Posted on: 27th Sep, 2005 05:02 pm
Hi all,
We have signed for a mortgage. Can we get our keys immediately once the solicitor receives the cheque or do we have to wait a few days for it to clear?
We have signed for a mortgage. Can we get our keys immediately once the solicitor receives the cheque or do we have to wait a few days for it to clear?
Hi Rick,
I do understand your excitement in getting a new home. All of us do have the same feeling under similar situation. Let me congratulate you for your new home.
I think you have referred your own solicitor to receive the cheque. Actually on your behalf he must hand over the money to the seller?s solicitor. In return the seller?s solicitor has to get your solicitor satisfied with the documents regarding the transfer deed and some other related matters. The seller?s solicitor must ensure that there is no judgment/bankruptcy/undisclosed claim against the title.
This process of "closing" may be completed on the same day when the loan cheque arrives with your solicitor. Earlier the solicitors used to meet in person to close a sale but these days things are a little different. At present it is more likely to take place by post though there is no hard and fast rule. Many solicitors send the money on same day by credit transfer. This can happen only when both the sender and receiver deal with the same bank.
So, you may have to wait for some time, but believe me, that won?t be too long if things are normal. I shall suggest you to keep a track on your solicitor to make things move faster.
I shall be pleased if you find this information helpful to you.
Wish you best of luck.
Regards,
Blue
I do understand your excitement in getting a new home. All of us do have the same feeling under similar situation. Let me congratulate you for your new home.
I think you have referred your own solicitor to receive the cheque. Actually on your behalf he must hand over the money to the seller?s solicitor. In return the seller?s solicitor has to get your solicitor satisfied with the documents regarding the transfer deed and some other related matters. The seller?s solicitor must ensure that there is no judgment/bankruptcy/undisclosed claim against the title.
This process of "closing" may be completed on the same day when the loan cheque arrives with your solicitor. Earlier the solicitors used to meet in person to close a sale but these days things are a little different. At present it is more likely to take place by post though there is no hard and fast rule. Many solicitors send the money on same day by credit transfer. This can happen only when both the sender and receiver deal with the same bank.
So, you may have to wait for some time, but believe me, that won?t be too long if things are normal. I shall suggest you to keep a track on your solicitor to make things move faster.
I shall be pleased if you find this information helpful to you.
Wish you best of luck.
Regards,
Blue