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Buying in a chain - can I use the deposit - HELP PLS!
MMGG
Posts: 33 Forumite
Can I use the deposit I receive when I exchange on the property I'm selling as the deposit for the new property I'm purchasing?
ie if the people buying my flat give me a deposit of £75K and we exchange, this will sit with my solicitor, however as i'm also buying can I then immediately use £50K of that deposit as the onward deposit to exchange contracts on the new property i want to buy???
ie if the people buying my flat give me a deposit of £75K and we exchange, this will sit with my solicitor, however as i'm also buying can I then immediately use £50K of that deposit as the onward deposit to exchange contracts on the new property i want to buy???
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Comments
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Yes. This is how it normally works.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Thank you for your reply - so do I still need a separate cash deposit too or is the money I receive from my buyer as a deposit sufficient on all levels?0
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Depends on the cost of the house you are buying, and whether on Exchange you are paying 5% or 10% or whatever and
the cost of house you are selling, and whether on Exchange you are receiving 5% or 10% or whatever.
If the amounts are different, you will either have to make up the difference or you (or your solicitor) will hold a surplus.0
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