Can I use deposit and replace before exchange

femster82

Hi,

Once you have satisfied all proof of deposit, is it possible to take some money out of the deposit account to pay for some fees, and then replace it before it is needed for exchange?

So for example: 
The bank and solicitors are happy with the proof of funds. The completion date is not for a couple of months.
I need some funds to pay some associated fees.
This will be replaced long before it is needed as I get paid weekly.

What is the protocol in these circumstances? 

user1977

Talk to your solicitor, but in principle it shouldn't be a problem if the replacement funds are simply from your pay.

Schwarzwald

What is the deposit account you are speaking of? Is this simply one of your sub bank accounts?

never heard solicitors and banks require you to put the deposit into escrow and dont touch it.
sure you use those funds, just need to make sure you got sufficient funds on the day you need it to send to your solicitor for exchange

femster82

Schwarzwald said:

What is the deposit account you are speaking of? Is this simply one of your sub bank accounts?

never heard solicitors and banks require you to put the deposit into escrow and dont touch it.
sure you use those funds, just need to make sure you got sufficient funds on the day you need it to send to your solicitor for exchange

Just left it in a savings account linked to my main account. I didn't know what the rules were but I have a few fees to pay for and I need to dip into the pot a bit but like mentioned nothing that won't be replaced weekly by my pay.

propertyrental

Once the solictor has done his due diligence tomestablish a) you have the funds and b) it's not sourced from people smuggling, he won't care.

Move it around, spend some/all of it, but just make sure that when you need to transfer the deposit to the solicitor you have access to enough.

It will only be a problem if he does not receive it!