Deposit question...

EnquiringMind_2

A quick question, if anyone can assist...


After prolonged issues with our chain, things seem finally to be moving - our buyer is ready, we are ready to sell and ready to buy and our seller is oh-so-close to being ready to by the house at the top of the chain.


I am reticent to give our deposit to our solicitor until all ducks are in a row, so to speak. We have been told it will be at least week or so.


However, a week on Monday I'm going away for a few days. I don't want my absence to cause undue delay (we've signed contracts weeks ago) if exchange is possible while I'm away. My bank will not allow a transfer of this size over the phone or by internet banking, so I have to go in to a branch but I won't be in this country.


Should I just be brave and transfer the money before I go? I could get a bank draft and leave it with them, to be presented if and when things are ready to proceed?

Opinions gratefully received :-)

davidmcn

Yes, just transfer it. One fewer task to worry about. It's still your money until exchange, you can get it back if necessary.

EnquiringMind_2

davidmcn wrote: »

Yes, just transfer it. One fewer task to worry about. It's still your money until exchange, you can get it back if necessary.

Thank you. I know it might seem daft, but it is such a lot of money and the chain has been in such danger of falling through that I don't want to part with it until we are certain to proceed! But I do think you are right, my solicitors aren't exactly going to run off with it!

G_M

http://www.thisislocallondon.co.uk/news/16278.solicitor_jailed_for_stealing_clients_money/

http://www.telegraph.co.uk/news/uknews/crime/10792931/Lawyer-steals-134000-from-clients-to-fund-obsession-with-younger-woman.html

http://www.privateclientadviser.co.uk/news/vulnerable-clients/solicitor-jailed-theft-client

Jhoney_2

You can't have it all ways.

You don't want to hold things up but you don't want to give the sol your money to make things move along in your absence so....

Can you not just ask your solicitor to inform all parties that you must be able to exchange before you go away e.g Friday or after your return?

alchemist.1

EnquiringMind wrote: »

Thank you. I know it might seem daft, but it is such a lot of money and the chain has been in such danger of falling through that I don't want to part with it until we are certain to proceed! But I do think you are right, my solicitors aren't exactly going to run off with it!

The Solicitors Regulation Authority have a compensation fund if he does.:j