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Paying 5% deposit on exchange?
billybob_2
Posts: 24 Forumite
I'm confused this is my third house purchase and something different has come up. The Solicitors are saying 'it is customary' to pay some money on the day of exchange when of course all our money is tied up in the sale proceeds. They want the difference between: the 5% deposit from our Buyer and the 5% deposit on our purchase. I have never come across this before as I thought the Solicitors all just did a money shuffle between them on the day of completion. I did a search in forum for a similar query but I can only see one from a FTB.
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Comments
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We are in the same situation. In fact we were asked for a 10% deposit and were concerned that that would leave our seller "cash positive" if he only had to pay a 5% deposit on his purchase. In the end we have agreed on a round number that is about 6%.
I think it is normal to pay deposits of at least 5% on exchange.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
im using my first time buyers deposit to forward to my purchase. but i don think you shouldnt worry, its accepted in house chains that it s not possible, my dads moved bag loads and never had to front up moneyYou're not drunk if you can lie on the floor without holding on0
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