We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Could somebody please help explain the next stage of the process?
wj209980
Posts: 40 Forumite
Hi
Our current position is as follows:
- We had an offer made on our house which we accepted. The person buying ours is a FTB and can move in at the earliest opportunity.
- We put an offer in on a new house which was accepted. The house we are buying has no chain (current owners have left the country)
- Solicitors on the buying and selling side have been engaged. So far we have received a form from our solicitor where we had to tick boxes to say what fixtures/fittings/extras etc we are leaving behind
- We have had our mortgage application accepted, surveys have been carried out on our existing house and our new house, and we had the "formal" mortgage documents through yesterday which have been signed and posted back this morning
- In very round figures, we made around £30k from the sale of our house, which acts as the deposit for the new house, so we are borrowing £150k to buy a £180k house
So, what are the next stages?
What baffles me most is the movemenet of money from this point onwards. I read somewhere that at some point a 10% deposit is paid to the solicitor. Where does this 10% get paid from? Do we get the money from the sale of our house first? Where does the £30k depsit we will have from the sale of our house come in to it?
I'm so confused :-(
Our current position is as follows:
- We had an offer made on our house which we accepted. The person buying ours is a FTB and can move in at the earliest opportunity.
- We put an offer in on a new house which was accepted. The house we are buying has no chain (current owners have left the country)
- Solicitors on the buying and selling side have been engaged. So far we have received a form from our solicitor where we had to tick boxes to say what fixtures/fittings/extras etc we are leaving behind
- We have had our mortgage application accepted, surveys have been carried out on our existing house and our new house, and we had the "formal" mortgage documents through yesterday which have been signed and posted back this morning
- In very round figures, we made around £30k from the sale of our house, which acts as the deposit for the new house, so we are borrowing £150k to buy a £180k house
So, what are the next stages?
What baffles me most is the movemenet of money from this point onwards. I read somewhere that at some point a 10% deposit is paid to the solicitor. Where does this 10% get paid from? Do we get the money from the sale of our house first? Where does the £30k depsit we will have from the sale of our house come in to it?
I'm so confused :-(
0
Comments
-
Your buyer will hand over 10% of the purchase price of your property on exxchange of contracts."You were only supposed to blow the bl**dy doors off!!"0
-
Conveyancing is a complex process. I would suggest that you contactr your Solicitor and ask them to explain it to you, this is what you are paying them for after all! I spend hours every days explaining the process to clients...
Anna0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards