Transferring Funds Question

jackD

Hi

I am ready to exchange but my conveyancer is asking for the total amount upfront. I have not been given the completion date yet, I assume I can just pay the deposit now and the rest later? Can they demand full payment instead? I don't want them holding onto the money longer than they need to!

Thanks

G_M

How long between Exchange and Completion?

If there is a meaningful gap, then all you need pay now is the deposit (usually 10%) by which I mean the deposit paid on Exchange to the vendor, NOT to be confused with the deposit meaning the contribution of cash you are putting into the purchase beyond the mortgage!

However, if Completion is simultaneous (same day) or very soon after Exchange (up to a week?) then your solicitor probobly rightly wants the full amount in hand ready to pass over.

jackD

They wanted to charge extra for expedited completion within 5 days so I have notified them this is not necessary and I will pay the rest after exchange which shouldn't be much more than a week really.

G_M

If it's a week I'd just send all the funds at once.

How are you sending it? CHAPS transfer? That costs £25-£35 each time. The interest you'll earn in 3 days (you'll still have to do the transfer in advance of Completion, NOT on the day itself) is unlikely to be much more.

Plus it's simpler. Job done.