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Deposit for buying house.advice please
debull77
Posts: 13 Forumite
Hi
I am in the process of selling my house and buying a smaller house.I have only just read the small print about the 10% deposit payable on the purchase of the house I am buying,I do not have that amount of money as I am depending on the money from the sale of my house for the purchase of the new house. I stupidly had not even thought about this and will not be able to speak to my solicitor untill monday.anyone else been in this situation.any advice would be appreciated.:)
I am in the process of selling my house and buying a smaller house.I have only just read the small print about the 10% deposit payable on the purchase of the house I am buying,I do not have that amount of money as I am depending on the money from the sale of my house for the purchase of the new house. I stupidly had not even thought about this and will not be able to speak to my solicitor untill monday.anyone else been in this situation.any advice would be appreciated.:)
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Comments
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The deposit from your buyers can be used as a deposit for your new house0
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unless you're buying through an auction then you need the cash upfront30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0
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The 10% can be negotiable - I've never paid 10%. As long as the seller of the property you are buying agrees to a smaller deposit.
Also, as previously mentioned, you can use the deposit your buyer has put down as a full/part deposit on your new property. We did this last time we moved as money was a bit tight - wasn't a problem0 -
The 10% can be negotiable - I've never paid 10%. As long as the seller of the property you are buying agrees to a smaller deposit.
Also, as previously mentioned, you can use the deposit your buyer has put down as a full/part deposit on your new property. We did this last time we moved as money was a bit tight - wasn't a problem
Thanks that is good to know and a huge relief..I had visions of everything going wrong.thanks everyone.:T0 -
When you are selling a property, the equity in your home is treated as your deposit and no cash payment is required.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »When you are selling a property, the equity in your home is treated as your deposit and no cash payment is required.
Thank you that is also very usefull to know.I appreciate your input.0 -
I think OP is concerned about contract deposit of and not the equity required at completion. I have never heard of the equity in the buyer's existing property being used as deposit on exchange of contract - and there appears to be no legal device used to enforce this.kingstreet wrote: »When you are selling a property, the equity in your home is treated as your deposit and no cash payment is required.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 -
Bridging loan if it comes to it.0
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