Waiting 3 weeks for cheque from sale?

elainem

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Hi! I sold a small plot of land with semi-derelict cottage, three weeks ago - the sale closed three weeks ago, but I have not received any monies yet. There was a small mortgage on it, and they say this is still being redeemed, though they had the redemption figures about 6/7 weeks ago. I have never sold a property with a mortgage on it befreo, is this usual?
 
When you say "they" do you mean your solicitors?

The mortgage should have been redeemed in full within a day or two of funds clearing. If your sale closed via a bank draft then your solicitors may not have been able to redeem mortgage for say five working days to allow Bank draft to clear.

But really after that there is no reason why you should be waiting much longer than that to get balance of funds. Three weeks sounds excessive but if this week and last week only had four working days sometimes these things happen. Don't panic but nicely ask for your net funds straight away now.
 
3 weeks waiting for cheque from house sale

Hi! Madangan, thanks for your reply. I asked nicely today, but was told they hand't redeemed the mortgage yet - and the interest is running up daily. They say they are still waiting for redemption figures, thoughh they got the original redemption figures at end Feb and just need to calculate 4.01 per day since. I rang the mortgage company and they said they had faxed the figures to the solicitor. do you know if there is anything I cand do? Thanks again for reply.
 
Write a letter/email to the law society outlining your frustration and copy them on this correspondence.

Their behaviour is costing you money and is unacceptable.

When they get on to you to arrange payment and apologise insist that the money is transferred electronically to your account that day and ask for an explanation,if none is forthcoming follow though with your complaint.

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Honestly just keep pushing them. Be a nuisance if that's what it takes!

The feb redemption figures are out of date,and the solicitors do have to get up to date ones BUT they should have got these at the latest a day or two after sale closed.

I'd not bother with the law society YET just ring every day until they tell you the mortgage is redeemed. They may have forgotten to order them but also sometimes the banks are total idiots too.
 
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