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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I am nearing the conclusion of purchasing a flat ( £86 000) The

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I am nearing the conclusion of purchasing a flat ( £86 000)
The conveyancers of both vendor and purchaser (myself) belong to the same company, Premier Property Lawyers, a situation I agreed to as part of a buyer's incentive through Fox and sons, (Estate Agents)
There is no chain, the flat I'm purchasing is empty, and I have the money ready having moved out of my flat and I'm staying with my son
Although, apparently, all enquiries have now been completed, my Conveyancer won't give me a definite date for either Exchange of Contracts or Completion while saying he needs the full amount of the purchase, plus fees, before he can excahnge contracts (about £87 000, £350 having already been paid)
I suggested September 30 as a Completion date. The Conveyancer said this was being suggested to the vendors but he has so far failed to confirm that they accept that date despite my requests, and continues to request the full amount
I am not happy about paying money without having a date
Is it true he needs the money before exchanging contracts?
It doesn't seem right to pay his fees before Completion
If Exchange of Contracts and Completion are on the same day, at what point do I pay the money?
I would appreciate your help with these questions
Thankyou
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
All Solicitors/Conveyancers have different procedures concerning requesting clients funds. Certainly, all of us need at the very least 10% of the Purchase price before Contracts can be exchanged, as this 10% represents the Deposit payable to the Seller, on exchange.
Likewise, all of us require our fees to be paid shortly before completion- if you read the small print in PPL's terms of business, it will likely say that their fees are payable on exchange of Contracts or certainly by the time of completion.
In your situation, as you wish to complete on 30th September, it would therefore make sense for PPL to have requested the full funds from you, ONCE a completion date has been confirmed. This is because PPL need to make sure the funds are there by the time of completion, bearing in mind this is coming up shortly, and from your point of view, it saves you having to pay your Bank for 2 electronic transfers (one for the Deposit of 10% and one for the balance purchase monies and fees).
So, I would suggest that you speak to PPL in the morning, and confirm that you will send all the required funds, ONCE they confirm the completion date of 30th September, as you don't wish to part with your funds and for them to be sitting in their client for weeks, in the unlikely event of there being a delay in completion.
I hope this assists you and answers your question.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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