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10% on exchange normal ?
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Thank you for all the sensible and understanding responses.0
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If there is a chain it is quite common for everyone to agree that the person at the bottom provides a deposit which is passed up the chain to provide deposits for all of the linked sales. It is quite possible to buy houses without having to transfer money yourself so it is understandable that this has come as a shock.0
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Does OP's solicitor know he is remortgaging?
If he is also dealing with the legal side of the remortgage he can synchronise things so they do happen on the same day.
If not, I'd be concerned that might nothappen - so quite apart from the deposit issue (which usually can be got round some way) I think there is something else OP needs to consider.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard_Webster wrote: »Does OP's solicitor know he is remortgaging?
If he is also dealing with the legal side of the remortgage he can synchronise things so they do happen on the same day.
If not, I'd be concerned that might nothappen - so quite apart from the deposit issue (which usually can be got round some way) I think there is something else OP needs to consider.
Hi Richard,
Thanks for your response. Yes our solicitors do know we're remortgaging to release the funds and they have all the paperwork from mortgage company to show that this has been agreed and they also have our mortgage redemption certificate so they can see how much money is being released upon completion (c. £200k!).
We do have two solicitors working for us because we have free legals for the remortgage of our existing property BUT we do have letters exchanged between them so there's an agreement about what money is going where and everyone's got all the paperwork they need.
The remortgage of our existing property and purchase of our new property is happening on the same day as you can't own a buy-to-let property (which will be our existing property) without having a residential property as well (our new property)/0 -
A new-build may very well be a different kettle of fish entirely - the HTB won't set the deposit required, that'll be the developer you're buying from.
There'll also likely be various other advance-commitment payments, everything from an initial holding deposit to advance payments for any options.
But, for a normal non-new-build, 10% on exchange is definitely the norm, and long has been.
That's great, thank you Adrian :beer:0
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