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10% deposit requested, but no capital
cte1111
Posts: 7,390 Forumite
My parents are separating and buying separate flats. They are funding their purchases entirely from the sale of their house. The house was paid off some time ago so no mortgages involved.
My Mum says that she has been asked to put down 10% deposit, which she doesn't have. She is buying a retirement flat, but I can't really see what difference that makes. I have told her that I don't think that's how it works, e.g. they can't expect her to come up with a load of cash before completion.
Is this usual? I didn't think so but would welcome other people's thoughts.
My Mum says that she has been asked to put down 10% deposit, which she doesn't have. She is buying a retirement flat, but I can't really see what difference that makes. I have told her that I don't think that's how it works, e.g. they can't expect her to come up with a load of cash before completion.
Is this usual? I didn't think so but would welcome other people's thoughts.
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Comments
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Hi there, has your folks house already been sold?0
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She takes the deposit from the people buying their house and takes that money and passes it to the people she's buying the house off.0
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No, they are intending on selling their house and buying both the flats in a small chain.0
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It is unusual to pay a deposit and 10% sounds excessive."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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