If you are about to complete a property sale in Scotland, you are probably wondering exactly when the money actually lands in your account and what really happens behind the scenes with your solicitor on completion day. This guide walks you through the key stages so you know how long it can take to receive funds from a house, plus how a local cash buying company like Sell My House Fast In Scotland can help you get funds much more quickly and with less stress.
How long does it take to receive money from a house sale?
For a typical Scottish property sale, the usual position is that you receive the funds from a house sale on completion day, but the timing is not always instant. The buyer’s solicitor sends the funds by same‑day CHAPS bank transfer to your solicitor, and only once the money clears can your solicitor start the distribution of funds and send your share on.
In practice, this means the money from a house sale often reaches your own bank account later that afternoon or, if the transfer is late in the day or there are delays, it can take days and slip into the next working day. When you sell a house through an estate agent on the open market, you are also exposed to the usual chain risk, mortgage issues and slow admin that can stretch how long it takes to receive your funds far beyond what you were first told.
What happens on completion day with solicitors?
On completion day, the solicitors on completion day are the people quietly doing the heavy lifting behind the scenes. The buyer’s legal team sends the rest of the funds from the buyer to your solicitor’s client account, your solicitor confirms that the funds are in cleared money, and only then will the estate agent be allowed to hand over the keys to the property to the buyer.
Once your solicitor confirms that the sale is complete and the conditions have been met, they still have to settle the outstanding mortgage, pay legal fees and handle any other deductions before they transfer the funds to you. Many buyer and seller pairs are surprised to learn that money doesn’t hit their bank account the second the chain of buyers and sellers completes, because there is always a short lag while the solicitor will also double‑check the figures and sign off the paperwork.
How does exchange and completion work in Scotland?
Although the legal system in Scotland is different from England and Wales, the broad idea of exchange of contracts and completion is similar: once missives are concluded, the sale becomes legally binding. At that point, the sale becomes legally binding in the sense that you have a set completion date, the buyer’s lender is lined up, and everyone involved in the transaction starts preparing to complete the sale.
From exchange and completion through to the actual sale completion, your solicitor and the buyer’s solicitor carry out final checks, including confirming that the buyer’s mortgage funds are ready and that all title issues are resolved. When the big day arrives, the rest of the funds are transferred and, once your solicitor is satisfied, the sale is complete, and the buyer can move into your new home while you receive your share of the sale proceeds.
How does the money transfer actually happen?
For most house sales in the UK, the funds are transferred between solicitors by CHAPS bank transfer, which is a same‑day system used for large transactions like house sales. The buyer’s solicitor will transfer the funds to your solicitor’s client account, and only when that sum is confirmed as cleared can your solicitor transfer your share to the bank details you have provided.
Because banks have cut‑off times and CHAPS transfers stop in the late afternoon, if the funds from the buyer are sent too late in the day, you might not receive the money until the next working day. That is why some people selling a property are disappointed to find that, although the funds are transferred between solicitors on a same‑day basis, the money gets to their own account a little later than expected.
Why can it take days to receive your funds?
Even when the funds are transferred promptly, there are a few reasons why it may still take days to get the money in your personal account. Your solicitor must first redeem the outstanding mortgage with your lender, pay any agreed legal fees, settle any estate agent bill and deal with other items on the completion statement before releasing the surplus money to you.
If your sale is part of a chain of buyers and sellers, delays anywhere in that chain can slow everything down, especially when transfers happen late in the day or on a Friday. Some traditional solicitors still use cheque payments for onward transfers, and that method can take days to clear, which is why many sellers now insist on a money transfer by electronic methods instead.
What does a completion statement show?
Your conveyancing solicitor will provide a completion statement that sets out every pound connected to the sale of your property. You will see the agreed sale price, less the mortgagesettlement figure, estate agent commission, any retention amounts, and professional fees for the conveyancing work and any extra services.
This document also tells you how and when you should receive the funds, and it forms the basis for any later discussion about surplus money or errors in the calculation. If the completion statement is complex and has a large number of payments on it, it can take days for the solicitor to process every item, so being responsive and asking questions early tends to speed up the distribution of funds.
Do you pay tax or stamp duty when you receive the money?
When you receive the funds, your solicitor will not usually deduct stamp duty from the sale proceeds, because that is something the buyer deals with as part of their purchase. As the seller, the main tax issue you might face is whether you need to pay capital gains tax, which depends on whether the property was your main residence and how much profit you have made.
If you do need to pay capital gains tax, the usual advice is to speak to an accountant about how to set aside enough moneyfrom your house sale funds to cover the bill. In practical terms, this simply means that when you receive your funds, you should remember that not all of that surplus money is truly spare until any obligation to pay any tax has been dealt with.
How can a cash buying company speed things up?
If you need to sell or need to sell your house quickly because of time pressure, the open market can feel painfully slow. With a professional buying company or cash house buyer such as Sell My House Fast In Scotland, you avoid the usual chain and mortgage complications and move towards a guaranteed sale at a date that suits both parties.
A reputable buying company uses its own funds rather than relying on a lender, which means there is no waiting around for mortgage offers, valuations or last‑minute withdrawals. You still have a solicitor and a proper completion date, but because the process is streamlined and there is no chain of buyers and sellers involved in the transaction, the funds are transferred far more predictably and often considerably faster.
How Sell My House Fast In Scotland helps you get funds faster
At Sell My House Fast In Scotland, the whole model is built around helping you receive your funds faster with as little friction as possible. We are a local house buyer and buying company that specialises in cash purchases, which means we are looking to buy directly from the buyer and seller without the delays of a complex chain.
Our team agrees on a date that suits both parties, instructs a solicitor promptly, and works closely with your solicitor on completion day to make sure the funds from the house sale are sent to your solicitor without delay and that you receive the deposit and the rest of the funds as quickly as banking rules allow. Because there is no estate agent in the middle, no auctions and no uncertainty about the value of your property, we can often complete the sale and transfer the funds in a much tighter timeframe than traditional house sales in the UK.
What if you’re in a rush to move into your new home?
Sometimes you are buying a new place at the same time, and you are looking to buy with a clear understanding of when you will receive money from the sale of your current property. If the sale of your property is part of a chain, even a small delay in one link can affect when you can move into your new home and how quickly you receive money.
Working with Sell My House Fast In Scotland gives you a clearer timetable so you know how long it takes from agreeing a deal to having house sale funds in your account, which makes planning your next purchase far less stressful. For many people who need to sell their house quickly because of work, family or financial reasons, a fast and certain sale of their property matters more than squeezing out every last pound of sale price.
When do you actually get the money in your bank?
In a standard sale, if everything goes smoothly and your solicitor transfers the money promptly, you might see the funds hit your account on the same day, often in the afternoon. If the transfer happens late in the day, particularly on a Friday, it may be the next working day before you receive your funds, even though the legal sale is complete and the keys have already changed hands.
Whether you are using an auction house, a traditional estate agent or a specialist cash buyer, it is worth asking clearly how long it takes in their experience for sellers to receive your funds after transferring funds on completion day. With Sell My House Fast In Scotland, the aim is always that you receive the funds as quickly as the banking system and your solicitor will allow, while keeping the process of selling your home clear and transparent from start to finish.
Key points to remember
- You usually receive funds from a house sale on completion day, but it can take to receive the final balance until later that day or the next working day.
- The buyer’s solicitor sends the funds via CHAPS bank transfer to your solicitor, and only after deductions like your mortgage and legal fees will your solicitor transfer your share.
- Delays often arise when funds are sent late in the day, when you are part of a chain, or when solicitors are handling a complex completion statement with many payments.
- You may need to set aside some surplus money to pay capital gains tax, depending on your circumstances, so not every pound you receive is automatically free to spend.
- Choosing a reputable cash buyer like Sell My House Fast In Scotland can help you get funds faster, avoid chain risk and enjoy a more predictable timetable from agreement through to completion.