Solicitor wants proof we can pay them the fees

lazer

kinger101 wrote: »

That's a rather foolhardy approach in my opinion. What if something unexpected comes up during the conveyancing process? If I'd taken this approach, it would have really put the spanner in the works as something happened during my conveyancing process which meant a monthly expenditure increase for 2-3 months. Also, stuff like the need for additional suverys (engineering, electrical) etc can arise. What if your car needs a £500 repair?

I had no dependents, no major demands on my money, so i did know that my monthly surplus would continue to be available for saving.

As i have said i had a contingency plan - sell the car.

I the car needed a £500 repair, simple, repair the car and then sell it.

My old car was being driven my by Mum and she assured me i could have it back if i had to sell my good car for anything house related.

If the car needed a £500 repair before i could sell it, use the money saved for deposit for the repair and then sell the car. (It's a popular make of car so easily sold)

Also the house i was buying was 7 years old and i had it checked over by a family member in the business before offering and he was confident the house was good, and there would be no need for additional surveys etc.

It was maybe a little risky, but it was a well calculated risk.

The house was perfect and if i had waited the extra month maybe i wouldn't have got it.

class2ldn

Sorry matty please highlight the areas of help in hge previous posts from people. All I see is people judging and making assumptions. Im very open to criticism but not on this occasion as all I've said is I've held off paying out more money until we can be sure or as sure as we can it's not going to be wasted.
If thats not the done way then thats fine and i will learn that .
Anyway ive found my answer to the question and as youll see my my other posts on things my attitude is just fine thanks.
People just dont like to have someone come back at them when they are convinced the things they are posting are right well sorry but i disagree and i think the grilling ive been given here and the attitude of people judging me is awful .

kinger101

lazer wrote: »

I had no dependents, no major demands on my money, so i did know that my monthly surplus would continue to be available for saving.

Through your crystal ball? The point about the unexpected is you don't see it coming. I didn't. Luckily, large rainy day fund.

class2ldn

Yeah well not everyone has a large rainy day fund . i guess to you that means they shouldnt buy a house then ????

kinger101

class2ldn wrote: »

Yeah well not everyone has a large rainy day fund . i guess to you that means they shouldnt buy a house then ????

I'm not saying that. I'm saying there's a big risk if you don't have at least all the money you need to get you to completion. It's not a risk worth taking considering the potential consequences.

lazer

kinger101 wrote: »

Through your crystal ball? The point about the unexpected is you don't see it coming. I didn't. Luckily, large rainy day fund.

As a single woman with no dependents, i was also living at home (temporarily) what exactly was going to happen between offer and completion to make demands on my money - my only real expenses were car related (and as mentioned, if need be, i didn't need the car!)

I didn't need a crystal ball to see that nothing that was going to cost a significant amount of money was going to happen.

The only thing that would ahve put a spanne in the works was losing my job, and it would put a spanner in the works regardless of savings or not!

lazer

kinger101 wrote: »

I'm not saying that. I'm saying there's a big risk if you don't have at least all the money you need to get you to completion. It's not a risk worth taking considering the potential consequences.

The risk was that somehow i would not be able to save £700 for solicitor fees between offer and completion, but considering it takes normally 6 weeks to complete, and i would have had 2 pay cheques in that time - it wasn't really a risk!

I also had a £2k unused overdraft on my bank account that could have been used to pay the solicitor fees after completion!

The OP is not actually short of money from what i can gather, it is just not moved into the house savings fund and she doesn't want to pay it out until she has too.

kinger101

lazer wrote: »

As a single woman with no dependents, i was also living at home (temporarily) what exactly was going to happen between offer and completion to make demands on my money - my only real expenses were car related (and as mentioned, if need be, i didn't need the car!)

I didn't need a crystal ball to see that nothing that was going to cost a significant amount of money was going to happen.

The only thing that would ahve put a spanne in the works was losing my job, and it would put a spanner in the works regardless of savings or not!

Any more straw men? Your circumstances don't apply to the OP or the rest of the population buying a house.

lazer

kinger101 wrote: »

Any more straw men? Your circumstances don't apply to the OP or the rest of the population buying a house.

yes they do, they apply to most first time buyers, as most first time buyers won't really have many (Necessary) demands on their money that are going to eat up their surplus funds until completion!

The urgent demands are normally things a boiler breaking etc, but if you are a FTB his won't apply!

class2ldn

Look all i wanted to do was establish why they would be asking for proof as we are ftb and new to this so thats now been established, we have paid for the fees and been in touch with the solicitors and they are fine . No more needs to be said does it, i wasnt asking for financial advise. Yes its ideal to have all the money but sometimes its not always possible.