Freaking out!!

hannahbond37

Hi all,

Advice if poss...

Just had all reports/docs through from solicitor for our purchase (we are also selling which is related but haven't had those docs yet) and she mentions in the email and in the report a few times about the deposit on exchange and which bank account we would be providing it through...my understanding is though that if you have a related sale then the deposit comes from that (we obviously don't have 10% of our purchase price in savings) I have emailed her, but has anyone else in a chain had to stump up for deposits even though all money to fund the purchase is coming from your sale?

borkid

Hi I haven't it's always come from our buyers deposit.
One point though is the 10% required from you more than your buyers 10%? Maybe it's the difference between the two she wants.

kirtsypoos

I had this panic last week after an email from our sols - she said it's just a normal pack and they are aware our deposit is coming from our sale so not to worry and that's the last I heard

saajan_12

The deposit should flow up the chain from your sale to your purchase, but you may have to top up from your own savings if the amounts don't match up. Few things to think about
- Are you buying a more expensive property than you are selling? The deposit from your sale may not be enough to fund the purchase deposit, and you may need to top up or negotiate a lower % deposit on your purchase.
- Have you agreed a smaller exchange deposit for your sale?
- Are you using different solicitors for your sale & purchase - your purchase solicitor may not know about the linked transaction, or just be asking how they'll physically get the deposit money.

cloo

No need to panic, I'm pretty sure things are arranged at exchange such that you don't have to have the 10% cash in hand and it can come out of the sale of your property, but perhaps check some things with solicitor as saajan suggests.