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Deposit - taken from sale of house?
KentAde
Posts: 8 Forumite
Hi all,
Ade from Kent here - new to posting, but avid reader for past couple of weeks.
Anyway, can any of you folk in the know help with? Sorry for seeming a bit naive, but we're selling our house in Kent and moving to a larger property in Essex. Halifax are lending 95% of the purchase price of the new property - meaning 5% deposit has to be paid for the 'new' house.
Is it normal for us, as purchaser, to lay down this sum in cash or is it offset against someone buying my property?
FYI, will be using Countrywide conveyancing as trying to keep buy and sale altogether with Bairstow Eves EA.
Cheers.
Ade.
Ade from Kent here - new to posting, but avid reader for past couple of weeks.
Anyway, can any of you folk in the know help with? Sorry for seeming a bit naive, but we're selling our house in Kent and moving to a larger property in Essex. Halifax are lending 95% of the purchase price of the new property - meaning 5% deposit has to be paid for the 'new' house.
Is it normal for us, as purchaser, to lay down this sum in cash or is it offset against someone buying my property?
FYI, will be using Countrywide conveyancing as trying to keep buy and sale altogether with Bairstow Eves EA.
Cheers.
Ade.
0
Comments
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I clarified this point with our solicitor on Friday, as our buyer's 5%or 10% will be less than the 5/10% we would need to put down as our deposit.
She said that usually whatever was at the bottom would usually be passed up the chain at exchange; only if there is a very picky solicitor would they be insisting on the exact 5 or 10%.
I have been worrying that we would need to fund the gap and then get the money back, so one less thing to worry about
The cells are my friends...<img>0 -
Once exchanged, if your buyer pulls out, you get that deposit. Our solicitor told us not to worry about it unless anyone asks for it!!! x
PS Presumably, you will soon be EssexAde??! x0 -
Many thanks for the replies...means I can sleep a little better now :T
..and yes, will need to change all my forum names to be EssexAde! :cool:0
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