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Deposit monies held
Noobie2011
Posts: 292 Forumite
Can anyone advise how monies can be held until completion and not passed over on exchange?
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Comments
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Don't understand the question.
Please clarify.
Taking it on face value, the only answer would appear to be exchange and complete on the same day...!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 -
If you mean you don't want to pay a contractual deposit on exchange (and not "deposit" meaning the equity you contribute to the price on top of a mortgage) then you negotiate with the vendor that there won't be a deposit payable. They may of course refuse.0
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Sorry was doing it in a rush but think I have the answer.
I always assumed that on exchange the money(10% Deposit) goes up the chain and as we are the last in the chain we would get that money physically transferred to our account and then on completion the remaining equity profit would come to us after the Lender and other fees have been paid.
Our solicitor has now advised the money would be held with either the buyer solicitor or ours until the completion date when it would all be transferred to us but reading up on this it seems this is the normal approach and we would not physically see any money until completion
Is this correct?0 -
Noobie2011 wrote: »Sorry was doing it in a rush but think I have the answer.
I always assumed that on exchange the money(10% Deposit) goes up the chain and as we are the last in the chain we would get that money physically transferred to our account and then on completion the remaining equity profit would come to us after the Lender and other fees have been paid.
Our solicitor has now advised the money would be held with either the buyer solicitor or ours until the completion date when it would all be transferred to us but reading up on this it seems this is the normal approach and we would not physically see any money until completion
Is this correct?
I have no idea but would be interested to hear the answer as currently have a chain free sale going through.0 -
Noobie2011 wrote: »Our solicitor has now advised the money would be held with either the buyer solicitor or ours until the completion date when it would all be transferred to us but reading up on this it seems this is the normal approach and we would not physically see any money until completion
Is this correct?
Yes, the deposit is always held by solicitors. Nobody's likely to trust the actual vendors with it.0
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