At what point do 'they' need my hard earned cash?

Kuztardd

deleted thread

herbiesjp

Having all the cash make it easier to move around - it can also make it cheaper to move around depending on how you decide to transfer to the solicitor.

During the house buting process you will be guided mostly by the soliciotr as to timescales, such as when money is needed and what amounts.

Assuming everything else is ok (surveys, searches etc, mortgage offer letter), the solicitor will draw up contracts. It is on the day you exchange contracts that you need to put down a deposit (normally 10%). This money has to go to your solicitor - they should give you advance notice so you can choose with method you wish to pay the funds across to them.

Normally at the same time as exchange, you will set a completion date i.e. the day you actually pick up the keys. On this day you will need to make sure that if you are putting down more of a deposit, that your funds are already with the solicitor as cleared funds.

Once you soliciotr has your funds, he will have instructed the bank to release the mortgage funds, so that he can then in turn get the money sent across to your vendor

Basically, all you really need to worry about, is getting your deposit to the solicitor for exchange on time, and then any other funds before the completion date

I've tried to kep this as simple as possible

HTH