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Deposit is profit of sale
DebtFree2012
Posts: 3,573 Forumite
If I sell my house and make 100k profit. Then that is the deposit for the next house. How do I pay the deposit on the next house, when the contracts are exchanged, as I won't receive the full payment for the house until we complete? I don't have 100k lying around to pay the deposit in between exchange and completion.
What have I missed - do we need to exchange and complete on the same day?
This is theory for now, move is 2 years away yet.
What have I missed - do we need to exchange and complete on the same day?
This is theory for now, move is 2 years away yet.
Debt - CCV £3792
CCB £1383 (took a hit for a holiday)
Loan 1 £1787
Loan 2 £1683
Total £8601 Was £39302
CCB £1383 (took a hit for a holiday)
Loan 1 £1787
Loan 2 £1683
Total £8601 Was £39302
0
Comments
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You won't need to.
The cash from the buyer at the bottom of the chain passes up it, becoming a steadily smaller percentage of the higher property values as it does so.
This is agreed by the solicitors in the chain ahead of exchange of contracts.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you kindly.Debt - CCV £3792
CCB £1383 (took a hit for a holiday)
Loan 1 £1787
Loan 2 £1683
Total £8601 Was £393020
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