Can I pay the completion monies by personal cheque?
Usually there is not a lot of time between exchange of contracts and the actual completion date (sometimes as little as 5 working days) and therefore we usually recommend that clients either provide us with a Banker’s draft or transfer the completion funds directly into the Firm’s Client Account to ensure that there are no delays which would hold up completion. We are also prohibited by the Law Society in using uncleared funds and therefore if we received a personal cheque this could mean that there may be a delay in completion which should be avoided at all costs as financial penalties may be applicable if completion is delayed.
