Raising a deposit through equity in current house

getmore4less

YOu also need to have an exit plan should the relationship fail.

You need to decide how the house will be shared and who pays what your plan for that(if you have one) it is most liklely wrong(most are).

Sensible_Jess

My experience - when I sold my house last year (I was the end of the chain and not buying a property), I never saw a deposit from the buyer on exchange of contracts and I was told by my solicitor that the 5% agreed as a deposit was 'theoretical' and would only be enforced if they failed to complete on the agreed day.

However, when I bought in March this year, I had to find a 10% deposit on exchange of contacts. Luckily, I had it in the bank from my house sale so it wasn't too much of a problem (apart from transferring the money as they could only do a max of 10K per day...).

So it would seem that things vary from sale to sale and it may depend on the contract.
I think you really need to have a chat to your solicitor about this - Good luck!

S_J