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I am due to complete on a house sale today. I've already given keys to estate agent.
Just got an email from solicitor saying the bank has a nationwide systems failure which means they cannot see any payments that have arrived and cannot send.
They have asked if I would be happy to release keys to the buyer on the basis that they can obtain proof that the funds have been sent by the buyer's solicitor and evidence of the buyer's account. The funds would then be sent on Monday
I feel nervous about this, what would you do? I did ask if it can be done over the phone, awaiting their response.
Personally I would want firm confirmation from my solicitor before keys are passed to buyer - but would also tell buyer they need to do whatever is necessary to show proof of funds transfer.
NO NO NO, Only release keys once your solicitor has the funds in his clients account for you. Its not your problem, if nationwide system is down.Get them to issue a bankers draft and deliver to your solicitors to do special clearance for the account. It's not rocket science.
you are right it is not rocket science, however some bank systems and processes are from the dark ages and therefore making something easy impossible.
No, don't release the keys until 100% confirmation that the cleared funds are in your account. Be sure to instruct your estate agent not to hand them over as well!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Cleared in my account or cleared in the solicitor's account? Is cleared in the solicitor's account acceptable?
Thanks for the quick responses. I have replied saying I do not feel comfortable with this. I have checked the bank status and there were some issues when I first checked, but now everything is clear, so I replied saying according to the status website everything is green. They replied with this...
"We have received confirmation from our BDM that the £360,000 is in our client account and as such we have completed and I am arranging for the release of the keys.Our banking system is still not up and working and may not be until 6pm tonight. As soon as we are able to the balance funds will be transferred to your account."
Would you say it is now safe now that they have confirmed they have it? It feels weird to me that they have completed without my full agreement. Part of me thinks they want to leave early on a Friday and deal with it on Monday. Their service hasn't been great.
My response is too late for you, but yes I would be comfortable in completing in that case. I always wonder why completion is set for a Friday when any minor issue can cause a delay over the weekend.