this is confusing<deposit issue>

robwend

hi guys me again. listen got a odd one here, well odd to me, we have been waiting for exchange, our buyers very slow but we seem to be making progress,my sol told me today that the reason we are awaiting exchange is because they are waiting for the abbey to release there deposit and can take up to 5 days,i get the impression that my sol was trying to explain that its there mortgage that they are realeasing early for the deposit, is this normal?xxwendy

theGrinch

wendy, you could be right. but I have noticed this year, that if I now want to transfer more than £10k from my account I have to give notice; something to do with new govt rules.

robwend

oo really?

mair1

Maybe like us they are 100% mortgage 1st time buyers - although following lots of advice from this site we are putting solicitors fees and stamp suty as a deposit, this only equates to a 1% deposit but our vendors are happy with this as we just want to get on and exchange and complete asap. It may be worth talking to buyers direct and see what thier situation is. Sometimes, as we have found, solicitors and estate agents tell you one thing and in reality you can agree another between you and then make the solicitors and estate agents actually earn thier money and get on with things. Anyway hope that helps

silvercar

no reason why the transfer could not be done by telegraphic transfer the same day. The buyer would be charged about £25 to do this.

robwend

we was informed they were ftbers, then it all came out in the wash last week they are not!, they have a property in london and have now remortgaged that on a buy to let as you cant have two mortgages on a residental so im told, now this have cropped up and all i can make out is that by remortaging there using that as deposit? or as my sol said drawing deposit from the remortage ? god im confusing myself typing