selling house--when do i get my money?

[ajmmac]

under scottish law--i have just sold my flat--exchange date last fri 6th nov--i moved everything out and handed over the keys--i thought the purchase money would be in my account the same day--it wasn't--i contacted my estate agent /solicitor who told me the buyer's agent had deposited a cheque with them on the 6th but would take 7 day to clear at the bank so i have another week to wait--if i give someone payment by cheque it only takes 3 working days to clear--my solicitor says i have to ask the bank why this is taking 7--i am sure someone is at it here--surely the buyers agent would pay by bank transfer so the money is available on the exchange date--the money is now sitting somewhere earning interest for someone--not me--i would appreciate if anyone could clarify this process for me and should i actually have had the money available to me on the exchange date--i mean i wouldn't hand over the keys to my car in a sale until i had been paid--now the title deeds and keys to the house have gone and i haven't been paid yet--thanks to anyone who can enlighten me--cheers

[bednobs]

it seems most peculiar. Evertime i have bought a property (in enland) i have had to wait for the confirmation that the money was actually in the account before i could move in

[heathfield]

Bednobs is right. You say you handed over the keys, but didn't say to whom. If it was your agent, fair enough, but the buyer shouldn't have got the keys until the money was confirmed to be in the agent's account. Banks take up to 5 working days to clear cheques. Add on a weekend and that's 7 days.

[Toureman]

When selling a house in england I have never handed over my keys until the money was in my bank !