Funding a deposit when buying

Alfie1999

My solicitors office is shut for the weekend so I wonder if anybody on the board could help me out with a deposit question.

When 10% deposits are mentioned in the contracts it asks if my deposit is to be funded by my buyers deposit. I ticked yes but this will still leave me short of £3800 for the deposit to my seller.

I've budgeted for fees, sdlt, moving etc but had assumed that the extra mortgage i'm taking out plus the equity from my house sale would cover the the rest.

Will I need to send a cheque to the solicitor for the extra £3800 before completion and before the bank releases the the extra funds for me?

benood

You might be able to negotiate a reduced deposit of 5% which would resolve your problem, otherwise your solicitor will need the £3800 on exchange - unless you exchange and complete on the same day in which case deposits become meaningless.

Your solicitor might take payment by credit card for a small fee.

AndrewSmith

It is perfectly normal for your deposit and legal costs to be funded entirely from the equity in your sale.

Your solicitor will be on top of this already. Nothing to worry about but a quick call to your solicitor on Monday morning should put your mind at rest.

Alfie1999

Thanks for the replies.