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When exactly is a deposit paid?
gemstars
Posts: 515 Forumite
We're FTB and are paying a 15% deposit.
I've looked online and I get the impression that 10% will be paid on exchange of contracts and the remaining on completion, is this right?
Also, do I get any notice of when exchange will be? I.e will my solicitor say "we will exchange contract in 2 weeks and complete 3 weeks after that" or does it just happen? I've asked my solicitor but they're being very vague and saying "we will let you know".
I've looked online and I get the impression that 10% will be paid on exchange of contracts and the remaining on completion, is this right?
Also, do I get any notice of when exchange will be? I.e will my solicitor say "we will exchange contract in 2 weeks and complete 3 weeks after that" or does it just happen? I've asked my solicitor but they're being very vague and saying "we will let you know".
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Comments
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We're FTB and are paying a 15% deposit.
I've looked online and I get the impression that 10% will be paid on exchange of contracts and the remaining on completion, is this right? YES
Also, do I get any notice of when exchange will be? I.e will my solicitor say "we will exchange contract in 2 weeks and complete 3 weeks after that" or does it just happen? I've asked my solicitor but they're being very vague and saying "we will let you know".
YOU WILL HAVE A DATE TO AIM FOR BUT THAT'S ABOUT IT. THE CONTRACT WILL HAVE A COMPLETION DATE TO AIM FOR BUT EVEN THAT CAN CHANGE. THE PROCESS OF BUYING IS NEVER TOTALLY SMOOTH SO A LITTLE FLEXIBILITY IS ALWAYS NEEDED.
After saying that you can get agreed exchange dates but normally in special circumstances such as cash buyers, auctions etc.0
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