Solicitor asking for full balance

G_M

TighterThanTwoCoatsOfPain wrote: »

There is hardly and chance anyone in this thread as a FTB/ bottom of chain didn't pay the deposit just prior to exchange... It just doesn't happen. You wouldn't be exchanging contracts with me (or just about any solicitor going) without putting your money down.

If you're in the middle of the chain then it's the FTB deposit that usually gets passed up the chain which is why people perhaps think they didn't pay one. The reality is you received and passed on your buyers deposit until it gets to the top.

But you need to be clear what you mean by 'deposit'!

I have paid the 10% 'deposit' for the seller on Exchange, prior to exchange, and then after exchange but prior to Completion have paid the balance of the 'deposit' (purchase less mortgage).

bigtel_2

Thanks for the replies so far.

This is how the statement looks

Might call Nationwide cause as a lot of your have advised me 10% is the norm before we sign contracts etc.

TighterThanTwoCoatsOfPain

G_M wrote: »

But you need to be clear what you mean by 'deposit'!

I have paid the 10% 'deposit' for the seller on Exchange, prior to exchange, and then after exchange but prior to Completion have paid the balance of the 'deposit' (purchase less mortgage).

Very true.. I mean deposit as in 10%.... I couldn't even wrestle. Completion statement out of my sol until after exchange, but I read the above like the 10% not the full whack..

kingstreet

If there is little time between exchange and completion, the solicitor is more likely to want all the funds ready for completion.

If there's months inbetween, it's probably less of an issue.

It would be helpful if the OP could tell us a little more. BTW Nationwide will not get involved in this. They will refer you to your solicitor.

Thrugelmir

bigtel wrote: »

This is how the statement looks

So where's the £78k coming from?

bigtel_2

kingstreet wrote: »

If there is little time between exchange and completion, the solicitor is more likely to want all the funds ready for completion.

If there's months inbetween, it's probably less of an issue.

It would be helpful if the OP could tell us a little more. BTW Nationwide will not get involved in this. They will refer you to your solicitor.

I think this is going to be a quick sell as we're FTB and the sellers wanted to buy quickly too which they have done.

Thrugelmir wrote: »

So where's the £78k coming from?

My Wife sold a house so we have it in an e-savings account with Nationwide.

ethank

It's a completion statement therefore detailing what they need to complete.

They cannot exchange unless they have the 10% deposit.

buglawton

Weird - the statement image seems to say there was no 10% deposit but to pay the full amount immediately. As others said above, normally 10% at Exchange and the full balance minus the loan amount on Completion - that is, as late as 1 day before Completion which is the day you can move in.

Someone else recently posted on MSE about the entire law practice suddenly closing down in the middle of their purchase.

On TV or in the papers there have been cases of fake (but very plausible) solicitors fleecing people then vanishing.

bigtel_2

I'll contact them tomorrow and see what they have to say.

Thanks for all the replies and advice.

bigtel_2

Emailed the solicitor this morning and had a reply back.

It's quite sneaky what they did, the letter and statement stated the balance was due now, so some people or myself may of paid it as soon as possible. Her reply gave more detail and the actual process. This detail should of been on the letter, not just the balance is due now!

Email_Reply wrote:

The letter sent with the completion statement is simply to let you know the total balance that will be due from you once we are in a position to proceed.

As we have said in the letter as soon as we hear from the Solicitors with the outstanding replies and a proposed completion date we will confirm.

We will then contact you to ask to arrange an appointment to call into the office to sign all documentation. It is quite correct in that upon exchange you are only required to pay a 10% deposit and the balance just before completion but usually if there is not going to be any lengthy delay between exchange and completion as the bank normally charge a bank transfer fee most Clients prefer to pay the total amount rather than the deposit and then the balance but if you prefer to pay the monies due in this way there is no problem with this. We would not request any payment from you until we have the outstanding information from the Sellers and a proposed completion date which is acceptable to you.

We would not arrange for you to sign the contracts and all documentation with us until the outstanding queries were resolved and a completion date given. Hope this satisfies your concerns but if not and you want to speak to me please do so, otherwise I will be in touch once we hear from the Solicitors.