The seller’s conveyancing solicitor is required to send a statement to the buyer’s conveyancing solicitor explaining him the remaining money required to complete the transaction.
The buyer’s conveyancing solicitor should check this statement for accuracy and inform of any discrepancies immediately to the other party. If it appears that there is likely to be a shortfall, the buyer should also be informed immediately to take action. And if a bridging loan or a further loan is required, he should make arrangements for the same. The balance amount, mortgage advance and all such funds should be arranged without delay so that
A conveyancing solicitor who is suspected to assist people involved in money laundering shall be held guilty of criminal offence. Thus, the solicitor should be very careful when buyers settle transaction money in cash, especially when the amount is large. On the date of completion, the seller should make arrangement for the money.they are cleared before completion. A breach of the SRA Account Rules 2011 occurs if uncleared money is taken from the account.
Photo courtesy: ^ Missi ^ … busy