When are fees paid - buying.

kay_1

I know deposit is required on exchange of contracts but if there is going to be a fairly long wait between exchange and completion when are fees expected to be paid? eg estate agent fees, solicitor fees, mortgage advisor fees and stamp duty.

Thanks

G_M

You're buying? There are no estate agent fees.

Normally a buyer makes a down payment (£300) to the conveyancer up front, to cover expenses/disbursements eg searches).

Survey fees, and mortgage application fees are usually paid in advance. (plus other checks like boiler, electrics, damp etc\0

As you say, normally 10% of the purchase price is paid at Exchange.

The remaining 90% is paid at Completion (though passed to the conveyance a few days in advance).

Final legal fees will be calculated before Completion, and paid at same time as the 90%.

Stamp Duty must be paid within 30 days of Completion (if you are doing this yourself). If your conveyancer is doing it for you (it's a 10 page form), he will usually want the money at the same time as the 90% (ie before Completion) so he can send it off after Completion.

kay_1

Sorry we are also selling too!

G_M

kay_1 wrote: »

Sorry we are also selling too!

Buying costs as above.

Selling. Usually nothing to pay upfront.

If you are using a conveyancer (as opposed to DIY conveyancing which I advise against given your lack of knowledge), the EA fees, legal fees, mortgage redemption fees etc will be deducted from the sale price by your conveyance once received at Completion.

Whatever is left over will either be returned to you, or transferred to contribute to your buying costs.