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Access to the deposit surplus ?
londonman42
Posts: 82 Forumite
We are in the process of downsizing which means that at exchange of contracts, our 'kitty' held by our solicitor will have over £30k sitting in it. Is there any way that some of that money can be released to us prior to completion ?
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Comments
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Is this your deposit?
Or surplus of your deposit? Have you already sold?
Why not ask the solicitor for it if it is your money?0 -
Selling our house for £900,000 so on exchange of contract, deposit received is £90,000.
Buying a house for £400,000 so, on exchange of contract, from our £90,000, we pay our deposit of £40,000 leaving £50,000 sitting in the solicitors client account.
Yes, I can ask the solicitor but he's not working today !!0 -
We had around £78k in our solicitors account for 2 weeks, trusted the. If it was for longer then I would have wanted it back.0
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londonman42 wrote: »We are in the process of downsizing which means that at exchange of contracts, our 'kitty' held by our solicitor will have over £30k sitting in it. Is there any way that some of that money can be released to us prior to completion ?
You will obviously need to ask the Solicitor, but I suspect you will find in is not considered to be "your money" until completion. It is very unlikely but not unheard-of for transactions to fail after exchange, hence they will not usually release funds until completion.0
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