Proof of deposit from release of equity? Advice please

Peaches113

So I’ve searched this site and haven’t found the answer so I’m hoping one of you knowledgable lot might be able to offer some advice.

I am being bought out of my current house by my sister who I have jointly owned it with for 10 years. The majority of my deposit for my next house is going to be essentially the equity released from this property. Now having made an offer on a new lovely cottage I am being asked to prove my deposit but as it’s not technically from a sale and it’s not already sitting in my bank as savings can anyone suggest how I can do this to show I’m a serious buyer and have the deposit? I am thinking that once the remortgage paperwork comes through after valuation this week I can show that but that won’t show my ‘share’ as such.

Thanks

eddddy

You just explain that your deposit will come from the sale of your share of your current property to your sister.

It would help if you can show that your sale to your sister is proceeding - for example, have you instructed a solicitor? Do you have a letter from your solicitor which you can show the EA that shows that progress is being made on the sale?


If you say that you plan to sell your share of the property to your sister, but nothing has started yet - the EA may be a bit sceptical. (The EA might be worried that you and/or your sister are just 'dreamers'.)

Peaches113

Yep I have instructed a solicitor end of last week (offer was accepted beginning of last week). Thanks for your advice, I will wait until the valuation is in, get that over and hopefully things will start moving