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10% deposit - does it come up the chain?

R10 · 2010-02-13 20:48:36

Hi Hope someone can help with my question. Am I correct in thinking that the 10% deposit that is payable on exchange comes up the chain, i.e. the deposit we get from our buyers would be a large chunk of our deposit on the house we are buying (plus we make up the extra from savings)? We were FTB 15 years ago and haven't…

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pastmybest Posts: 577 Forumite

14 February 2010 at 6:47PM

Jonbvn wrote: »

Not true in our case. However it was for a new build house a few years back.

It can be used as part of the deposit up/down the chain but not usually taken out unless by negotiation by the relevant parties and even then the solicitors would not be happy to allow it.

There are cases where agreement has been reached and solicitors advice overuled but not the normal and I feel posters should be aware of the normal procedure and not the rare exceptions.

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10% deposit - does it come up the chain?

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