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Using equity to pay fees?
Random1983
Posts: 2 Newbie
Hopefully someone can help.
We are looking at moving house but don't have the cash to pay the estate agents and solicitors. I do however have more than enough equity in the house to cover this. Is this possible to sell the house then pay these fees from the equity at completion (reducing the deposit for the new house)?
I know that this will cost me more in interest but I don't won't to put the house on the market and then find out I can't pay the estate agents/solicitors
Many thanks in advance.
We are looking at moving house but don't have the cash to pay the estate agents and solicitors. I do however have more than enough equity in the house to cover this. Is this possible to sell the house then pay these fees from the equity at completion (reducing the deposit for the new house)?
I know that this will cost me more in interest but I don't won't to put the house on the market and then find out I can't pay the estate agents/solicitors
Many thanks in advance.
0
Comments
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When you sell, the EA fees, solicitor's fees (and SDLT if you are also buying) are normally paid on or immediately after Completion.
So, yes.0 -
Many thanks G_M.
You have just saved the wife a restless nights sleep.....0 -
" Is this possible to sell the house then pay these fees from the equity at completion (reducing the deposit for the new house)?
I know that this will cost me more in interest ...."
Why do you think this?0 -
My solicitor just wanted to take his fee out if the equity while it was passing through his office!! He was surprised when I wanted to pay him seperately (to keep the mortgage as low as possible).
I got the impression it was quite normal to pay fees etc out of equity0 -
Just remember that solicitors will often want to take a certain amount upfront for disbursements; searches etc.0
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