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New build - deposit
Hutch100uk
Posts: 610 Forumite
Sorry if this is a stupid question....
I have been asked to pay my 5% deposit to my solicitor in advance of exchange of contracts. I asked whether I had to deduct the £500 reservation fee I paid the builder.
I was told no, I had to pay the full 5% deposit and that the £500 would be deducted from the statement at completion.
What does this mean?
I have been asked to pay my 5% deposit to my solicitor in advance of exchange of contracts. I asked whether I had to deduct the £500 reservation fee I paid the builder.
I was told no, I had to pay the full 5% deposit and that the £500 would be deducted from the statement at completion.
What does this mean?
0
Comments
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It means your solicitor will pay £500 less to the builder at completion, so you will be asked for £500 less to settle the solicitor bill in advance of completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you, that makes perfect sense.0
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