When do I have to pay the balance of money due
Whether you are buying or selling we will ask you for a small sum of money on account. This is to take care of the searches that we do on your behalf. If you are selling that is usually all you will pay (leaseholds may be different) and when we complete your sale we will of course account to you for any monies paid to us at the outset. If you are buying (and not selling) then we will report to you when all of the enquiries are completed and within our report will be a request to pay the deposit. This will be 10% of the purchase price. If you are selling also you will not have to pay a deposit. You can transfer the deposit to us online should you wish. Once you have exchanged contracts we will work out the balance that is due after any initial payments, deposits etc. We will need any funds from you to pay stamp duty and land registry etc.
We will let you know as soon as possible but please be warned if there isn’t much time between exchange and completion we could be asking you for money the day before you move. This is especially true if you are buying a leasehold property because we are relying on other people to let us have statements of what the current state of play for rent is.
Also when you are buying and selling we have to get redemption figures on any existing mortgage before we can work out your statement. We can’t always get that info quickly. Therefore if you want to move quickly after exchange you must be prepared to do some running around to get us the money.
It shouldn’t be a problem if we have plenty of time between exchange and completion. We will aim to give you as much notice as possible but for reasons explained it is not always that easy. However we always try to give you at least a few days notice and if we can will sent out our statement with a letter confirming exchange of contracts. We will need funds cleared in our account before completion.