When do i have to send the deposit

petermortgages

Hi,

i had a mortgage agreed for a new build (due to be finished Dec/Jan)

my question is when do we send the deposit to the solicitors?

do we send this once we exchange contracts with the builder?

or do we send this when the completion time is near?

thanks

Pete

foxy-stoat

You send it when asked by your solicitor - normally to your solicitor.

Have you asked them?

Tufa

You will have to do it prior exchanging the contract probably.
My flat is also due to be complete in Dec, we just exchanged a week ago so had to transfer the deposit to my solicitor. They will release the money to the builder prior completion.