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FTB buyer: Paying solicitor on morning of completion
DoubleOhScrimp
Posts: 62 Forumite
Hello,
Im completing this Friday which is also my payday.
Rather than liquidating some of my investments with high buy in charges Im considering using my salary to cover the last part of the completion money.
Is that too risky? Do solicitors allow you to pay in on completion day?
Im completing this Friday which is also my payday.
Rather than liquidating some of my investments with high buy in charges Im considering using my salary to cover the last part of the completion money.
Is that too risky? Do solicitors allow you to pay in on completion day?
0
Comments
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No.
They will want cleared funds in their account a day or two before completion. This should include the balance of any deposit, their fees and any stamp duty.
All you can do is ask, I guess.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
My solicitor sent me a bill telling me how much I would be paying them however they didn't require payment until I was satisifed that everything went through and the house was mine.
As it happens, I got £1000 cashback on my mortgage and they simply too their fee's from that and sent me a cheque for what was left over.0 -
They could afford to be more lenient as the cashback was coming to them. As Kingstreet says, a couple of days is good form - you don't want to risk something random like faster payments being off for an hourMy solicitor sent me a bill telling me how much I would be paying them however they didn't require payment until I was satisifed that everything went through and the house was mine.
As it happens, I got £1000 cashback on my mortgage and they simply too their fee's from that and sent me a cheque for what was left over.So many glitches, so little time...0 -
When we bought, the solicior sent us a bill maybe a week before completion, which included the deposit, stamp duty, their fees etc. This had to be settled with the cleared funds in their bank before completion.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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