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First meeting with Solicitor - FTB Confused
victoria_smith87
Posts: 20 Forumite
Hey all.
Just wanting some advice.
I've had a letter from my solicitor asking that we go into his office to sign contracts for the house purchase. It also gives me a list of monies owing and states that i need to ensure the funds are available for my appointment. This will be the first time i've seen him.
When i rang in the office to book the appointment i asked the lady how i go about paying (e.g. what i need to ensure is in place to pay) and she said "oh no you won't be paying". So now i'm confused. Other people i've spoke to about it have also said that they'd be surprised if i'd be paying the deposit etc on my first visit.
Just wanting to know what you think will be happening? when do you usually pay your deposit?
My solicitor is off till thursday (the day which my appointment is booked).
hope you can help.
thanks
vicky
Just wanting some advice.
I've had a letter from my solicitor asking that we go into his office to sign contracts for the house purchase. It also gives me a list of monies owing and states that i need to ensure the funds are available for my appointment. This will be the first time i've seen him.
When i rang in the office to book the appointment i asked the lady how i go about paying (e.g. what i need to ensure is in place to pay) and she said "oh no you won't be paying". So now i'm confused. Other people i've spoke to about it have also said that they'd be surprised if i'd be paying the deposit etc on my first visit.
Just wanting to know what you think will be happening? when do you usually pay your deposit?
My solicitor is off till thursday (the day which my appointment is booked).
hope you can help.
thanks
vicky
0
Comments
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You have to pay the deposit before exchange can occur - as you are signing the contracts, exchange must be imminent. The last time I bought a house (13 years ago), my solicitor required payment in the form of a Banker's Draft."You were only supposed to blow the bl**dy doors off!!"0
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sorry if i sound dumb but, signing contracts isn't exchange then?? is exchange when you actually move in?
My solicitor never explains things to me, i ask and all i get is "don't worry". think they forget i'm a FTB and don't know wots going off0 -
victoria_smith87 wrote: »sorry if i sound dumb but, signing contracts isn't exchange then?? is exchange when you actually move in?
My solicitor never explains things to me, i ask and all i get is "don't worry". think they forget i'm a FTB and don't know wots going off
No. Its having your signature ready for when you are at the point of exchange.
Exchange is when you are committed and pay about 10% to the sellers solicitors. Completion is when you pay the rest (with your mortgage if you have one) and can move into the house.
Your solicitor will contact you a week or so before exchange asking for the deposit to be cleared funds by the day before exchange is expected (probably a friday) and will arrange with you a suitable completion date to discuss with the sellers and the date will be agreed on exchange.
Check out the Conveyancing handouts on this site, they should give you more info.0 -
Are you sure they don't want some kind of working fund? Our solicitor asked for £250 towards the costs which they took off the bill at the end. Or they just want you to make sure you have instant access to the money so there is no delays. Its not in a savings account you need to give 90 days notice to withdrawl etc...0
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victoria_smith87 wrote: »sorry if i sound dumb but, signing contracts isn't exchange then?? is exchange when you actually move in?
My solicitor never explains things to me, i ask and all i get is "don't worry". think they forget i'm a FTB and don't know wots going off
are you sure he is a 'solicitor'?My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0
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