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Deposit Question
ukgaz
Posts: 14 Forumite
Hi,
I'm buying a Shared Ownership property and am getting a 100%mortage on the 50% that I'm buying. My mortage lender is Barclays
This morning in the post I recieved a letter from Solicitors asking me to sign the purshase contract and SDLT form which is fine.
The bit that got me was..
'Please arrange to telegraphically transfer to my firm's client account the DEPOSIT monies payable on exchange of contracts. I will ask the housing association's solicitors to accept a reduced deposit of £2,000.00 on exchange of contracts. My firms bank details are as follows...'
What Deposit? My mortage is for 100% of the 50% that I am buying
Do I have to pay this or do I just pop into Barclays on Tuesday and get them to sort it out
Thanks
I'm buying a Shared Ownership property and am getting a 100%mortage on the 50% that I'm buying. My mortage lender is Barclays
This morning in the post I recieved a letter from Solicitors asking me to sign the purshase contract and SDLT form which is fine.
The bit that got me was..
'Please arrange to telegraphically transfer to my firm's client account the DEPOSIT monies payable on exchange of contracts. I will ask the housing association's solicitors to accept a reduced deposit of £2,000.00 on exchange of contracts. My firms bank details are as follows...'
What Deposit? My mortage is for 100% of the 50% that I am buying
Do I have to pay this or do I just pop into Barclays on Tuesday and get them to sort it out
Thanks
0
Comments
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Its a legal matter you need to speak to your solicitors and get them to explain what is happeningI am a Mortgage Adviser
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.0
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