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questions about exchange, completion and deposit with chains
Comments
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kingstreet wrote: »Interestingly, you've decided my post was inaccurate, then you've gone on to explain how it's both accurate and possible.
That's consistent... :eek:
What you said is possible, but is not the norm or expected. You know that.0 -
Funnily enough, in thirty years doing this job and in the six houses I've bought not once have I, or any of my clients, been asked to come up with additional funds because the deposit from the bottom of the chain ceased representing 10% as it moved up.
I'd be interested to hear from anyone on here who has had to do this, as when the question has been asked not one person has come back and told me I was wrong and they had to make up the difference.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 -
kingstreet wrote: »Funnily enough, in thirty years doing this job and in the six houses I've bought not once have I, or any of my clients, been asked to come up with additional funds because the deposit from the bottom of the chain ceased representing 10% as it moved up.
I'd be interested to hear from anyone on here who has had to do this, as when the question has been asked not one person has come back and told me I was wrong and they had to make up the difference.
It's standard for the buyer to have to contribute 10% at Exchange, regardless of their chain situation. As I said before, it's possible that the seller will accept a smaller deposit to get things done, but the expectation is always that the buyer finds a way to pay 10%.
I would imagine at this stage the conveyancer is communicating directly with the client regarding exchange deposits. No need to speak with a broker.0 -
kingstreet wrote: »Funnily enough, in thirty years doing this job and in the six houses I've bought not once have I, or any of my clients, been asked to come up with additional funds because the deposit from the bottom of the chain ceased representing 10% as it moved up.
I've bought 5 houses over the years and have never needed to add to the deposit.Like all religions, the Faith of the Invisible Pink Unicorn is based upon both logic and faith. We have faith that she is pink; we logically know that she is invisible because we can't see her."0 -
I've asked my solicitor to exchange contract this week and set the same completion date. Hope it will go well.
Thanks for everyone's help.0
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