Saracens Blog

The money trail when you are buying a property

Mortgage Solicitor in London

The essential task of a house sale is to transfer money from one party to another in exchange for property. It sounds simple but the process entails some legal and financial transactions along the way that Saracens Solicitors can help with, when we act as your mortgage solicitor in London.

  • Deposit – it is standard practice, for most sales, to pay a 10% deposit when the contracts are exchanged. You transfer this to us and we complete the transaction on your behalf. This is non-refundable and signifies the point at which the sale becomes legally binding. If, for any reason, you do need to exit the sale process at this point, we can offer you advice on how to do this and what will happen;
  • Fees – there are some fees that you pay independently such as that of your surveyor or your removal team. However, you pay fees for things like land searches directly to us and we conduct them on your behalf when acting as your mortgage solicitor in London. You also pay our fees at some point. Every house sale is different so we would need to advise you about this when you first discuss your purchase with us. However, it is normal to pay some fees up front and settle the bill as the purchase goes through;
  • Mortgage – you arrange this with your mortgage provider. We do not offer financial advice in this area and recommend that you consider your options carefully. The cheapest mortgage payments do not always indicate the best deal. Once the house sale goes through, your mortgage company will transfer the funds you have arranged to us and we will apply them to your house sale. If you have mortgaged over the asking price in order to get funds for something like renovations, we transfer this to you when we act as your mortgage solicitor in London.

We send you an itemised transaction report at the end of your sale so that you can see all of the above and where various monies have been disbursed. Saracens Solicitors communicate with you and advise you about transactions throughout the process as well so that you know where and when your money is going.



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