Keeping some of equity on sale

gorners

Hi,

I have just sold my house and had an offer accepted on a purchase, I will be using the equity built up on my current house to pay the 10% LTV. By my calculations I'll have about £5k equity remaining once this is paid, I just wondered how this works in terms of keeping hold of this, will it just remain in my bank on the day of exchange after the deposit plus mortgage has paid for my new house?

-taff

he solicitors should have asked you how you wanted this paid to you, it will be transferred from them to you

gorners

I haven't got that far yet, house only sold today, on to solicitors tomorrow :-)

Thrugelmir

Will be a few days after completion. As the solicitors office will need to draw up a completion statement and disburse the funds to all parties involved in the transaction. Including themselves.