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Transferring funds to solicitors and exchange of contracts
VT82
Posts: 1,091 Forumite
Just a quick one hopefully...
We are due to complete next Monday 20th July. Our solicitors have sent us our invoice, which shows the funds due to them in respect of deposit, stamp duty, and their fees. They have said they will exchange contracts once we've sent this sum to them.
Just wondering if this is normal? For the amount we're talking, it's about £4 per day in lost interest, so I would obviously rather hang on to it until as late as possible, plus maintaining its ISA status for as long as possible in case of any last minute major issues. But I obviously don't want to risk anything going wrong with the completion.
I have checked with Santander from whom I will be sending the monies, and they confirmed the full amount could go by Faster Payments if I arranged it over telephone banking. Am I within my right to tell my solicitors to exchange ASAP, giving them proof of funds all being within my Santander accounts via a screen shot of my internet banking as reason enough to proceed, and then I will transfer the money on Friday? Or do you think for the sake of £16 I should just send them the money today to be safe?
It was so much simpler buying my first house in 2006, with me only putting in half of a 5%/£6k deposit - lost interest wasn't really an issue!
Thanks!
We are due to complete next Monday 20th July. Our solicitors have sent us our invoice, which shows the funds due to them in respect of deposit, stamp duty, and their fees. They have said they will exchange contracts once we've sent this sum to them.
Just wondering if this is normal? For the amount we're talking, it's about £4 per day in lost interest, so I would obviously rather hang on to it until as late as possible, plus maintaining its ISA status for as long as possible in case of any last minute major issues. But I obviously don't want to risk anything going wrong with the completion.
I have checked with Santander from whom I will be sending the monies, and they confirmed the full amount could go by Faster Payments if I arranged it over telephone banking. Am I within my right to tell my solicitors to exchange ASAP, giving them proof of funds all being within my Santander accounts via a screen shot of my internet banking as reason enough to proceed, and then I will transfer the money on Friday? Or do you think for the sake of £16 I should just send them the money today to be safe?
It was so much simpler buying my first house in 2006, with me only putting in half of a 5%/£6k deposit - lost interest wasn't really an issue!
Thanks!
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Comments
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Just send it and be safe. £16 isn't worth worrying about in the grand scheme of house buying.0
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How about hanging onto the stamp duty? That would be the difference between getting 1% on £1.5k or 3% on £5k in my Santander 123 account. That wouldn't jeopardise anything would it? Don't you get a month to pay the stamp duty anyway? Or am I just being daft?0
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The CML Handbook requires solicitors to have cleared funds in hand prior to completion.How about hanging onto the stamp duty? That would be the difference between getting 1% on £1.5k or 3% on £5k in my Santander 123 account. That wouldn't jeopardise anything would it? Don't you get a month to pay the stamp duty anyway? Or am I just being daft?
SDLT thirty day window is cash purchases only.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 -
How about hanging onto the stamp duty? That would be the difference between getting 1% on £1.5k or 3% on £5k in my Santander 123 account. That wouldn't jeopardise anything would it? Don't you get a month to pay the stamp duty anyway? Or am I just being daft?
Personally, I think you're being daft. But it's your money.
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kingstreet wrote: »SDLT thirty day window is cash purchases only.
I was unaware of that. But I did my research on the Money Advice Service website, so being ill-informed is par for the course!
Thanks for your input all, sending the money now...0 -
I've amended the above to remove any doubt.kingstreet wrote: »The CML Handbook requires solicitors to have cleared funds in hand prior to completion so anyone needing to purchase with a mortgage cannot take advantage of the SDLT thirty day window.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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