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  • FIRST POST
    • whattodo7
    • By whattodo7 12th Jan 18, 8:12 PM
    • 8Posts
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    whattodo7
    When to transfer the solicitors the 10% deposit?
    • #1
    • 12th Jan 18, 8:12 PM
    When to transfer the solicitors the 10% deposit? 12th Jan 18 at 8:12 PM
    Hello,

    We are FTB and everything is ready to go for the house we are buying - all solicitor enquires have been settled and they have told us we are ready to exchange. I was told before Christmas everything is done for the house the vendor is buying as well. The solicitor says upon exchange of contracts the sellerís solicitor will require a 10% deposit to be paid to them. They say we cannot exchange until they have received cleared funds from us for the deposit and we should therefore call their team to make a card payment over the phone.
    Now everything is done should I phone them Monday to transfer this money? My only concern is that we haven't had a completion or exchange date set yet or had any discussion about dates.
Page 1
    • kingstreet
    • By kingstreet 12th Jan 18, 8:19 PM
    • 33,571 Posts
    • 18,208 Thanks
    kingstreet
    • #2
    • 12th Jan 18, 8:19 PM
    • #2
    • 12th Jan 18, 8:19 PM
    You will be asked for your preferred completion date(s) and then you should transfer your deposit to your solicitor when asked.
    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.
    • Slithery
    • By Slithery 12th Jan 18, 8:19 PM
    • 723 Posts
    • 1,131 Thanks
    Slithery
    • #3
    • 12th Jan 18, 8:19 PM
    • #3
    • 12th Jan 18, 8:19 PM
    Your solicitor can't exchange until they have your money, so no exchange date yet as they're waiting on your funds and have no idea how long this is going to take you.

    Once they have your money they will ask for your preferred completion date and negotiate this with the other parties.

    Yes. Send them the money.
    • Tom99
    • By Tom99 13th Jan 18, 2:45 AM
    • 2,252 Posts
    • 1,526 Thanks
    Tom99
    • #4
    • 13th Jan 18, 2:45 AM
    • #4
    • 13th Jan 18, 2:45 AM
    If you are planning to pay your 10% deposit using a debit card make sure its not over your banks daily debit card limit as they do vary quite a lot.
    • SassySaver88
    • By SassySaver88 13th Jan 18, 7:43 AM
    • 77 Posts
    • 96 Thanks
    SassySaver88
    • #5
    • 13th Jan 18, 7:43 AM
    • #5
    • 13th Jan 18, 7:43 AM
    We transferred ours after signing all the documents about a week before planned exchange, but every Solictor is different.
    Remember that you may have to pay a £25 CHAPS fee too to ensure it gets there same day xx
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