Deposit at exchange?

G_M

Simple solution: ring solicitor, explain your finances, ask him to negotiate deposit amount.

sofieellis

We're selling for £120,000 and buying for £170,000.

djedga

sofieellis wrote: »

Thanks everyone for your answers.

I'm presuming the exchanges will be simultaneous, but that won't cover the 10% deposit for our purchase. No one has mentioned anything to us about paying any sort of deposit at exchange, so I have no idea what the vendor is expecting, or if they will be willing to negotiate.

Is this something that the solicitors will be working out? Our solicitor knows how we are intending to pay for our purchase and hasn't raised this as an issue.

Good luck with your exchange, djedga - I hope it's all gone well.

Thanks - not quite happened but almost there!

Any way the best thing is to tell your solicitor what your position is re. the deposits so they can advise you how to proceed. There will be an answer that works for you, so have a chat with them.

We were fine to cover the cost from savings it but asked the question could we use our buyers deposit as our purchase deposit any way to save time and hassle for us having to transfer separate funds for exchange and completion. They went away and negotiated it with our sellers solicitor.

Surrey_EA

sofieellis wrote: »

We're selling for £120,000 and buying for £170,000.

Exactly as G_M says, check with your solicitor that they are expecting your buyer to pay 10%, and ask them to confirm with your vendor's solicitor that they will accept £12k from you. Perfectly normal.