When do I give deposit

John_G66

It's just that we have a completion date in 10 weeks time, my solicitor has asked for the 21k deposit. I think that this is to early, so how long can I leave it untill I hand over my deposit.

Thanks..........

Doozergirl

Your solicitor needs the 10% ready for exchange of contracts, so transferring a few days before that is plenty of time. Check with your bank as to the best day to avoid losing any more interest than you need to.

The full balance will need to be paid ready for completion.

You've said completion is in 10 weeks time, but not when your exchange date is?

John_G66

Sorry, completion in a fortnight.

Doozergirl

John_G66 wrote:

Sorry, completion in a fortnight.

Exchange in a fortnight?

It's the right time for your solicitor to be asking for the 10%. Aim to get the money to them a day or two beforehand to be safe. As I said, check with your bank for the best day to pay it in.

Debt_Free_Chick

I think the Solicitor needs cleared funds no later than the day of exchange. This means that a cheque should be handed over in good time, allowing for it to clear. To be on the safe side, I would make sure my solicitor had a cheque no later than five working days (i.e. one week) before exchange - and probably earlier than that.

If your solicitor is asking for a cheque two weeks before exchange, that's about right. Get it off to him/her as soon as possible - don't hang about!