Moving House - When do you pay each bit?

the_it_guy

Hi

We are going to be moving house and have just had an offer accepted on a property. :j As we have only bought as new buyers before I am trying to figure out what gets paid when.

Anyone have any advice or corrections to the below:

Solicitor fees - In full before exchange of contracts
Estate agent fees - After the sale/purchase has been completed. (When we are in our new house)
Stamp duty - In full before exchange of contracts
Valuation Fees - In full before exchange of contracts
Removal firm - In full before the move

Also, let me know if I've missed anything.

Thanks

davidmcn

Solicitors fees & stamp duty - before completion really, rather than before exchange of contracts - though if only a short period between exchange and completion there's not much in it
Estate agents - tend to be paid via the solicitors after completion, so included in the solicitors' completion statement
Valuation fees - usually in full when you instruct them (they're not interested in whether or when you actually buy the property)

pimento

Our solicitors wanted £150 on account for selling our house and £400 on account for buying our next house.
Our surveyor wants to be paid at least three days before the survey.
Our Estate Agent will be paid by our solicitor before they pass on the balance to us at completion.
Stamp Duty will be paid by our solicitor before they pass on the balance to us at completion.

Not sure about removals yet.

hazyjo

I've paid removals cash on the day. It probably varies.

G_M

the_it_guy wrote: »

On purchase

* Solicitor fees - An amount (£200?) at the start to cover expenses/disbursements).
The balance before Completion.
[STRIKE]In full before exchange of contracts[/STRIKE]
* Valuation Fees - In full before exchange of contracts If getting a mortage, usually with the mortgage application. If not, then by agrement with your surveyor - usually within 14 days of the Valuation and/or survey
* survey - see above
* gas, electric etc inspection report - on receipt of report
* mortgage application fee - on application
* Estate agent fees - After the sale/purchase has been completed. usually - check contract terms.([STRIKE]When we are in our new house[/STRIKE]you may decide tomove in 3 months later! )
* 10% of purchase price at Exchange of Contracts
* 90% of purchase price at Completion

* Removal firm - In full before the move or as per the contract- read it!

* Stamp duty - In full before[STRIKE] exchange of contracts[/STRIKE]Completion,unless you have no mortgage and are paying HMRC yourself- then within 30 days of Completion

On Sale

* solicitors fee - on Completion



Thanks

Don't forget to budget for the repairs, replacement boiler (it will break down!), carpets (look nice now but they'll be grotty by the time the seller vacates.....) curtains, paint etc.

Tom99

You may have to pay all or a proportion of the 10% deposit on exchange of contracts.
It depends whether your buyers solicitor allows you to use your buyers deposit as a deposit on your purchase and how much deposit is required. Sometimes less than 10% is acceptable.