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Please can someone explain the exchange process?!

sam09_2 · 2014-07-17 15:50:40

Hi! I'm in the middle of selling my house and purchasing a new one. We are currently awaiting our buyer to have the valuation done on our house before they receive their full mortgage offer. We have had our mortgage offer through. I know exchange can't take place before our buyers have their mortgage offer fully accepted.…

Comments

pinkteapot Posts: 8,044 Forumite

10 September 2014 at 11:27AM edited 10 September 2014 at 11:30AM

We sold at £250k and bought at £470k. We had to give our solicitor £22k to 'top up' our deposit to the 10% our vendor's solicitor wanted... It wasn't a problem for us as we were putting a chunk of savings into buying the house, so it just meant paying more at exchange and less at completion.

It didn't occur to me that we wouldn't have to do this so I didn't even query it with my solicitor. If we hadn't had the cash, I would have mentioned it to my solicitor at the outset and I assume they would have OK'ed a smaller deposit with the vendor's solicitor...

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