How does it all work- contracts, deposits, etc?

[notasize10yetbutoneday]

I am embarrassingly ignorant as to how the house moving process actually works. Please could someone answer my questions so I don't have to ring our snooty and terribly busy, don't you know, solicitor yet again?

1. The person buying our house will be paying a deposit- where does that money go, and at what stage of the process?

1. The deposit we are paying on our new house- to whom and when do we pay that?

1. When do we pay solicitors fees?

1. When do we pay estate agents fees?

1. When do we pay the removal company?

1. Is signing contracts, the same as exchanging contracts? Is 'completion' the date you move in? God this is embarrassing. We bought our house 4 years ago but I seem to have blanked out the entire process from memory.

Thank you!

1. The person buying our house will be paying a deposit- where does that money go, and at what stage of the process?

On exchange it goes into a holding account

1. The deposit we are paying on our new house- to whom and when do we pay that? Again on exchange Solictor may be able to use your buyers deposit in part but you may need to advance some more if trading up

1. When do we pay solicitors fees? At the end of the process often out of the proceeds of whole transaction

1. When do we pay estate agents fees? as 3.

1. When do we pay the removal company? May vary but usually on the day

1. Is signing contracts, the same as exchanging contracts? Yes you sign in advanceof exchange

Is 'completion' the date you move in? Usually yes, it is when the title changes hands and you gain possession of keys

Signing is not the same as exchange. You can sign whenever your part of the contract is ready, as can your buyers/vendors. Exchange though is when the two sets of solicitors get together on the phone and both agree they're happy with the contracts that have been signed.