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New Build HTB Exchange of contracts
Noobie2011
Posts: 292 Forumite
Anyone know the exact process in terms of a deposit as we seemed to have experienced different merhods.
So when we bougth our first house we had to supply a 5% on exchange however when we sold the same house recently we dis not recieve any until completion.
Does anyone know the process for HTB New Build as in what is paid if anything on
So when we bougth our first house we had to supply a 5% on exchange however when we sold the same house recently we dis not recieve any until completion.
Does anyone know the process for HTB New Build as in what is paid if anything on
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It might depend on the Developer, in my case it was 5% deposit on exchange + HTB equity loan is paid by the HTB agency on exchange, Lender releases mortgage funds on completion.0
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Regardless of what amount the deposit is, or when exchange of contracts takes place, the money isn't paid to you.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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kingstreet wrote: »Regardless of what amount the deposit is, or when exchange of contracts takes place, the money isn't paid to you.
Well I would be kind of surprised if the money to pay for the house that we have to provide would be paid to us, seems a bit backwards that haha
Got my answer above any but cheers for the wisdom
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Sorry, I obviously didn't understand the question.
You pay 5% deposit to your solicitor ahead of exchange of contracts. The solicitor requests the HTB and mortgage funds in preparation for 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 -
kingstreet wrote: »Sorry, I obviously didn't understand the question.
You pay 5% deposit to your solicitor ahead of exchange of contracts. The solicitor requests the HTB and mortgage funds in preparation for completion.
No worries as I struggle to understand my own questions sometimes too ha.
But pretty much confirms what I thought so good to know cheers0
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