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Slou123

Hello.

just wandered what the final stages are. We exchange then complete? When do we pay solicitors fees?  We are selling too. 

Thank you.

eddddy

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Slou123

eddddy said:

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Thank you- so I assume If we have a deposit from selling . They will keep that for deposit and remaining fees and then we would be billed the remainder?

housebuyer143

Slou123 said:

eddddy said:

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Thank you- so I assume If we have a deposit from selling . They will keep that for deposit and remaining fees and then we would be billed the remainder?

Deposit is paid at exchange so if your new house is more and you are using your own funds they will probably ask for that money as a deposit. 
If all your deposit is coming from the sale of your house they are not likely to ask for a deposit and will exchange without one.

Slou123

housebuyer143 said:

Slou123 said:

eddddy said:

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Thank you- so I assume If we have a deposit from selling . They will keep that for deposit and remaining fees and then we would be billed the remainder?

Deposit is paid at exchange so if your new house is more and you are using your own funds they will probably ask for that money as a deposit. 
If all your deposit is coming from the sale of your house they are not likely to ask for a deposit and will exchange without one.

So our deposit is coming from the sale. Most fees we are paying with our money , but about 20% of them will be from the sale too so how does that work if they won’t complete without being paid? Or does money get moved about before 

housebuyer143

Slou123 said:

housebuyer143 said:

Slou123 said:

eddddy said:

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Thank you- so I assume If we have a deposit from selling . They will keep that for deposit and remaining fees and then we would be billed the remainder?

Deposit is paid at exchange so if your new house is more and you are using your own funds they will probably ask for that money as a deposit. 
If all your deposit is coming from the sale of your house they are not likely to ask for a deposit and will exchange without one.

So our deposit is coming from the sale. Most fees we are paying with our money , but about 20% of them will be from the sale too so how does that work if they won’t complete without being paid? Or does money get moved about before 

They will have all the money on the completion day and they will ensure before hand that they have enough money to buy your house and pay themselves. If this means you need to send them additional money before completion then they will advise you. 

Slou123

housebuyer143 said:

Slou123 said:

housebuyer143 said:

Slou123 said:

eddddy said:

Slou123 said:

We exchange then complete? 

When you exchange contracts you become legally obliged to purchase the new property and sell your current property. There's no turning back! (Or if do turn back, you'll probably be sued for a large chunk of cash.)

So you don't exchange contracts until you've got a firm mortgage offer, and your solicitor is happy with all the legal stuff. You pay a deposit.

On completion, you hand over the remainder of the purchase price, and your current property is no longer yours, and you own the new property.

Slou123 said:

When do we pay solicitors fees? 

You pay your solicitor on completion. Your solicitor won't do the completion, if they're not paid.

Your solicitor will provide a completion statement before completion - listing all incoming money and all outgoing money.

The completion statement 'grand total' might show that you will owe the Solicitor a chunk of money, or it might show that the Solicitor will owe you a chunk of money.

If you end up owing the solicitor money, you have to pay them before completion. If the solicitor ends up owing you money, it will be paid to you shortly after completion.

Thank you- so I assume If we have a deposit from selling . They will keep that for deposit and remaining fees and then we would be billed the remainder?

Deposit is paid at exchange so if your new house is more and you are using your own funds they will probably ask for that money as a deposit. 
If all your deposit is coming from the sale of your house they are not likely to ask for a deposit and will exchange without one.

So our deposit is coming from the sale. Most fees we are paying with our money , but about 20% of them will be from the sale too so how does that work if they won’t complete without being paid? Or does money get moved about before 

They will have all the money on the completion day and they will ensure before hand that they have enough money to buy your house and pay themselves. If this means you need to send them additional money before completion then they will advise you. 

That makes sense thank you!

middleagedriver

Sorry to go off topic but does this mean you have your Deed of Variation sorted?  

Slou123

middleagedriver said:

Sorry to go off topic but does this mean you have your Deed of Variation sorted?  

No! We had to get a new mortgage as they were so slow, new lender as original taken products off the market. New lender doesn’t need a doV 😅