Paying deposit into solicitors' account

[BoBoo]

So we've just had an offer accepted - first time buyers - and have a guide to the process through from the Estate Agents. Step 2, after 'receive confirmation letter from Estate Agents', is 'Instruct solicitors, fill in forms and pay money on account'.

Really? I'm sure they'd like us to do it that way, but do we have to? The deposit is pretty effing sizable, so if it's going to be sitting in a bank account I'd like it to be ours. Can I not keep the deposit until we exchange?

You don't have to put the money into their account until you are near exchange but if the money's not there when the other people want to exchange, then your solicitor can't go ahead. Bear in mind that it can take a few days in the limbo between accounts, it's best to get it there a week or so before exchange is likely to happen.

Money on account may not just mean the deposit, it might be referring to the search fees that the solicitor will have to pay to do the necessary local searches. Last time we bought a house we needed to pay these fees up front before the solicitor would initiate the searches, and this is pretty common. We paid about £250 on account for this.

What onlyaphase said. I'd wait until the solicitors ask you for any money, it'll just be the approx £250 on account.

Phew. That I can stomach. Thanks.