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Selling a House. Some Basic Questions.
anotheruser
Posts: 3,485 Forumite
Hello
Quick questions about selling houses.
If I bought a house for £100k and it's now worth £150k, can I use that 50k as a deposit for a new house? How does that work as surely you need to pay the deposit before selling your house? Or won't receive any money until moving day?
Cheers
Quick questions about selling houses.
If I bought a house for £100k and it's now worth £150k, can I use that 50k as a deposit for a new house? How does that work as surely you need to pay the deposit before selling your house? Or won't receive any money until moving day?
Cheers
0
Comments
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Yes the deposit is usually passed up the chain. Ftb bought ours but we were never told whether their money went to our sellers solicitors as a portion of deposit or whether all funds went on moving day. It’s the most common way I believe.Don’t forget to take into account legal fees, estate agents, moving fees etc.0
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Equity is sale price - mortgage balance. That's your deposit for next place.
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Yes, it sort of happens automatically, you don't need to pay deposit beforehand, it's almost as though your house is the deposit, it is how the chain works.1
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