Property purchase costs - through sollicitor
Posted: Wed Jul 20, 2016 9:56 pm
Hello,
Looking for some advice on booking property purchase where mortgage payment goes to solicitor and money is transfered to sollicitor account (for stamp duty etc) which in turns pays the appropriate companies - seller, hmrc etc. Sollicitor in itself is just a pass through.
Secondly on mortgages - when it is set up, i have to select an account (but note, may be bug, that if i later change the account, the mortgage does not move). However as per above, i have never technically received the money on my own account as was transferred from the bank to solicitor to the seller of the property. Appreciate I owe the money against the property but should not necessarily sit on the account as cannot be reconciled with a transfer to the solicitor.
My idea was to create a bank account called "sollicitor" acting as a passthrough
Thanks for your help. l.
Looking for some advice on booking property purchase where mortgage payment goes to solicitor and money is transfered to sollicitor account (for stamp duty etc) which in turns pays the appropriate companies - seller, hmrc etc. Sollicitor in itself is just a pass through.
Secondly on mortgages - when it is set up, i have to select an account (but note, may be bug, that if i later change the account, the mortgage does not move). However as per above, i have never technically received the money on my own account as was transferred from the bank to solicitor to the seller of the property. Appreciate I owe the money against the property but should not necessarily sit on the account as cannot be reconciled with a transfer to the solicitor.
My idea was to create a bank account called "sollicitor" acting as a passthrough
Thanks for your help. l.