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Selling house - can we request a deposit?
dwill1503
Posts: 142 Forumite
We are in the process of selling our house. We had said all along that the sale had to be completed before a certain date, 9th Sept. We have met the buyer today & she has said that due to her funds being in a notice account, they will be released on the 16th Sept. She said that she has told the EA this all along. They haven't told us. She did say she has her deposit ready and has been asking the EA and solicitor where/how to pay it. She is a cash buyer and buying to let, no chain. We don't live in the house.
My question is, can we request a deposit prior to completion from her? It is simply so that we can continue to pay the mortgage on the property. (Which we can do if this isn't an option, but if there is any other delay we don't want to be financially down too long). If she is paying a deposit, who is she paying it too?
My question is, can we request a deposit prior to completion from her? It is simply so that we can continue to pay the mortgage on the property. (Which we can do if this isn't an option, but if there is any other delay we don't want to be financially down too long). If she is paying a deposit, who is she paying it too?
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Comments
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Have you exchanged contracts yet?
You'll have to find the money to make the mortgage payment yourself you won't get any money in advance.
Deposits are lodged with the solicitor and held in trust.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
10% deposit is payable at Exchange. However, if using a solicitor they will hold it till Completion.
If you DIY the Conveyancig you could require the deposit to be paid to yourself.0 -
Ok, thank you both. We are ok to pay the mortgage ourselves for a month or two. Exchange is tomorrow. But the solicitor had said all along that exchange/completion would happen before the 5th too.0
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Ok, thank you both. We are ok to pay the mortgage ourselves for a month or two. Exchange is tomorrow. But the solicitor had said all along that exchange/completion would happen before the 5th too.
The completion date is not fixed until you've exchanged contracts. As long your buyer has let their solicitor know the funds will be available on the 16th then unless you want to pull out of the sale you'll have to agree to complete on the 16th.:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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