We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
When do you pay your deposit over?
MissMayflower27
Posts: 50 Forumite
We're in the process of buying a new build house (with part-ex) and just wondered when we will need to pay our depsoit for the mortgage?
It's planned that exchange and completion will be about 4 weeks apart but do we pay our deposit on exchange, or will it not be required until completion?
Sorry to sound clueless but when we bought last time we exchanged and completed on the same day so it wasn't an issue.
Thanks
It's planned that exchange and completion will be about 4 weeks apart but do we pay our deposit on exchange, or will it not be required until completion?
Sorry to sound clueless but when we bought last time we exchanged and completed on the same day so it wasn't an issue.
Thanks
0
Comments
-
your solicitor will hold 10% (or whatever is in the contract) until completion. Then you send the whole deposit to the other party via your solicitor on day of completion.0
-
Your solicitor will know - you need precise dates, and to allow for transfer delays, so you can make sure it in his holding account in time...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
In the process of buying a new build which isn't built yet. I have 5% deposit to pay (less reservation fee) when we exchange contracts which is roughly 4/5 weeks from when I reserved the plot. Then the rest upon completion, I assume post snagging.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards