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When is the money transferred when offer accepted??
Pigfeet
Posts: 7 Forumite
Afternoon all,
just a quick question,
when an offer is accepted on a house, and the bank has approved mortgage, how soon after do the money (i.e my deposit) leave my bank? is it on completion or as soon as the solicitor has carried out his work.
cheers
Dan
just a quick question,
when an offer is accepted on a house, and the bank has approved mortgage, how soon after do the money (i.e my deposit) leave my bank? is it on completion or as soon as the solicitor has carried out his work.
cheers
Dan
0
Comments
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The solicitor will inform you when you have to transfer........0
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cool. cheers.0
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Afternoon all,
is it on completion or as soon as the solicitor has carried out his work.
It's normally a two-stage payment: 10% when contracts are exchanged (which you'll lose if you subsequently pull out of the deal); the balance is payable on completion.
You solicitor will want the money in his client account a few days before, including allowing time for cheques to clear if necessary.
NOTE: This is for England & Wales - Scotland may be different0 -
The solicitor will still inform you when you have to transfer........
However it is a one off payment.......0 -
Don't pay the fee for a CHAPS transfer unless you have to (for your deposit transfer to your solicitor). When I sent my deposit to my solicitor, I checked that it would be ok to use BACS, faster payments had been enabled between our banks and it was instant, just like CHAPS but free.
Just a tip, might save you a few quid...0 -
VIGILANT22 wrote: »However it is a one off payment.......
Given the simplicity of the question, I'm assuming that the OP is a first time buyer. My son went through this process last year and it was a two-stage process, as described. The transactions were about 4 weeks apart.
Circumstances differ according to the individual transaction so, as VIGILANT22 rightly said, the solicitor will tell the OP exactly what is due and when.0 -
If your at the bottom of the chain they may ask for a 10% deposit. Other than that the money is sent on completion.
Remember exchange of contract is the point of no return, not completion."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
VIGILANT22 wrote: »The solicitor will still inform you when you have to transfer........
However it is a one off payment.......
one off fee was in reference to scottish law......0 -
VIGILANT22 wrote: »one off fee was in reference to scottish law......
Thanks for clarifying that. It's always good to learn something new every day.
I thought today was going to be a dud in that respect, but I can go to bed a happy bunny now.0
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