Paying a Solicitor in full before closing (conveyancing)

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gnf_ireland

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Hi All,
I am in the process of purchasing a house and had a solicitor recommended to be by the mortgage advisor. The price quote was reasonable and he appears to be above board etc

The situation is tricky as I want to close while I am away on honeymoon, to allow me to collect the keys on my return. I tend to only pay for anything in full, once the work has been completed, unless there is a very valid reason otherwise.

The solicitor has requested that I meet on the 21st March and pay the house price (less mortgage & deposit), stamp duty and all legal fees and outlays. I said I had no issue with the first two, but had issue with the second as the work has not completed yet

The response was...
" I cannot disburse monies without being in funds for all legal charges and outlays. Otherwise I am in breach of my undertaking to bank. Normal practice is to be in funds prior to closing for this reason."

Can you confirm this is the case, or are they just trying to get payment from me early ? I have shown I have the funds available to pay all sums requested

Thanks
 
gnf_ireland said:
Hi All,
I am in the process of purchasing a house and had a solicitor recommended to be by the mortgage advisor. The price quote was reasonable and he appears to be above board etc

The situation is tricky as I want to close while I am away on honeymoon, to allow me to collect the keys on my return. I tend to only pay for anything in full, once the work has been completed, unless there is a very valid reason otherwise.

The solicitor has requested that I meet on the 21st March and pay the house price (less mortgage & deposit), stamp duty and all legal fees and outlays. I said I had no issue with the first two, but had issue with the second as the work has not completed yet

The response was...
" I cannot disburse monies without being in funds for all legal charges and outlays. Otherwise I am in breach of my undertaking to bank. Normal practice is to be in funds prior to closing for this reason."

Can you confirm this is the case, or are they just trying to get payment from me early ? I have shown I have the funds available to pay all sums requested

Thanks
Click to expand...

We bought house recently and had to pay before we could close and get keys - was told this was to do with the bank
 
Could I also ask a similar question please:-

My brother is also in the process of buying a house. He is buying the house without a mortgage. He has paid the full amount to the solicitor weeks ago and he is worried that the solicitor has his life savings and still no house. He has been told that they are waiting on paperwork for weeks now plus he has also paid the stamp duty. Should he be worried that its taking go long. He put a deposit down in August and cant understand why its taking so long as he is a cash buyer. Is his money safe?
 
Dublin3124 - that is a question I cannot help you with

Do you know if contracts have been signed by both parties ? If not what stage is the sale at ? etc etc.
I would personally be nervous, but thats me
 
Dublin3124 said:
Could I also ask a similar question please:-

My brother is also in the process of buying a house. He is buying the house without a mortgage. He has paid the full amount to the solicitor weeks ago and he is worried that the solicitor has his life savings and still no house. He has been told that they are waiting on paperwork for weeks now plus he has also paid the stamp duty. Should he be worried that its taking go long. He put a deposit down in August and cant understand why its taking so long as he is a cash buyer. Is his money safe?
Click to expand...

Your brother does not need to worry. All funds with your solicitor are well covered under the solicitors guarantee scheme.

Buying a property takes ages. The delay could be at your solicitor's end or at the other end. It's possible that the vendors want to delay moving out. What is your solicitor telling you?
Brendan
 
gnf_ireland said:
I would personally be nervous,
Click to expand...

I'd be nervous as well, from the point of view that if the deal was done in August last, (near 8 months ago) are the vendors hanging on for a market recovery ? If no contracts have been exchanged, if i were him, i would take a hard look at the entire transaction and the possibilty of a better deal.
 
Hi,

Its an Executors sale and noboby is living in the house. Both sides have signed contracts. Just keeps getting told that they are still waiting on papers from the other side but the other side say that his solicitor has everything.

Thanks
 
Dublin3124 said:
Hi,

Its an Executors sale and noboby is living in the house. Both sides have signed contracts. Just keeps getting told that they are still waiting on papers from the other side but the other side say that his solicitor has everything.

Thanks
Click to expand...

That sounds a bit strange alright -maybe he should ask his solicitor if he need to get the Law Society involved and that might move things along
 
If its an executor sale it might be possible that they are waiting on probate to issue.. ie the legal document that allows the executors to deal with the land. Quite offen executors will hold off applying for a grant until contracts are signed as this can be an expensive process depending on the value of the estate and unless a sale is underway a needless one. I wouldnt be worried as mentioned above the money is well covered.
 
Hi all,

Thanks for the replies and sorry for taking over thread.

Just another question if I may......

The solicitor has said that it should be sorted out today and wants to be paid. He has also said that my brother will not be given the deeds of the house for another two months. My brother is very worried about this. Is this standard practice to have to wait two months for the deeds to a house that he has already paid for? should he not be given them on closing?

Many thanks :)
 
Yes, it's normal. First the solicitor has to stamp the deed, then send it to the PRAI ( property registration authority ) to register the title in your brother's name. This process usually takes a few months.
 
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