account after everything is paid.
Want to understand what your completion statement includes? Our detailed guide explains every section.
Tax Implications When Receiving House Sale Funds
Selling your house might mean paying tax on the money you get.
Most people don’t pay Capital Gains Tax when selling their main home. This rule is called Private Residence Relief. It means you keep all the profit if you’ve lived there the whole time you owned it.
But selling a second home or buy-to-let property works differently. You’ll likely need to pay tax on any profit you make from these sales.
You must tell the tax office about property sales quickly.
The rules give you 60 days to report and pay any tax after selling. Missing this deadline can lead to fines on top of what you already owe.
Keep all documents showing what you paid for the house.
Also save receipts for any big improvements you made, like a new kitchen or bathroom.
These costs can be taken off your profit when working out tax. I’ve helped clients save thousands by finding old receipts they almost threw away.
Check our guide about the cost to sell a house for more details. You’ll also need to know about Stamp Duty rates too.
How to Prepare for and Expedite Fund Receipt
Getting your money faster means planning ahead.
Good planning helps the cash from your house sale reach you smoothly. Make sure your solicitor has your correct bank details early. Most payment problems happen because of simple mistakes with account numbers or names.
Tell your bank about the incoming money.
These steps speed up your payment:
- Give your solicitor your bank details a week before completion
- Provide all ID documents early to avoid last-minute checks
- Get an up-to-date mortgage statement showing what you still owe
- Clear any property-linked debts before selling
- Alert your bank about the large transfer
Money usually arrives the same day or next working day. I’ve seen many sellers caught out without cash for moving expenses while waiting for their funds.
Have enough ready money for your moving day expenses. You’ll need this for movers, cleaning, and possibly temporary accommodation if there’s a gap between homes.
Looking for a complete guide? Our selling house checklist covers everything you need to do before, during and after your sale.
Why Choose Property Buyers Today
One of the great things about working with us is that there is no chain on our side!
We work with solicitors who have done this exact process thousands of times so the funds are much more likely to end up in your bank account right away.
Here are some other reasons so many people choose to use Property Buyers Today…
Speed
Most house sales take months, but we can buy your property in as little as 7 days.
This quick process is perfect if you need to move soon or want to avoid being stuck in a long chain of buyers and sellers. We have the cash on hand so don’t need to wait for mortgages or a chain to collapse.
Guaranteed Sale
Did you know 1 in 3 sales fall through on the open market?
We know how frustrating it is to get 6 months into a process and have a buyer pull out.
When we give you the final price for your house, that’s the amount you’ll get. Guaranteed!
No Costs
You won’t face any costs with us.
We handle all the expenses involved in buying your property, including legal fees and surveys. You get cash in your bank when the sale is complete, and there are no surprise estate agent commissions to worry about.
No Stress Or Hassle
Our team supports you through the whole selling process.
We keep you updated about what’s happening and answer any questions quickly. You’ll always understand what’s going on with your sale and what happens next.
Free Property Valuation
Our property experts will value your house at no cost to you.
They look carefully at your property and check local market prices to give you an accurate figure. This professional service comes with no obligations.
No Viewings Required
Forget about cleaning and tidying for viewings.
We don’t need multiple visits or open houses to make our offer. This means no strangers walking through your home, and no disruption to your daily life.
All Properties Welcome
Whether your house needs work or is in perfect condition, we’ll buy it.
We have experience with all types of properties and conditions. This means you can sell your house to us no matter what state it’s in.
Professional Legal Service
Our expert team manages all the legal requirements for you.
We work with experienced property lawyers who make sure everything runs smoothly, and put your property at the top of their list. This gives you peace of mind that your sale is being handled properly from start to finish.
