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How long after deposit is exchange
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Alter_ego said:To answer your exact question. Deposit is paid to the vendors solicitor at the moment of exchange. That is - simultaneous.
You are wrong.
Most exchanges these days are a Formula B contract, which is when the buyer's and the seller's solicitor each hold their own clients' signed contract. The "contracts" are swapped (exchanged) with the other party on exchange. The buyer pays the deposit to the buyer's own solicitor who holds onto the deposit in their client account until completion.
The funds are, in most cases, 'held to order'. This means that they are not physically forwarded to the seller's solicitor, but held in the buyer's solicitor's client account, strictly to the order of the seller. The total monies needed for the purchase (including the deposit) are paid on completion.
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