Deposit from our sale

skm1981

We are very likely going to complete on the sale of our house before we complete on our purchase.  We are looking to exchange either today or early next week and complete on 8th January.  I think that our purchase, assuming the searches are ok when they come back, will complete at least a few weeks after completion of our sale.  So I'm just wondering, the despoit from our buyers, will my solicitors hold onto that for our purchase or will they give it to us, or is it up to us?  It's the same solicitors acting for our sale and purchase.

davidmcn

Entirely up to you. You'd miss out on the interest, but given how low rates currently are, that's likely to be outweighed by the bank charges/hassle for transferring the money twice.

GDB2222

When you complete, you are entitled to the whole of the money paid, less whatever is used to pay your mortgage and fees. 

ic

Double check what protection there is for your money whilst it's in their accounts.

davidmcn

ic said:

Double check what protection there is for your money whilst it's in their accounts.

The same as if in your own account. It isn't a risk to be concerned about.