We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
Paying a holding deposit before exchange
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
0
Comments
-
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.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards