HELP-FTB rather overwhelmed by solicitor!!!

Yorkie1

sterl1ng wrote: »

Spoke with surveyors and they said there was nothing during the homebuyers report that suggested structural survey should be carried out but she did say that if I wanted asbestos survey then that's my choice and given 1920s-1930s property it could be there just dormant but if I wanted peace of mind may need to give it thought. So I spoke with asbestos firm and for the survey just for my ground flr flat its £228, which I'm fine to pay for but given that all communal areas of this share of freehold flat which is shared between me and upstairs (house conversion of 2 flats) then surely the company wll only be able to do my flat but not communal areas when testing so really is there much point I wonder?

I probably wouldn't bother unless the initial survey had highlighted potential problems / risks with standard redecorating or when putting up shelves.

Went to bank today and they mentioned they can do a fast payment which is done overnight to the solicitors account at a cost of £25 when shifting that 10% deposit. So how does it work at completion day then? I'm guessing bank give solicitor the 80% LTV I'm borrowing and then I do another fast payment of the other 10% I'm putting in? Then I'm paying another £25 for priviledge! Is that how its done?

Your solicitor will need to be in cleared funds the day before completion. Completion date is set when you exchange.

The CHAPS process is a same-day transfer of funds if authorised before early afternoon, and costs £25 from your bank.

So, before completion, your solicitor will send you what's called a completion certificate. This sets out the amount of money still needed from you, including stamp duty / balance of payment price / legal fees etc.

You take steps to get that money to the solicitors by any route you choose, as long as it will be cleared funds at the solicitors the day before completion (or whenever your solicitor otherwise tells you).

It's up to you whether to use a cheque (allowing for clearance time, weekends, etc), regular faster payments from your bank account (allowing for maximum daily transfer limits), or CHAPS.

It's also up to you whether you transfer the initial deposit money (for exchange) and the money for completion together or in two stages. Again, you can choose your route of getting the money to the solicitor.