HELP! Depost info

Annabanana1980_2

Hi there!
I hope I'm in the right place... I'm after a little advise with regards to selling & Buying...

We have just accepted an offer on our property and have put in an offer and had it accepted on another! HURRAH! We have sorted the mortgage info etc and that's all going through....

We are just sorting out the solicitors info now and its talking about a 10% deposit???? We dont have 20 grand lying around waiting to go down as a deposit as its all tied up in the house itself.. that is provding out 20% with the equity.

Does anyone know what i can do about this? Do we need to have a deposit and therefore should we take out a bridging loan? I really dont wanna do that as it is gonna cost a packet...

Help would be really appreciate.
Anna :-)

m_13

It is possible for the deposit paid on your sale to be used for the deposit on your purchase. Have you asked your solicitor about this?

We've had to make up the shortfall in the past - I can't tell you how nervous I felt walking between Lloyds TSB who lent us the money on an overdraft and the Nationwide with all that cash - but this time they wouldn't and we had to get it out of our ISAs.

Congratulations on your sale and your new home

Annabanana1980_2

Thanks for the reply... bit worried about asking solicitor for advise as dont want to be charged for asking??? would i be?

As for using dep. from sale for purchase we're selling for 115,000 and purchasing for 198,250. We dont have that sort of money.. we have good history with banks etc so shouldnt be a problem being lent money but the charges.. WOAH!! dont fancy that"!! Any other way around it?

m_13

Sometimes the next person in the chain will accept a reduced deposit but again your solicitor would need to approach their solicitor.

Are you using the same solicitor or conveyancer for your sale and purchase? If so, advice is part and parcel of the fee you are paying them! Normally you would have to ask for exceptional advice and take up a lot of their time for them to charge more.

Annabanana1980_2

Lovely! Thanks for that, yep using the same solicitor for sale and purchase but as we've never done both before i'm just a little shy i think plus dont want to have the massive £150 per hour charge!! Will call them tomorrow.
Thanks again...