Provided we have exchanged contracts, then on the day of completion the purchase monies are transferred from one solicitor to another by Bank Telegraphic Transfer. How long the telegraphic transfer takes depends on how busy the Bank Transfer system is on the day.
Unfortunately, there is nothing we can do about the Bank Transfer system. However if you are buying then sometimes we will request your mortgage advance to arrive the day before completion in order to avoid any delays on the completion day itself. We will speak to you before we do this as interest will be charged by your lender from the day funds are sent to us.
If you are selling completion effectively happen once we have receive the purchase funds in our bank account. If you are buying then completion will effectively happen once the seller’s solicitor receives funds. Upon receipt of funds the Lawyer will authorise release of keys.