Paying deposit

[Hayleydobedoo]

Hello
Might be a bit premature to ask as our solicitor has only just starred searches but estate agent said we should be in by September so im forward planning, we have 50% deposit, do we pay part of this on exchange? And the remaining on completion? We were told rhst we will get bank details via portal or post, I read online to do a test run of £10 or something to see if it reaches solicitor ok and then if i do the remaining payment in branch, has anyone else done this? Ftb so all new to me, when we know completion day If I do a transfer in branch will it reach there same day likely? Sorry if this is silly to ask

Thank you

The solicitor holds it in a specific account so you would normally advance the deposit money for exchange (5/10%) and the balance before completion allowing several days to clear.

Ah i see, it gets paid before completion date that makes sense thank you for your help!

You need to split the cash you are putting into the house into 2 parts.
A deposit- usually 10%- that needs to be paid to the solicitor before exchange.
And the cash portion of your purchase. That needs (along with the money from the mortgage, and stamp duty, and solicitor fees) to be with to solicitor before completion.

If exchange and completion are close together, you might want to shift it all together. You will be charged by the bank for a CHAPS transfer. Or you can transfer it daily by bacs, but the daily limit is something like 20k.