Who do I pay? When do I pay?

Who do I pay? When do I pay?

You have three milestones where you need to budget your payments:

1) Booking deposit – This is paid to the auctioneer and is a wholly refundable deposit until you sign contracts.

2) Balance contract deposit – This payment is made to your solicitor who then transfers it to the vendor’s solicitor and will bring your total payments (to include the booking deposit) to 10% of the total price of your property.

3) Completion – Immediately prior to completing the purchase, you will be required to transfer the balance monies, legal costs and outlays due to complete the purchase of the property to the solicitor. Your solicitor will issue a completion statement to you when they apply to the bank for the mortgage monies that set out in detail all of the costs involved. Once the mortgage monies are received from the bank, then your solicitor will transfer the balance of the purchase monies to the vendor’s solicitor and complete the transaction.