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Deposit??
fivepound
Posts: 80 Forumite
Im about to move house but im a little confused on how the deposit part will work. Hopefully someone can help me.
Im no. 4 in a chain of 5 (No. 5 is going to a care home so the chain ends there). I have 130K equity in my house and the new house is 285k so based on the forms I rec'd, I need to find 10% or £28'500 which I dont have in small change at the mo?
Can anyone explain if I will have to find this 28.5k or does it come out of my equity? How does it work?
Im no. 4 in a chain of 5 (No. 5 is going to a care home so the chain ends there). I have 130K equity in my house and the new house is 285k so based on the forms I rec'd, I need to find 10% or £28'500 which I dont have in small change at the mo?
Can anyone explain if I will have to find this 28.5k or does it come out of my equity? How does it work?
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Comments
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Should only be the person at the bottom that has to worry about this, otherwise nobody would ever be able to move.
Certainly we never had to worry about this last time we moved.Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
Thx Dave, I checked it out with my solic and they say the same. Its the FTB who have to worry about this and we just use the proceeds of our sale.0
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fivepound wrote:Thx Dave, I checked it out with my solic and they say the same. Its the FTB who have to worry about this and we just use the proceeds of our sale.
If we'd disagreed, would you believe me or the solicitor?!
Sit back and be glad you're not a FTB, I suppose.
Thanks for the thanks!
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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