How long after deposit is exchange

slwj89

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?

[Deleted User]

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

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

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

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?

TripleH

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.

Alter_ego

To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.

Ath_Wat

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

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.

Ath_Wat

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

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.