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What stage do you need to show evidence of deposit
Comments
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... and did your solicitor request it?I had a mortgage with Halifax and never got asked for proof of deposit (deposit was savings).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 -
kingstreet wrote: »... and did your solicitor request it?
No. Never got asked about it until the day I needed to make the payment to the solicitor. (Between exchange and completion)0 -
Sorry, you didn't pay your deposit until between exchange and completion, or you paid your deposit before exchange, but weren't asked for the source until after exchange had taken place?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
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We paid the deposit the week between exchange and completion. And were never asked about where it was coming from. We did put on the Halifax application it was from savings but never asked to prove it.0
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If you didn't pay the deposit until after exchange took place, how did the solicitor pay the deposit to the vendor's solicitor at exchange?
Were you selling at the same time and your "deposit" just the balancing funds to make up the purchase price?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 -
kingstreet wrote: »If you didn't pay the deposit until after exchange took place, how did the solicitor pay the deposit to the vendor's solicitor at exchange?
Were you selling at the same time and your "deposit" just the balancing funds to make up the purchase price?
It was a FTB. I don't know how it works but we exhanged, then the solicitor emailed me the statement showing my deposit plus the remainder of his bill. I then sent the money to the solicitors account a couple of days after exhange. Then completed a few days after that.0 -
How odd.
A solicitor exchanged contracts without the deposit in place and without checking deposit source.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
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