When do I receive funds from a house sale?

Selling your property you will have one big question – when do I receive funds from my house sale?

Even if you have a mortgage, any surplus money from selling a property can be one of the largest lump sums you will ever encounter.

Given its importance, it is perfectly reasonable to want to know when you will receive your money.

So, when do I receive funds from my house sale?

Money used to buy and sell property only ever arrives with conveyancing solicitors on completion day.

This is the day when a property’s owner legally changes, and the buyer takes possession of and responsibility for it. In order for this to happen, any mortgage monies (where required) and deposits must be sent from the buyer’s conveyancer to the sellers.

Once the seller’s conveyancer receive this money and contracts have been formally exchanged, they will then inform all parties. This will include the seller, their estate agent, and the buyer’s conveyancer. All of the important financial details will then be listed on the seller’s completion statement.

The seller’s completion statement

The seller’s completion statement is a document produced by your conveyancer confirming all the financial incomings and outgoings involved in the transaction. As the seller, you will typically receive this on completion day, alongside your money from the property sale which will usually be sent via a same-day bank CHAPS payment.

The completion statement contains:

  • The price paid for the property
  • Your conveyancer’s fees and disbursements including search costs
  • Stamp Duty cost (if applicable)
  • The costs of redeeming your mortgage (if applicable)
  • And any balance ‘proceeds’ to be paid out to you

If you have been extremely unlucky, and your property has decreased in value substantially, you may find that your mortgage exceeds the value of your property. This is termed ‘negative equity’. If this is the case, you will need to make up any difference in order that you can complete the sale.

When does completion day happen?

Completion day is typically agreed upon just before the exchange of contracts. The exchange of contracts is the point where a property transaction becomes legally binding and both parties agree to complete the transaction.

Normally, a completion day is set for 1-2 weeks after exchanging contracts. However, this is not mandatory. Buyers and sellers are free to choose a date that suits both parties or more in a longer property chain. Setting a completion date is seen as being one of the most eagerly anticipated stages of completing conveyancing when selling a property.

If you are part of a chain, the completion date needs to work for all parties in the chain. This is because the people in the chain are dependent on the payments which they receive for their current property to buy their next property.

What if I need to sell my house fast?

If you need money from your property fast the open market is not always the best solution.

It can take months to find a buyer, and then a further ten to twelve weeks to organise all the conveyancing required to sell your property.

Another option can be putting your property up for auction. This can take a little while as the auction house needs to market it but can ensure an almost guaranteed sale.

One final choice is to sell your house to a professional house buyer. House buying companies can in some cases offer up to 90% of your property’s value immediately and a guaranteed sale date as little as 3-4 weeks down the line.


When selling a house in the UK you only receive your money on completion day.

You should agree on the date of your completion day with your buyer prior to exchange of contracts hence just prior to them committing to buy the property.

While a buyer must transfer a deposit to your conveyancer at this time, you will not receive any of this until the property transaction has been completed.

House sales in the UK can be very slow. If you need to sell your house very quickly, you should contact a cash house buying company.

Has this article been helpful? Let us know by leaving a short comment below.