When is deposit paid to solicitor

mm1985

We are due to exchange on Tuesday with completion hopefully on Thursday. There is one house below and one above. The house below us in the chain is selling to a couple on rented accomodation. When would they be due to pay the deposit if exchange is planned for Tuesday? Would it have already been given to solicitor? 

The reason I ask is that we have just found out they are going to view the house on Tuesday. I’m just wondering if they will be holding onto the deposit until they have had one final viewing which could then delay exchange and possibly completion 

greatcrested

your solicitor will need the money before he can Exchange for you.

Get it to him first thing tomorrow.

If Exchange is delayed, well, so be it.

But if your solicitor does not have the money, Exchange will be delayed.... because of you.

mm1985

greatcrested said:

your solicitor will need the money before he can Exchange for you.

Get it to him first thing tomorrow.

If Exchange is delayed, well, so be it.

But if your solicitor does not have the money, Exchange will be delayed.... because of you.

Thank you. But it is not our deposit I was concerned about. It was the deposit of the buyers at the bottom of the chain. 

I guess I am just a little concerned about the fact that they are going to view our buyers property the day we are planning to exchange. 

If solicitor has their deposit then would they just go ahead with exchange or would they wait to be instructed by the buyer after they have gone back to see the property? 

JGB1955

They will be asked by their solicitor if they are happy to exchange.  It's not unusual to view the property at exchange - just to make sure it's vacant/likely to be vacant, nothing has changed since viewing etc etc. that what you think you're buying is actually still there.

davidmcn

As above, whether or not they've given the deposit to their solicitor is fairly meaningless. They could pull the plug any time before exchange actually happens. 

mm1985

Fingers crossed all goes to plan in that case. I know up until now the buyers at the bottom of the chain have been keen to get in ASAP so hopefully they are just having one last look at the property.

our buyer has said they are coming to check that there are no holes in the floor. I am not sure what that means although I know they have amtico flooring so guessed they may be checking the floor is not damaged 

eddddy

mm1985 said:

our buyer has said they are coming to check that there are no holes in the floor. I am not sure what that means although I know they have amtico flooring so guessed they may be checking the floor is not damaged 

I imagine they're being flippant - and they're not really talking about checking the Amtico flooring.

I imagine that they just mean they want to have a final look at the house to make sure that nothing bad has happened to it since they last viewed it.  Some people like to do that just before they exchange contracts.

greatcrested

The contract requires that at Completion the property is handed over in the same condition as it was at Exchange. Not in the the condition it was at 3 weeks (or whatever) earlier when last viewed.

So checking its condition at Exchange is sensible.

GDB2222

The real question for the OP is why isn’t he/she doing the same? Why doesn’t everyone?  

saajan_12

mm1985 said:

greatcrested said:

your solicitor will need the money before he can Exchange for you.

Get it to him first thing tomorrow.

If Exchange is delayed, well, so be it.

But if your solicitor does not have the money, Exchange will be delayed.... because of you.

Thank you. But it is not our deposit I was concerned about. It was the deposit of the buyers at the bottom of the chain. 

I guess I am just a little concerned about the fact that they are going to view our buyers property the day we are planning to exchange. 

If solicitor has their deposit then would they just go ahead with exchange or would they wait to be instructed by the buyer after they have gone back to see the property? 

Some things are done ahead of exchange to minimise delays on the day of exchange. This usually includes transferring deposit to solicitors, and clients physically signing contracts. You can check whether the buyer has done that. 

This is different to the viewing just before exchange, which everyone should do, as that is the condition of the property you are contracting to buy. So what should happen is:
1. Days ahead: deposit / physical signing 
2. On the day: viewing > phone call to solicitor saying go ahead > Solicitors exchange
3. Completion day: funds transferred, property transferred, check same condition as exchange.