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Paying a holding deposit before exchange
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zimm143
Posts: 68 Forumite
Hi all,
Quick bit of advice please. We are selling our flat and are very close to exchange - both us and the buyer are highly motivated and everyone is happy. We have not exchanged because our useless freeholder is being slow with the license to assign.
On the probability that we should exchange this week we are going to look at rental properties this weekend (we cannot afford to buy what we need). If we decide to take a risk and pay a holding deposit on something, am I correct in thinking all we would lose if the worst happens and the sale falls through (I cannot see this happening) all we would lose would be the holding deposit as we had not yet signed a contract? Obviously we won't sign a contract until we have exchanged but it would be great to secure a property this weekend.
Thanks
Kate
Quick bit of advice please. We are selling our flat and are very close to exchange - both us and the buyer are highly motivated and everyone is happy. We have not exchanged because our useless freeholder is being slow with the license to assign.
On the probability that we should exchange this week we are going to look at rental properties this weekend (we cannot afford to buy what we need). If we decide to take a risk and pay a holding deposit on something, am I correct in thinking all we would lose if the worst happens and the sale falls through (I cannot see this happening) all we would lose would be the holding deposit as we had not yet signed a contract? Obviously we won't sign a contract until we have exchanged but it would be great to secure a property this weekend.
Thanks
Kate
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Comments
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Yes. If you've not signed anything then what you've already paid is what you stand to lose.
It would be less risky to leave yourself a decent gap between exchange and completion.Everything that is supposed to be in heaven is already here on earth.
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