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Transferring money in exchange day

(5 Posts)
soozm73 Fri 31-Jul-15 17:46:16

Looks like we are going to exchange contracts (although there have been some weird delays so far so I'm far from confident).

I'm just trying to remember what happens with deposit money on exchange day - should we transfer it to our solicitor beforehand? Or can it all be done once we receive the money from our buyer. We have done it once before, but my memory has failed!

ojbsmum Fri 31-Jul-15 21:31:13

We exchanged last week.
Our solicitor wanted the money the day before so things weren't delayed. Bear in mind that that banks charge for transferring more than £10,000 in one go. You can do it over a couple of days to avoid the charge if you want - but we didn't find that out until the day before exchange...
Still not sure what's going to happen on completion next week!

soozm73 Sat 01-Aug-15 10:25:48

It's like some bizarre secret ritual isn't it? I'm sure they are deliberately opaque and take ages so you think the fees must be worth it. Ours hasn't asked us to transfer the money yet so will call her first thing Monday .. Although some of it comes from our buyer so I guess that has to happen on the day. Finding the whole thing very stressful atm.

specialsubject Sat 01-Aug-15 11:18:36

the money needs to be with your solicitor the day before. The amount you can transfer by internet banking varies: Barclays £10k, Lloyds and TSB £25k and Santander whatever they feel like on the day.

HoneyDragon Sat 01-Aug-15 11:24:18

<snurk> at Santander. It's funny 'cos it's true.

We transferred money to the solicter on the Monday and exchanged on the Tuesday.

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