Paid deposit, now what

exotictramp

Once the deposit has been paid to solicitor, how long does it usually take to exchange contracts properly?

HappyMJ

6 months...no idea. How about you call your solicitor. Could be a week...could be 6 months.

Landofwood

Probably a question for your solicitor

Malmo

Why ask your legal representative when you could ask the Internet!

This is the type of question you should be putting to your solicitor / conveyancing specialist who has all the facts, so that you can understand when exchange is taking place and hence, what the completion date will be.

PixelPound

Isn't it usual to pay deposit after exchange when completion date has been set, with the idea it's in the solicitor's bank account as cleared funds before completion.

Or are you on about the deposit you pay towards your solicitor fees.

kingstreet

Do you have an agreed completion date?

If you don't you aren't yet ready to exchange contracts. Once all the paperwork is done and you've handed over your deposit, agreeing a completion date among all the parties in the chain is the last step before exchange can take place.

The only time you'll exchange without is if you are buying a newbuild, then completion is "on notice."

exotictramp

most of the questions people ask on here are "questions for their brokers or questions for their solicitor"

i was just asking for approximate time scales since alot of people on here are experienced with these things, and might know what will need to need to take place before they can exchange, but after deposit has been asked for.

my solicitor hasnt managed to get back to me all day, so hense im aksing on here. there sno need for 3 replies saying the same pointless thing. thanks.

libf

Are the other side ready to exchange?

kingstreet

This is the one question likely to yield the most wide-ranging and speculative answers on a site like this.

An accurate answer relies on knowledge not only of the OP's case, but of all the other cases in the chain.

An answer of between 1 day and several months would be my best and most completely pointless estimate. Just as pointless as the duration between deposit and exchange on anyone else's purchase as all are different.

As I said earlier, if you know there's a completion date agreed, exchange is closer than if there isn't.

exotictramp

@kingstreet
yea its a new build, ok thanks. doesnt seem like theres anything left then but for the exchange to take place

amnblog

The bottom line is that your solicitor is best placed to advise your timescales.


That fact that your solicitor is not getting back to you does not negate the fact that they are the only reliable source for the information you seek.