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Exchange of contracts

(10 Posts)
Family000 Mon 27-Jun-16 20:46:37

Do we hand over the deposit at exchange of contracts or just sign the contract and deposit sent at arranged date

TheCrowFromBelow Mon 27-Jun-16 20:48:23

Deposit is usually transferred to the vendor at exchange.

Family000 Mon 27-Jun-16 20:51:04

We have an appointment with solicitor tomorrow. I hope he doesn't want the deposit then as my mum is getting it from her premium bonds ready for next week. Should we put off signing contracts till then

RoganJosh Mon 27-Jun-16 20:53:10

You'll probably sign the contacts way in advance of official exchange. Is exchange imminent?
Yes, deposits move upon exchange.

Family000 Mon 27-Jun-16 20:54:20

We are really only waiting for afew queries to be answered . How do we know if seller has signed their contracts.

Family000 Mon 27-Jun-16 20:58:46

Our solicitor did say he predicts exchange of contracts for 2 weeks time. What is tomorrow's appointment for then I wonder. Really should have asked but my brain is completely frazzled after all this .

Spickle Mon 27-Jun-16 21:03:53

Sounds like you are going to sign contract/transfer at the solicitor's tomorrow. These documents are usually signed in readiness for exchange, not the actual exchange. They will still need to formally ask you if you want to go ahead and exchange once everyone in the chain are ready. That's when they'll ask for the deposit. They'll need around 5 days to draw down funds from the lender before you complete.

Family000 Mon 27-Jun-16 21:27:33

Ok that's great thank you. So if we sign tomorrow. Get deposit sorted to be transferred to solicitor next week could we exchange afew days after this.

Spickle Mon 27-Jun-16 21:31:55

Exchange will happen only when all enquiries are satisfied.

Family000 Mon 27-Jun-16 21:37:01

This is so confusing as we get through the final stages. I don't want to waste solicitors time if we maybe should have waited till queries are answered then go and see him.

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