Solicitors asking for deposit & funds before exchange… normal?

[FlyingSoap]

I thought we wouldn’t transfer funds until completion day. Solicitor has said they need the outstanding balance (ie our deposit and fees to the solicitor) before they can exchange. Is it right?

Yes, have you read your contract? It is normal for a deposit to go to the vendor on exchange.

they will need your deposit before exchanging but their fees would usually be on completion.

Well, they’ll need the exchange deposit to send to the seller’s solicitor when you exchange.

Fees less usual, but I wonder if they’ve been left chasing fees after completion before and getting them in before exchange works better for them.

I’ve never worked for a firm that didn’t ask for fees with the balance of the purchase funds.

We always make sure we have the balance by the day before completion. Otherwise what if there’s a hold up at your bank on the day of completion?

Of course! How are they going to transfer the funds otherwise?
It will be held on trust for you and specifically to your order until the time for transfer occurs.
Delays can - and do - happen in the banking system so it is too risky for them to wait to receive money from you on the day of exchange and then on-transfer the money to the vendor.
When you come to completion, they'll want those funds in advance too. That doesn't really involve you if it's the mortgage provider providing all of the balance (although you'll need to complete all of the paperwork).
It can get complicated if you're in a chain and you're ability to pay your deposit is dependent of you receiving your deposit from the person higher up the chain. This is fairly standard, though, so, if it is the case for you, speak to your solicitor and they'll explain what paperwork everyone needs to have in place.
Remember you're responsible for insurance from the moment of exchange

Yup. Completely normal

Very normal….deposit and fees on exchange

Is your deposit coming from savings or equity from a property you are selling?

Savings

Ok in that case totally usual.