Exchange date - do we need to do anything/be available?

Thrugelmir

btcp said:

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

Might be worth mentioning to your solicitor. 

btcp

AlexMac said:

Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

Fraud by sending money to solicitor? How come? 

user1977

btcp said:

AlexMac said:

Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

Fraud by sending money to solicitor? How come? 

By a fraudster masquerading as your solicitor and providing you with their bank details rather than those of your solicitor.

btcp

user1977 said:

btcp said:

AlexMac said:

Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

Fraud by sending money to solicitor? How come? 

By a fraudster masquerading as your solicitor and providing you with their bank details rather than those of your solicitor.

Well I am so far in the process and sent money to my solicitors multiple time for searches etc.

MaryNB

btcp said:

AlexMac said:

Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

Fraud by sending money to solicitor? How come? 

For example, you get an email with an invoice from your solicitor. Then you get a follow up email saying they previously sent you the wrong account details and please use the account details on the second email. What you don't notice with the second email is that the sender's email address is one letter different to the first email. The second email is in fact from someone who hacked into your solicitor's emails. You send the money to the hackers account and by the time you realise it, that account has been emptied and closed and theres nothing else you can do. You authorised the payment, bank won't refund you.

Shouldn't be as big an issue now that account names are checked when sending money but not sure how robust that system is or if hackers have found a workaround.

Best practise is to send a small nominal amount, phone your solicitor on a number you know is theirs (don't take it from the invoice) and check if they've received it.

btcp

MaryNB said:

btcp said:

AlexMac said:

Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

Fraud by sending money to solicitor? How come? 

For example, you get an email with an invoice from your solicitor. Then you get a follow up email saying they previously sent you the wrong account details and please use the account details on the second email. What you don't notice with the second email is that the sender's email address is one letter different to the first email. The second email is in fact from someone who hacked into your solicitor's emails. You send the money to the hackers account and by the time you realise it, that account has been emptied and closed and theres nothing else you can do. You authorised the payment, bank won't refund you.

Shouldn't be as big an issue now that account names are checked when sending money but not sure how robust that system is or if hackers have found a workaround.

Best practise is to send a small nominal amount, phone your solicitor on a number you know is theirs (don't take it from the invoice) and check if they've received it.

I am hoping the bank details are the same as I sent searches money to. The payee is already set up in my banking. But thanks for the detailed description of the case, sounds like a regular email fraud. 

AnotherJoe

GDB2222 said:

btcp said:

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

You don’t have to top it up to 10%?

Often you dont. I didnt and neither did my buyers below me, they put forward less than 10%.

btcp

SameOldRoundabout said:

They’ll need proof of insurance emailed over before the day, to start on the day. 

So I just asked them over an email about insurance. They said they will let me know once they've exchanged, then I will need to put insurance in place from the same day. Does not sound they need it a day before. 

btcp

AnotherJoe said:

GDB2222 said:

btcp said:

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

You don’t have to top it up to 10%?

Often you dont. I didnt and neither did my buyers below me, they put forward less than 10%.

So when I asked them at the beginning of the process to transfer my buyer's deposit up the chain, they said it's fine they can do so. Then when I signed the contract, the deposit field was empty - the solicitor said they will fill it out on exchange. They also sent me a letter saying that if a buyer won't be able to pay a deposit, it means they have not accumulated enough cash and we can do nothing about it. I suppose this is a general statement that is passed on the chain. Especially under the circumstances that everyone would be keen to complete before the end of the month, my thinking is that probably no one will push back and insist on the deposit, otherwise everything will be delayed. I'll just wait and see what my solicitor says at the end. I wish they'd provide better clarity on each step but again, don't want to distract them from doing their job fast now...

gingercordial

I didn't have to show proof of insurance to my solicitor (but I did get it, of course).

As my husband was working night shifts that week and did not want to be woken up he had already emailed the solicitor to say that I had authority to agree to exchange on his behalf too.