Moving home - Slightly OT Sory

[diy-newby]

Hi guys

We are in the process of moving house. Apologies for my naivety in the area but current house we only purchased (1st home).

Do the solicitors organise ALL the money transfers? i.e. Will our solicitor transfer the money to a current mortgage provider to clear that mortgage and then transfer the equity and the new mortgage to the solicitors of the people we are buying from?

What happens to the difference, i.e. we have arranged for slightly more mortgage is necessary to do improvements etc. Will the "left over" get transferred to our bank?

Thanks

[Palindrome]

Yes, he will do everything. You will probably get a cheque for the balance, eventually or when prodded (every extra day whilst it is in the post and in their account is extra interest for them).

[EricP]

Yes. You should not be involved in anything of that nature. Your solicitor is trusted to hold money on behalf of both parties and dispose of it properly.

You should receive a bill with an account of all the financial dealings and the left overs payable to you in an agreed manner. Either cheque or transfer into a bank account. Solicitors love electronic transfers.

[Vødkäjéllÿ]

Top tip there Eric. I'll request mine does that :-)