At What Point...

Conan1Sett

Presuming that everything is accepted and the deal goes through, at what stage does the lender take the deposit from the buyers account? 
Another thing: I was told by the conveyancer that they require some funds up front to carry out some of the work, and the rest of their fees need to be transferred on completion? I was assuming that would be round about the same time the lender took their deposit? 

Amy32

Conan1Sett said:

Presuming that everything is accepted and the deal goes through, at what stage does the lender take the deposit from the buyers account? 
Another thing: I was told by the conveyancer that they require some funds up front to carry out some of the work, and the rest of their fees need to be transferred on completion? I was assuming that would be round about the same time the lender took their deposit? 

We paid about 20% of our conveyancing fees up front the rest are due on day of completion (or day before maybe). The deposit for the house I transferred to the solicitor a few days ago once our mortgage offer was through and the solicitor had put a pack together for us to sign and witnessed. As I sent that back I transferred the deposit. 

[Deleted User]

The lender doesnt take a deposit.   The lender sends the mortgage funds to the solicitor, you send your deposit to the solicitor, and then the solicitor sends all the money to the sellers solicitor.  

They will usually ask for deposit funds about a week before exchange of contracts and then send the request to the lender for their money in time for completion. 

At the moment you are looking about 3months+ for having an offer accepted to being asked for your deposit

Conan1Sett

Deleted_User said:

The lender doesnt take a deposit.   The lender sends the mortgage funds to the solicitor, you send your deposit to the solicitor, and then the solicitor sends all the money to the sellers solicitor.  

They will usually ask for deposit funds about a week before exchange of contracts and then send the request to the lender for their money in time for completion. 

At the moment you are looking about 3months+ for having an offer accepted to being asked for your deposit

Ok sounds good. 
How much of the process takes place face-to-face? 
I've already completed the viewing and had the offer accepted. 

[Deleted User]

Pretty much none. Even in 'normal times'

Mortgage application - mostly over phone or video chat at the moment
Lenders Survey - may visit the property or may do desktop survey
Solicitors - will communicate via email or letter to each other and their clients.    

There is only going to be 3 or 4 documents to sign to get it all done.  They will be sent in dribs and drabs over the next few months.  Some you sign and send back, some you need to have witnessed as you sign them before sending back.

You transfer your deposit electronically.