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nil deposit
blee73
Posts: 1 Newbie
i am in the process of buying and selling and we are at exchange stage. I have received a letter today advising that the bottom of the chain has certain monies coming from simultaneous re-mortgage transactions and has not one pence for his deposit and they have suggested a simultaneous exchange and complete. having read pervious messages i dont think this is the route i want to be taking, however our solicitors have mentioned an exchange with a nil deposit but our sellers solicitors have refused to do this.
i dont really know what to do next. My solicitor suggested that i contact my buyer and discuss the situation with her to try and encourage her buyer to stump up some cash.
What does any one think?????
i dont really know what to do next. My solicitor suggested that i contact my buyer and discuss the situation with her to try and encourage her buyer to stump up some cash.
What does any one think?????
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Comments
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If it can be helped then I would avoid it at all cost but with FTBs with 100% mortgages it does happen.
Remortgages I would not be so easy about, especially 'many' remortgages; it does effectively mean that he has somewhere to live and that there should be money available for a normal delay between exchange and completion. If he tries to gazunder your buyer on exchange/completion day then it's likely that several of you get held to ransom.Everything that is supposed to be in heaven is already here on earth.
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