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Deposit in chain goes to top of chain??
Comments
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jbainbridge wrote: »I thought money stayed with the solicitor until completion? So the deposit would be passed up the chain to the developer's solicitor who would then hold it (safely) until completion.
Anyone?
Thats interesting. Sounds right but wonder what would have happened if bf had not already sold his flat and is now a cash buyer. If he had sold the flat on the same day as buying the house would the situation be the same?0 -
Regardless of what physically happens to the deposit, the only one that would lose it is the one at the end dealing with the developer. Everybody else gets it from the person above them in the chain if it all unwindsThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Regardless of what physically happens to the deposit, the only one that would lose it is the one at the end dealing with the developer. Everybody else gets it from the person above them in the chain if it all unwinds
That sounds right so why then did the solicitor contact him to specifically tell him he had to agree to the deposit going to the developer?0 -
The exchange and completing dates are likely to be determined by the date the new build is ready. Pressure will not work if there is still a half built house at the end of the chain, and dates quoted by developers can be optimistic.Yes i will tell them to keep the pressure up. Also I think it is a good idea for them to press for short space between exchange and completion
Sometimes pressing too hard just stresses you - house buying always seems to take longer than you think!0
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