Offer accepted - what next?

csgohan4

jonny_power wrote: »

If anyone has a view on whether or not to begin the mortgage application before the chain has completed, that would be very helpful.

I wouldn't start at least until your vendor has an offer accepted on the property he wants

jonny_power

csgohan4 wrote: »

I wouldn't start at least until your vendor has an offer accepted on the property he wants

ok cheers, that feels about right.

we've had our pack come through from the conveyancer. One of the things mentioned is about having 10% of the purchase price used as the exchange deposit. Because were funding the purchase from the sale of our house and the equity we've built, we don't have 10% liquid (just savings to cover the cost of the solicitors, stamp duty etc). The 10% we'd get at exchange for our sale doesn't cover the 10% we'd need for our purchase (would make about 7%) - what are the options here? Could we see if the 10% could be reduced to 5%? Could we take out some kind of insurance policy? Could we get some bridging finance (Would this look bad for our mortgage application?)

Surely we're not the first people to be in this situation!

Sedge123

Your solicitor will negotiate the deposit to be paid to your vendors. What usually happens is the deposit from the bottom of the chain works its way up so 10% at the bottom is going to be a lower percentage as it moves up the chain (assuming house prices crease up the chain).
Your solicitor will sort this out.