When Do I Receive Funds from a House Sale?

When it comes to selling your home, there are often a small number of objectives you set yourself. That you get the price you hoped for, that the sale doesn’t collapse, that the funds are processed on time, and there are no delays in completion.

Without the funds coming through, you’ll be unable to complete the purchase of the home you are moving to. Luckily, there are processes in place to ensure smooth transition of the money so you can move out, the new owners can move in, and you can secure your new home.

So, when will you see the funds from your house sale hit the bank account? Let’s explain how it works.

How soon do I receive the deposit from the buyer?

When you reach the stage of contract exchange and the sale becomes legally binding, the buyer will make their deposit payment. This could be a percentage of the property value ranging from 10% to much higher.

Despite contracts being exchanged approximately 2-3 weeks before you hand over the keys, the money doesn’t yet reach your bank account. No funds from the sale of your house in fact reach you until the entire process is complete and this includes the deposit. Don’t take this timeline as concrete though. Setting a completion date that suits both parties could mean you are waiting a little longer.

Upon paying the deposit, the buyer sets the chain of events in motion that leads to completion. A contract will be exchanged upon the deposit clearing and then a completion statement will be issued. This will document what has been paid and what is outstanding.

What is included within the completion statement?

Completion statements vary between the buyer and seller. In this example, where you are the seller your completion statement will include:

  • The overall sale price for the property
  • Conveyancing fees
  • Admin fees
  • The amount remaining on the mortgage to be paid off
  • Any fees due if delays have arisen

When do I receive the money from my house sale?

On completion day the required funds will be sent to your solicitor by the solicitor of the party buying the property. Upon confirmation from the solicitor that funds have been transferred, keys will be handed over. This doesn’t yet mean the money lands in your account though. Various fees will need to be deducted by the solicitor such as any legal costs, any outstanding amounts on the house and any other costs associated with the home. Once this has been done, the remaining balance can be forwarded to you. This could be the same day, it could be a few days later. Solicitors do have an obligation though to work in a timely and efficient manner to ensure the transition of funds is not significantly delayed.

How quickly do I receive money from the solicitor after completion?

Once the solicitor has deducted the various amounts for legal fees and other costs, it is possible for them to transfer the outstanding amount almost instantly. A CHAPS bank transfer will be necessary for a transaction to be that quick. In some sales, you may find the funds issued by cheque, but this is quite rare. Where this is the case, you can expect a clearance into the solicitor’s account to take 3-5 working days and then further time for them to deduct the fees and charges we mentioned earlier.

The overall time frame though can be a little longer, regardless of whether the payment is via CHAPS or cheque. If your completion statement has a large number of payments on it, it will take the solicitor longer to process them, resulting in a longer wait for the funds to be passed on to you. Furthermore, if the funds from the buyer are transferred late in the day or on a Friday, there is every chance of further waits for payments to be made and payments to be received.


Funds from a house sale can be received by the seller in as little as a few hours if a CHAPS system is used, meaning they can be obtained on the same day the house is sold. If no form of bank transfer is used, there can be a wait of a few days to get everything settled.

If you are looking to sell your house in Epsom or Ashtead, speak to our team at Cairds. As leading Epsom estate agents, we are experienced in handling all types of property sales. Should you be looking to buy, we also offer conveyancing services that come with a no-move, no-fee guarantee.