How long do bankers drafts take to clear (UK) moving house question?

Question

If we are giving our bankers draft (deposit) to our solicitor on a friday which is our completion date, when will the bankers draft have cleared?

We also have a mortgage.

Is a bankers draft like a cheque??

We are moving and I was wondering will be able to move in that day after we give the bankers draft??

Or is there any way we could get the bankers draft earlier to give to the solicitor so there is time for it to clear??

I am so confused.

Thanks, Trudy

Answer 1

A banker's draft is treated like cash.  It doesn't need time to clear.  

I take it you're exchanging contracts and completing on the same day?  Usually the deposit is given at the date of exchange of contracts and completion is when the rest of the mortgage monies are received by the seller's solicitor.

If you've arranged with your bank to complete on Friday that's when the funds will go through usually between 12-2pm and you'll be handed the keys to your new home!

Good luck!

Answer 2

In the US, they clear instantly, that is the whole purpose. The bank guarantees that the funds are there.