What needs to be paid when?

Made_Without

Am I right in thinking that the below monies need to be paid at the following stages of the purchase process?

Completion
(so before the agreed date as it needs to be transferred to solicitor)

• Stamp duty (3%) on the day of completion
• Solicitor's Fees on the day of completion (cheque?)

• Mortgage Arrangement Fee to bank
• 1- 2 months mortgage to bank
• Council tax to council

Exchange
(so before the agreed date as it needs to be transferred to solicitor)

• Deposit (35%)
• Land Registry fee
• Money Transfer fee

To insurance provider

• Building and Contents insurance

Already paid:

• Searches cheque to solicitor
• Surveyors fee credit card - independent valuations

Thanks
C*F

Richard_Webster

See replies below in red.

Am I right in thinking that the below monies need to be paid at the following stages of the purchase process?

Completion
(so before the agreed date as it needs to be transferred to solicitor)
Stamp duty (3%) on the day of completion
Solicitor's Fees on the day of completion (cheque?)

Solicitor is likely to want cleared funds for all of this just before completion. He will also want the balance of purchase money - see below re deposit. Unlikely to accept a cheque unless provided with sufficient time for it to have definitely cleared.

Mortgage Arrangement Fee to bank
1- 2 months mortgage to bank
Council tax to council

Exchange
(so before the agreed date as it needs to be transferred to solicitor)
Deposit (35%) At exchange of contracts no more than 10% is handed over at that stage - you are confusing the two different meanings of deposit. If you are getting a 65% mortgage, 10% is paid over at exchange as the deposit and the balance of the purchase money is paid - see above - just before completion.
Land Registry fee Paid with balance and SDLT etc just before completion
Money Transfer fee Same as Land Registry Fee
To insurance provider
Building and Contents insurance

Already paid:
Searches cheque to solicitor
Surveyors fee credit card - independent valuations

Thanks
C*F

Made_Without

Thanks Richard

I appreciate the quick response. I'm trying to ensure I have all the gathered all the money required in one account.
Will have to check how long it takes for funds to clear.

You're spot on, I didn't realise the deposit mentioned at exchange differed from the overall deposit.

Re: paying solicitor by cheque - this has been his request on all payments to date, hence I just presumed

C*F

Yorkie1

I didn't start paying my actual mortgage on completion, it was deducted on the next official mortgate to cover arrears and going forward. So, I completed on the 11th of the month. First mortgage payment was the following 5th, to cover the previous month's amount plus that month's amount.