Agents unlucky enough to have deals set to complete on Monday will be doing all they can today to prevent sales collapsing due to the unexpected Bank Holiday as Her Majesty Queen Elizabeth II is finally laid to rest.

With the entire UK in Bank Holiday mode The Law Society warns that banks and building societies and the like will not be remitting completion or mortgage monies.

CHAPS

The same-day cash settlement system (CHAPS) which is often used for high-value and time-critical payments will also be closed, opening on Tuesday 20 September.

UK Finance, the trade body for lenders, says: “This includes where CHAPS payments are used for house purchase completions.”

It’s possible additional costs including mortgage interest will be incurred when redeeming the mortgage, if completion is delayed.”

Kate Faulkner (pictured), columnist for The Neg and chair of the Home Buying & Selling Group (HBSG), says: “With the new Bank Holiday we are conscious that some completions will be planned, although speaking to the industry, fortunately the number will be quite small.”

In the main, the legal companies will be in the process of sorting out what to do if a completion is planned for the Bank Holiday and many have done so already without any problems.

THREE SCENARIOS

Faulkner says there are three likely scenarios. The move could be postponed to Tuesday 20th or another day. If all parties, including removals, are happy (and able) to move on the Monday, everyone should be ready to leave their properties by 1pm. Monies will either need to have been transferred by today or, a license could be granted and the monies transferred on the Tuesday. Finally, it will not be possible to carry out any simultaneous exchanges and completions this Monday.

Faulkner adds: “Most companies are feeding back that home movers are being very amenable and they do not intend to charge buyers and sellers additional costs for changing the date of the move. However, it’s possible additional costs including mortgage interest will be incurred when redeeming the mortgage, if completion is delayed.”