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deposit and balance payment questions?
markusadam
Posts: 19 Forumite
we are selling our house which has no mortgage as i inherited it from my mum for £250k.
we are buying a property without a mortgage for £219950k.
we are planning to use our buyers deposit to pay our deposit on our purchase.
the solicitors have sent us all the paperwork to sign(contract,land registry transfer etc) for the one we are buying and have asked us to make arrangements for payment.
how does all this work as every payment form takes at least 3 working days.
i thought that it worked like this:
1. our buyer pays deposit
2.we use his deposit to pay ours.
3. our buyer pays balance
4. we use his balance to pay our balance.
from lisa
we are buying a property without a mortgage for £219950k.
we are planning to use our buyers deposit to pay our deposit on our purchase.
the solicitors have sent us all the paperwork to sign(contract,land registry transfer etc) for the one we are buying and have asked us to make arrangements for payment.
how does all this work as every payment form takes at least 3 working days.
i thought that it worked like this:
1. our buyer pays deposit
2.we use his deposit to pay ours.
3. our buyer pays balance
4. we use his balance to pay our balance.
from lisa
0
Comments
-
Payments transact on the same day when you're buying a house. The deposit should be transferred to you via CHAPS (costs between 10 and 25 pounds to instruct per transaction), which ensures that all these movements take place on the same day.
Hope this helps!Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0
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