We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help with what’s probably a stupid question from a solo buyer
Options

Fionaanne141
Posts: 73 Forumite

Hello all
I know this is probably really stupid but i’m in process of buying a new home solo and a bit clueless on it all and nervous i’ll make a mistake
Sale and purchase just agreed to now completing solicitor forms. The instruction questionnaire asks if i have the full 10% deposit available to be paid on exchange. My ‘deposit’ so to speak is the equity in my existing home which far exceeds £10% of the property i’m buying and it’s being topped up with a low LTV mortgage.
I assume I can tick the ‘yes’ box to this one?
Thanks! I should probably complete these forms earlier than 11pm so my brains working 🤣
I know this is probably really stupid but i’m in process of buying a new home solo and a bit clueless on it all and nervous i’ll make a mistake
Sale and purchase just agreed to now completing solicitor forms. The instruction questionnaire asks if i have the full 10% deposit available to be paid on exchange. My ‘deposit’ so to speak is the equity in my existing home which far exceeds £10% of the property i’m buying and it’s being topped up with a low LTV mortgage.
I assume I can tick the ‘yes’ box to this one?
Thanks! I should probably complete these forms earlier than 11pm so my brains working 🤣
0
Comments
-
Yes of course, you can clarify this by just writing that next to it if you wanted.0
-
Yes is the answer.0
-
Ummm - No. You won't have any equity available from the sale your house when you exchange contracts.
But... whoever buys your house will pay you a deposit when they exchange contracts, and you can use that deposit as the deposit on the house you are buying. (It's often called passing the deposit up the chain.)
That deposit might work out to be less than 10% of your purchase price. But often your seller will accept a reduced deposit. If not, they might ask you to top it up to 10% of the purchase price.
1 -
Thanks for guidance, unfortunately it’s a really basic tick box at this stage with yes and no. This is followed by, if no, what deposit are you able to provide.
Should I request details of what i could provide from my estate agent whose been dealing with my buyers?
Appreciate the guidance0 -
If you're instructing the solicitor for both the sale and purchase simultaneously then they'll figure this bit out themselves anyway.
1 -
davidmcn said:If you're instructing the solicitor for both the sale and purchase simultaneously then they'll figure this bit out themselves anyway.0
-
Fionaanne141 said:Should I request details of what i could provide from my estate agent whose been dealing with my buyers?
Presumably, your using the same solicitors for your sale and purchase - so they'll get the info from your buyer's solicitors.
If I were you, I'd tick "NO", and where it asks how much you can provide, write "Deposit from sale".
It sounds like the solicitor hasn't done a brilliant job of designing the form - "passing the deposit up the chain" is normal practice.3 -
eddddy said:Fionaanne141 said:Should I request details of what i could provide from my estate agent whose been dealing with my buyers?
Presumably, your using the same solicitors for your sale and purchase - so they'll get the info from your buyer's solicitors.
If I were you, I'd tick "NO", and where it asks how much you can provide, write "Deposit from sale".
It sounds like the solicitor hasn't done a brilliant job of designing the form - "passing the deposit up the chain" is normal practice.
Thanks again0 -
The form may be inflexible but absolutely nothing stopping you providing further details on it or in the email/letter when you send it back, they are hardly going to ignore them.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards