When do you transfer funds to solicitor?

missewan

I am in the process of buying my first house, at what point do you transfer the funds to your solicitor?

I am in scotland and the date of entry has been set as the 6th Dec, so would it be close to this date?

dgtazzman

As far as I understand it, funds have to be in the solicitor's account on completion, so probably transfer it a few working days before then to allow time for the funds to clear...

missewan

thanks for the reply.

So even though I have my mortgage offer through, I don't transfer funds until near the date of entry? Is that the same as completion?

beecher2

Your solicitor will sort all of this out for you, so just ask him/her for advice. He will deal directly with the bank to have the funds sent to him, and you'll give him the deposit money.

BTW, be aware that the system's completely different up here and we don't call it completion. The date of entry is known as the settlement date here.

good luck with your purchase!

kingstreet

IN England, you would need to transfer your deposit in time for exchange of contracts, normally 10% of the purchase price.

The balance (if any) would be transferred a couple of days before completion.

Let_Us_See

When they ask for them.