Money Moves Faster Than People
Read the latest offering from the ‘Diary of the High Street Conveyancer‘
Friday 29th May 2020
So I had another chain complete today – all done by half past eleven – well, my part was done by then; sale completed, mortgage repaid, property bought. As I always say to my clients, the money moves far faster than people. However, we all know that is not strictly always the case in that there are times when the monies are late in coming from another firm, it is a long chain where there are many transfers to be done before it gets to the final firm, and there are times when there are issues with the release of mortgage monies. For many years, I lay awake at night trying to solve a dilemma ; in the end, I decided that there was no answer – that time between the sale monies being received and the funds being sent on to the sellers’ solicitor and the fact that the client is technical homeless for that time period. And we all know that completion takes place at the point when the monies are received and even though at that point the client may not have left the property (and if you have an organised chain where the monies flow through swiftly, then it will invariably be the case that the funds are received well before the client is ready to move) , he should at that point be closing his front door and handing the key to the estate agent/buyer. And we have all had those chains where everything goes wrong; monies are late, clients have chosen to move themselves only to find that the van they have hired is not big enough and they need to do three of four extra trips and they cannot do that unless the house they are moving to is empty – so stressful for everyone. It is our job as conveyancers to remain calm and at the end of the telephone for those clients. Help them – moving money is easy, moving house is harder.
In the middle of difficulty, lies opportunity