Query about Exchange and Money

Tia_24

Hi

A quick question from a FTB about exchange and when to pay the money to the solicitors!

We've been in the process of buying a house since the 1st October (no chain!!) and there have been a lot of delays! As FTB's my partner and I are a bit unclear on when to send the solicitor the money we owe them.

Do we have to send them the deposit and the balance for their fees before we exchange?

At what point does the money we paid the solicitor i.e. the deposit get sent to the seller, at exchange or at completion?

Apologies if this is a stupid question but I've no idea!!

carlsberggal

To be able to exchange contracts your solicitor will need your deposit, this has to be cleared funds, so ring your solicitor to see when they are aiming to exchange. The solicitor will hold your deposit until completion day when it will be transferred to the vendors solicitor. Their fees are payable on completion

pie81

You send deposit to your sols before exchange. On exchange, they send it to seller's sols. Sellers' sols hang on to it until completion rather than sending to the seller. (I am not sure why this is but we are selling and this is what we have been told by our solicitor...)

Then you/your mortgage co send the rest of the money to your sols before completion. Then on completion your sol puts that together with the deposit and sends the whole lot to seller's sols who send it on to seller.

morg_monster

Tia can't believe you are still hanging about!! You poor thing, that's been going on ages now. And no chain too.
everything crossed that we'll exchange tomorrow and complete friday, or monday. I am about ready to throttle the vendor's sol, she has been obstructive, a liar, and genuinely utter crap.