Deposit up chain & new builds 10% on exchange

fashionvictim

Hi, I have decided to buy a new build and put down the reservation fee. :T On the reservation form they put '10% deposit on exchange' which I thought nothing of it as a home mover.

I just assumed the deposit moves up the chain and whilst my buyers are First timers they will pay 25K. So that will be my deposit, plus the reservation fee, making just under 10%. I know usually this is acceptable, if all sides agree. But does anyone have any experience of Taylor Whimpey insisting on the full 10% on exchange?

My solicitor does not have the Taylor whimpey Paperwork through yet, but I have asked them. The sales exec at the development says all house buys are 10% whether a new build or not, so I there is no clarity there.

Any one brought a Taylor whimpey new build ?

I am just worried that I am not going to find quite enough cash down the back of the sofa to make up the 10% if they insist ?

jacobtheamish

It will be up to Taylor Wimpeys solicitor as to whether they will accept a smaller deposit.

Ask now, do not leave it to last doors

libf

fashionvictim wrote: »

Hi, I have decided to buy a new build and put down the reservation fee. :T On the reservation form they put '10% deposit on exchange' which I thought nothing of it as a home mover.

I just assumed the deposit moves up the chain and whilst my buyers are First timers they will pay 25K. So that will be my deposit, plus the reservation fee, making just under 10%. I know usually this is acceptable, if all sides agree. But does anyone have any experience of Taylor Whimpey insisting on the full 10% on exchange?

My solicitor does not have the Taylor whimpey Paperwork through yet, but I have asked them. The sales exec at the development says all house buys are 10% whether a new build or not, so I there is no clarity there.

Any one brought a Taylor whimpey new build ?

I am just worried that I am not going to find quite enough cash down the back of the sofa to make up the 10% if they insist ?

I've got the deposit passing up from my shared ownership one bed flat (10% of 25% of £185k) for a 3 bed house with Barratts (10% of £243k). So quite a difference in value!

Check with the solicitors and also the sales person at the development. My broker actually suggested that we could exchange on the £500 reservation fee alone...

fashionvictim

Thanks all, think just have to wait until can get the paperwork read at the solicitor, as the development sales girls seem a bit unsure.

Hope it will fine, but yes best to know in case. Always thought it was just first time buyers that had to save the cash ! Best be nice to everyone incase I need to borrow some cash !