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What happens at Exchange?
Terry98
Posts: 1,155 Forumite
Are the signed contracts physically exchanged or do both solicitors agree verbally?
Does the deposit have to be in the sellers solicitors bank account for exchange to happen?
Does the deposit have to be in the sellers solicitors bank account for exchange to happen?
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Comments
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Are the signed contracts physically exchanged or do both solicitors agree verbally?
Does the deposit have to be in the sellers solicitors bank account for exchange to happen?
The solicitors agree verbally.
It is up to the solicitors what status of the deposit clearing they will accept.0 -
The solicitors agree verbally.
It is up to the solicitors what status of the deposit clearing they will accept.
Thanks.
We have just signed the contract and it details the solicitors bank account for the deposit. Does that mean the money has to be in their account before exchange?
I just want to know the time-scale to exchange from now as it seems everything else has now been sorted out and agreed.0 -
You will normally be expected to have cleared funds in the solicitor's bank account in good time for exchange of contracts.
Any variation on that can only be confirmed by your solicitor.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, how does it work when your 'deposit' is in your property?
as i understand it, in my scenario does the deposit pass from the beginning of the chain, to me, to the seller of my house?Spreadsheet-obsessed.0 -
Im hoping this is the case too!Sealed Pot Challenge (5) #1676 237.56/ £500
£2 savers club 2012 # 162 £3460 -
The cash paid at the bottom of the chain normally passes up it, becoming a smaller percentage of the bigger purchases the higher it goes.
Solicitors normally manage this so no further cash is needed from those with equity they will use on completion.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: »You will normally be expected to have cleared funds in the solicitor's bank account in good time for exchange of contracts.
But which solicitor?
My solicitor will have the cleared deposit in a couple of days but will he then have to transfer it to the sellers solicitor before exchange can take place?0 -
For it to be sent to the vendor's solicitor on exchange it has to be in your solicitor's account prior to that.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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It continually amazes me
a) that solicitors don't (apparently) explain the basics to their clients (though I suspect the clients simply don't read the paperwork provided)
b) that clients don't ask their solicitors (they are paying them!)
c) that so many buyers get so far down a significant and complex process without making a little effort to understand what is going on - all public libraries have free books on buying property, and the web is now littered with guides/explanations etc....
Ah well! :wall:
(sorry OP. Not really directed at you.....)0 -
Any money has to be in your own solicitor's account, cleared, before exchange can take place. The solicitors sort out the actual transfer of funds after they have all verbally agreed that exchange has occurred.0
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