What deposit do I pay my conveyancing solicitor?

26 Apr 2013

There are two types of ‘deposit’ involved in a property transaction and the answer to the question depends on which form of deposit you are referring to.

So when asking a conveyancing solicitor when do you send them ‘your deposit’, then realise (1) they will need you to fund the difference between the purchase price plus legal fees, less the mortgage, but (2) they will not need it all in one go, but in fact will only want enough from it as represents the exchange deposit leaving you to earn interest in your own bank account until the rest is needed nearer completion.

NOTE – when paying a deposit to your conveyancing solicitor, try to avoid cheques as they can take up to 6 working days to clear which can frustrate parties in a conveyancing chain who see this as a pure waste of time and therefore you causing undue delay. Instead consider an instant bank transfer.