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Exchange Deposit Question
lcfcstephen
Posts: 154 Forumite
I have recently completed on a property. But want to get my head around exchanging contracts in the future and so I can have an idea of how to plan finances. If I want to buy another property (whilst selling mine) do I still have to put a deposit down seperate from the funds of my house sale? So for example to make calculations easier - I want to buy a £200,000 house do I still need to pay £20,000 for exchange to take place? Or because I'm selling does it matter? In other words when I want to buy will I need to have some cash liquid so I can pay for a deposit, despite owning a house?
Mortgage Debt £53,879.68 as of 2nd July
Help to Buy Equity Loan Debt £26,799
Total Debt: £80,678.68 of £133,995 two bed house
0
Comments
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I have just asked my solicitors about this. They said the deposit from my buyers would go up the chain. If the property I'm buying demanded more I would need to make up the shortfall.
Obviously if its 10% all the way up and I was upsizing then I would need to make up for the shortfall. But I was told it's down to negotiating, so I could ask for 10% but then offer 5% up (say £200k sale and £400k purchase).0
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