Solicitors Fees - when are they paid?

C

ciara_gmail

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Hello,

Can anyone tell when the solicitor needs to be paid when buying a new property? Is it after the contracts are signed (say 21 days in the case of new apts?) Will they invoice you at this time?

Thanks
Ciara
 
They usually expect payment prior to or at close from my limited experience!
 
having just given our solicitor a 10% deposit on the proerty we are buying we do not have any money left for
a. our solicitors fee
b. the stamp duty

this money will however become available when our mortage goes through. Is this not the done thing? i was under the impression that once the mortage gets draw down the solicitor takes their fee from that and the stamp money can also be taken from it. Thus we would be getting the money we have already stumped up in return???

am i looking at getting somekind of a loan to pay off the solicitor/stamp?
 
Does this become available because the draw-down includes the 10% you have already paid? If this is the case then yes, the solicitor will take fees and stamp duty from whatever lefts after the vendor is paid.
 
yeah it does. We had a sum saved to cover stamp, fees (legal etc) and initial deposite (5k) and money to renovate. All this has just been signed over as the 10%. We were expecting to get the renovation money back from the mortage after all the fees had also been payed from it?
 
You should be fine then as long as you know that your solicitors fees and the stamp duty amount are well under the 10%. Just make sure you clarify those amounts with your solicitor now so you don't get any surprises later..
 
"We were expecting to get the renovation money back from the mortage after all the fees had also been payed from it?"

You are getting loan finance to buy and to renovate. In these circumstance, it is not normal for the full loan amount to be released on initial drawdown; you should double check with solicitor and lender.
 
MOB said:
"We were expecting to get the renovation money back from the mortage after all the fees had also been payed from it?"

You are getting loan finance to buy and to renovate. In these circumstance, it is not normal for the full loan amount to be released on initial drawdown; you should double check with solicitor and lender.
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we have put up the 10% down payment from our own savings, but we are getting a 98% loan. This 10% was due to cover stamp duty legal fees and renovations that we have planed. Why would the lenders not draw down the full amount of the approved mortgage if they have already agreed to it. This 10% could have been a short term loan that we recieved from a credit union for eg (im sure a lot ofpeople do this) that may need to be paid back asap? i presumed that this was a common thing to do.
 
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