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Stamp duty money used for deposit
chadfield
Posts: 36 Forumite
Hi
We are buying a flat with a 100% mortgage. As such, we have been assuming that we will need to exchange and complete on the same day as we will not have a deposit to pass over on exchange.
I have just spoken to my solicitor and he has suggested that we should exchange at the start of November and complete at the end of November. He also said that we should use the stamp duty money as the exchange deposit (stamp duty on the deal will be c.£11k).
Just wanted to check whether people thought that this was a reasonable idea and whether there are any risks/downsides to this approach?
Thanks
Chris
We are buying a flat with a 100% mortgage. As such, we have been assuming that we will need to exchange and complete on the same day as we will not have a deposit to pass over on exchange.
I have just spoken to my solicitor and he has suggested that we should exchange at the start of November and complete at the end of November. He also said that we should use the stamp duty money as the exchange deposit (stamp duty on the deal will be c.£11k).
Just wanted to check whether people thought that this was a reasonable idea and whether there are any risks/downsides to this approach?
Thanks
Chris
0
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