Fee's

shazzy1773

Can i please ask when do the fee's (Solicitors, estate agents, 10% deposit etc) become payable?

We are buying and selling (we've just acepted on offer on our property) at the same time & all our money is tied up in our property. We have £80,000 equity in our current property, so can all our fee's be paid out of this at the end, or does the fee's have to be paid well before this money is available for us to use.

Ian_W

You need to speak to your solicitor, usually they can take their fees at the end but require disbursements [searches etc] up front. They can also negotiate with other parties on the deposit, quite often the FTBers at the bottom of a chain are the only ones who pay a cash deposit and then get sent "up the line" as it were.
EAs fees are always [my experince anyway] paid after completion takes place.

HTH & good luck with your sale & purchase.

covbaldy

Well we paid our solicitor and estate agent at the end of the process, We got our 10% (in our case alot less) from the exchange of contracts on our house - this was then passed onto our sellers solicitors.

So I guess in theory we never paid for anything till the end. Your solicitor will send you a financial statement with all fees etc on it and how much you will need to exchange, then the final amount to complete.

Hope this helps:o)

shazzy1773

Thank you both for your advice, it's really appreciated :T

We didn't buy our current home in the usual way - my husband took over our current house from his father when he passed away and i shortly after moved in with him, so all this selling & buying is new to both of us.

Luckily we have just had an offer on our house for the full asking price & it's only been on the market for a week! We just hope everything else goes this well.

FTB83

We've been asked to pay our fees with the deposit at the time of exchange. I'm not sure how common this is though. We were also asked to pay a small percentage of the fees upfront as a deposit, from what Ian W says this was probably to cover the searches. I would normally have thought that fees would be charged at when everything is completed though, but perhaps our solicitor wanted to make it easier for us with just one transaction (or maybe our money it's because our money will be earning him interest in his bank account sooner!)