Mr S1

iTrader: (2)

OK guys, need to try and get something straight in my head so looking for information from people who know, not those who guess !
When buying one house and selling another there are legal fees, stamp duty etc that need to be paid – I’m fairly sure this has to be paid cash (ie. cheque to the solicitor) but my other half seems to think that it’s just deducted from the sales proceeds (equity) from the property that has been sold so it’s a paper transaction with no actual cash being paid.
Can someone who has done this confirm for me ?
Thanks.

FORD RS MAD

iTrader: (1)

Your missus is correct,i sold my flat in 2008 for £75k,after the mortgage was settled the solicitor took their fees & i was left with a cheque with what was left.My partner sold her house & we bought another in 2009 & again all fees were dealt with,no cash or cheque changed hands.

saff_cossie

^^ Certainly the same as here too. Most people wouldn't have the funds to cover all the associated fees at their disposal.

Rick Astley

The only up front fee I have had to pay is for the surveyor. The rest is dealt with by the solicitor.

Chip

iTrader: (3)

Yep its typical for the solicitor to just collect their money out of the sums they are handling anyway.

Markb_s1

if selling you may have to pay up from for advertising and a HIP...
unless you're with an agent who throws in the HIP/conveyancing for free as long as you use their ones.

Mr S1

iTrader: (2)

That makes life a little easier - cheers for the replies chaps

Shings

If you're buying a house and there is excess money in the sale/new purchase I dont see why they cant take it out of the proceeds and I would certainly state this when I come to do this.

But if there is no excess money the solicitor will know this from the details and will want the money up front as per a first time purchase- as example I had to pay my deposit and fees directly to the solictor prior to purchase of my first house.