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What exactly happens on exchange?

Daniel_B · 2007-02-22 09:58:30

Dumb !!! question, I thought that when you exchanged contracts that your deposit went across to the solicitor of the person whose property you were purchasing. Then if you pulled out you lost your deposit? Is this not the case, and if so, what happens, to tie you into the deal? We are selling, and before I start taking…

Comments

Richard_Webster Posts: 7,646 Forumite

23 February 2007 at 4:15PM

I would never let a client send me money by CHAPS on the day of completion. I would want it the day before to prevent this kind of thing happening.

Nowadays most solicitors have their own CHAPs terminals so they can move the money quite quickly once they have it. Letting the bank do it themselves is a recipe for disaster.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.

RICHARD WEBSTER

As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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