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How long after deposit is exchange

slwj89
slwj89 Posts: 50 Forumite
10 Posts First Anniversary
in House buying, renting & selling
Hi all.

we have just transferred our deposit to solicitors this week, they have everything they need.
how long is exchanged after you have paid deposit?
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Second Anniversary 10 Posts Name Dropper
    In my situation I paid my deposit 6 weeks ago and still waiting to exchange. I get the feeling I  could be waiting a few months to exchange.
  • Ath_Wat
    Ath_Wat Posts: 1,504 Forumite
    1,000 Posts Name Dropper
    slwj89 said:
    Hi all.

    we have just transferred our deposit to solicitors this week, they have everything they need.
    how long is exchanged after you have paid deposit?
    Could really be any length of time - your solicitors are currently just holding your deposit.  They wouldn't normally ask for it until exchange is close, but of course anything can happen even at the last minute to delay or prevent a planned exchange.
  • slwj89
    slwj89 Posts: 50 Forumite
    10 Posts First Anniversary
    Ath_Wat said:
    slwj89 said:
    Hi all.

    we have just transferred our deposit to solicitors this week, they have everything they need.
    how long is exchanged after you have paid deposit?
    Could really be any length of time - your solicitors are currently just holding your deposit.  They wouldn't normally ask for it until exchange is close, but of course anything can happen even at the last minute to delay or prevent a planned exchange.
    Turns out we actually exchanged the next day! 
    To be fair the whole process has taken 7 months to get here though 🤦‍♀️
  • youth_leader
    youth_leader Posts: 3,023 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    That's strange, the solicitor would normally contact you to ask if you are happy to exchange?  And you should know the completion date at the same time?
    £216 saved 24 October 2014
  • TripleH
    TripleH Posts: 3,188 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Because of rules on client money, a solicitor shouldn't have your deposit for an excessive amount of time intheir client account (they are not a bank), so if they ask you to send it over, then that should mean exchange is imminent.
    The above isn't a guarantee, but there usually have to be good reasons why they are keeping client money in their client account for a long time.
    May you find your sister soon Helli.
    Sleep well.
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    I am not a cat (But my friend is)
  • Ath_Wat
    Ath_Wat Posts: 1,504 Forumite
    1,000 Posts Name Dropper
    Alter_ego said:
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    That's not the question they asked.  They said they had paid the deposit to their solicitor.
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 13 September 2022 at 7:54PM
    Ath_Wat said:
    Alter_ego said:
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    That's not the question they asked.  They said they had paid the deposit to their solicitor.

    Maybe they said they had paid deposit to their solicitor, that just indicates they don't really understand how the system works. Their question is the thread title.
    Ath_Wat s Quoteaid:
    Alter_ego said:
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    That's not the question they asked.  They said they had paid the deposit to their solicitor.



    I am not a cat (But my friend is)
  • Ath_Wat
    Ath_Wat Posts: 1,504 Forumite
    1,000 Posts Name Dropper
    Alter_ego said:
    Ath_Wat said:
    Alter_ego said:
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    That's not the question they asked.  They said they had paid the deposit to their solicitor.

    Maybe they said they had paid deposit to their solicitor, that just indicates they don't really understand how the system works. Their question is the thread title.
    Ath_Wat s Quoteaid:
    Alter_ego said:
    To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
    That's not the question they asked.  They said they had paid the deposit to their solicitor.



    No - you pay the deposit to your solicitor, who on exchange pays it to the vendor's solicitor.  That is how the system works.  If you are saying "it's not a deposit until the vendor's solicitor gets it" then that might be strictly correct but is extremely pedantic.  There is no point in replying to one interpretation of the title when the question gives more information showing that interpretation is not the correct one.
  • kingstreet
    kingstreet Posts: 39,436 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    slwj89 said:
    Hi all.

    we have just transferred our deposit to solicitors this week, they have everything they need.
    how long is exchanged after you have paid deposit?
    Do you have an agreed completion date? If you don't yet have one, exchange of contracts can't go ahead.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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