deposit

safesound

I've just sold my (boyfriends) house and we're looking to buy another, but I'm concerned about a deposit. We're planning on using the money from the first house plus a small morgage (no more than 25K) to purchase the new house but as I've never bought a house before can someone please tell me if I'll need to put down a deposit or will they wait until my house sale has completed (and I presumably get the money in my bank account) so I can use a % of that as a deposit?

I'm a total newb at this so sorry if it seems like a silly question.

kamaran

It depends how your setup:

If your in a chain which it sounds like you are, presumably, when your buyer pays their deposit this is passed onto the people you are buying from. Your solicitor may need to ensure that adequate deposits are recieved from your buyer so you dont have to top-up.

ie - your buyer pays 10% deposit and you pay 5% on your purchase.

safesound

This is where it gets complicated. The house is being divided up between three siblings, so effectively we'd only get a proportion of the deposit.
Am I right in thinking that we will just have to top it up to whatever our deposit is gonna be?
For example if our share of the deposit on this house was 6.5K and we needed a 10K deposit for the new house we would need to find the other 3.5K?

sharon

kamaran

Sounds correct - this is probably one you need to discuss with your solicitor as they usually have a fair amount of autonomy at the exchange stage.