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Deposit - When to pay
joannek1983
Posts: 12 Forumite
Hi
We made an offer on a property 3 weeks ago which was accepted. Our mortgage company went out last monday to do the valuation and today we recieved our mortgage offer letter.
Our solicitors told us that we needed to inform them once our mortgage offer letter was recieved so that they could make arrangements to take the deposit.
Will we need to pay the deposit now to the solictor or will this be taken when the purchase is nearing to completion?
Thanks
Joanne
We made an offer on a property 3 weeks ago which was accepted. Our mortgage company went out last monday to do the valuation and today we recieved our mortgage offer letter.
Our solicitors told us that we needed to inform them once our mortgage offer letter was recieved so that they could make arrangements to take the deposit.
Will we need to pay the deposit now to the solictor or will this be taken when the purchase is nearing to completion?
Thanks
Joanne
0
Comments
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Your solicitor will tell you when the deposit should be paid to them. Usually this is on exchange of contract.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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