FTB - Deposit Question

Keiren0106

Hi everyone!
We have our mortgage approved and everything has finally gone through to valuation which is happening Monday!!!! Yea!!!!!!
We are currently tennants and so have asked for a completion date end of feb as this is when our term ends, which everyone is happy with.
Wednesday we will pay our search pack fees to the solicitor and start the ball rolling with them, my question is, do we pay the deposit on exchange of contracts or is it just before the completion date.
The house we are moving in was sold only 8 years ago so I can't imagine all the checks taking very long to go through!
Although saying all this I am a newbie to this game and don't know very much!!!!
Thanks xxxx

System

Keiren0106 wrote: »

Hi everyone!
We have our mortgage approved and everything has finally gone through to valuation which is happening Monday!!!! Yea!!!!!!
We are currently tennants and so have asked for a completion date end of feb as this is when our term ends, which everyone is happy with.
Wednesday we will pay our search pack fees to the solicitor and start the ball rolling with them, my question is, do we pay the deposit on exchange of contracts or is it just before the completion date.
The house we are moving in was sold only 8 years ago so I can't imagine all the checks taking very long to go through!
Although saying all this I am a newbie to this game and don't know very much!!!!
Thanks xxxx

On completion, same time as mortgage funds are released.

Checks tend to take around 6 weeks from past experience.

Keiren0106

Thanks so much!!!!! Appreciated

kingstreet

The deposit is normally payable prior to exchange, not completion.

The usual amount is 10%.

If you are putting more than 10% down, the remainder is transferred to your solicitor in time for completion.

System

Sorry, my mistake, kingstreet is right. Thinking back I transferred deposit to solicitor prior to completion. The solicitor then released funds on completion.

kingstreet

If you are exchanging and completing on the same day, or very close together, the whole deposit would be payable before exchange.

Zero_Sum

kingstreet wrote: »

If you are exchanging and completing on the same day, or very close together, the whole deposit would be payable before exchange.

I completed & exchanged on the same day & am pretty sure I never paid anything over until that day.

kingstreet

The solicitor needs cleared funds in its account on, or before, the day of exchange. How you achieve that is between you and your solicitor. If paying by cheque, the solicitor would want a cheque three or four working days before exchange.

CHAPS can be done on the day.

Zero_Sum

kingstreet wrote: »

The solicitor needs cleared funds in its account on, or before, the day of exchange. How you achieve that is between you and your solicitor. If paying by cheque, the solicitor would want a cheque three or four working days before exchange.

CHAPS can be done on the day.

I paid a cheque on the day I went to the solicitors & signed everything. As I didnt get the keys until a few days later, I take it, 'completion' didnt happen until then?

kingstreet

Yep. Sounds about right.