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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7602
Experience:  BA (Hons), PgDip, Practising Solicitor
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what is the process concerning exchanging contracts and paying

Resolved Question:

what is the process concerning exchanging contracts and paying for the house. i have been told by the vender that they can move around 15th may. at this stage my solicitors have completed all the searches satisfactory so i believe all we are waiting for was this move date. what happens now and when do i need to have funds ready?
Submitted: 6 years ago.
Category: UK Property Law
Expert:  Thomas replied 6 years ago.

Upon exchange you will have to pay you will have to pay the deposit. You're solicitor will request this from you before exchange and he will pay it to your vendor on your behalf at exchange.

A completion date will be set and your solicitor will prepare a completion statement showing the monies required to complete. He will ask this to be transferred in cleared funds before completion and will then complete on your behalf.

Kind regard

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