What happens to equity when house is sold

Novice1985

Hi

We have sold our house and have bought another. We are using some of the proceeds of the sold house as a deposit for the house we are buying. However there will be a few £grand left over. How does this get paid to me? Is it through solicitors?

LisaLou1982

The solicitor will send any funds due to you once the mortgage has been paid off/ fees paid etc.

They will request your bank details closer to the time if they havent already.

G_M

Assuming you are using a solicitor, he will use the moey from the sale to pay
* the purchase price of the new property
* the estate agent you used to sell
* himself and all dispersements
* SDLT
* oter related costs

and any balance will be sent to you. Tell him how urgently you need it (eg CHAPS transfer same/next day which will cost you £25 -£35), or get it by normal bank transfer, cheque etc.

If you are doing your own conveyancing, your buyer (or his solicitor) will pay you direct and you'll then need to pay your other associated bills yourself.

Novice1985

Thanks both. I was thinking how the extra bit of equity is paid because I haven't stated what it was for.