Exchange of Contracts and completion procedure

tony58_3

Hi guys,

say for example i am exchanging contracts on 1st of July, and the completion date is 2 weeks after that.

At what stage would i need to fordward my deposit to the solicitor and at what stage would the solicitor have got my mortgage offer.

Do the 2 things need to be with the solicitor ON THE 1ST OF JULY and deposit all cleared in solicitors account, or anytime between the 1st of July and the completion date.

And say if the Deposit is 15%, can i pay 10% on the 1st of July and the rest between the exchange of contracts and completion date.

Thanks in advance :T

spectre

Tony , yes 10% deposit required for exchange + your mortgage offer.
Balance of deposit + solicitor fees on completion day..

chickmug

tony58 wrote: »

At what stage would i need to fordward my deposit to the solicitor and at what stage would the solicitor have got my mortgage offer.

Do the 2 things need to be with the solicitor ON THE 1ST OF JULY and deposit all cleared in solicitors account, or anytime between the 1st of July and the completion date.

And say if the Deposit is 15%, can i pay 10% on the 1st of July and the rest between the exchange of contracts and completion date.

Your solicitor MUST have the hard copy of your mortgage offer before they can exchange.

You must agree with your solicitor how and when they want the deposit payment. If you are late it will just delay them being able to exchange.

As spectre say 10% deposit or less (cleared funds) will be needed for the exchange.

cherry76

The solicitor's secretary said they will accept a banker's draft or building society's cheque on exchange. I did raise that the building cheque will not cleared and she said building society's cheque will be counted as cleared fund as they will not issue the cheque if you do not have the funds.