You need to pay your deposit on exchange of contracts. We therefore recommend that you transfer the deposit to your solicitor about 10 days before exchange if you are sending the solicitor the money by way of cheque.
The seller’s solicitor normally holds the deposit in their client account, until completion. This way of holding a deposit is known in the conveyancing market as a “stakeholder” deposit.
The seller’s solicitors can, also hold the deposit on an “agency basis”. What this means is that the deposit can be automatically given to the seller on exchange, who can then spend it immediately.
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