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Who has the right to charge on an exchange and completion of a land sale?
Who has the legal right to hold monies on exchange and completion of a land sale? Vendor's solicitor, purchaser's solicitor or vendor? Are there special circumstances where rules can be changed (i.e. under European Law)? Who can the solicitor pay i.e. debtors? Does the client give instructions who gets paid off, or does the decision get made by the solicitor? Can the solicitor take his fees at source and just give you what is left with you not having seen any bill?
There is no legal requirement for any specific person or company to hold the deposit on exchange. It is entirely a matter of contract and can be agreed between the parties. That said it is almost always the sellers Solicitor and any attempts to do otherwise are treated with suspicion.
Similarly in the case of
completion although payment to the Sellers Solicitor is the best way to
obtain a good and valid receipt.
The Solicitor must pay off any charges on the property to give good title to the buyer. Otherwise the Solicitor should only pay those persons whom the seller instructs him to pay. Ordinarily this would include estate agents etc... The Solicitor also has a lien over the sale receipts to cover his/her own costs.
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