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Cash Needed for House Exchange
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newatc
Posts: 890 Forumite
We lived in our current house for nearly 40 years so excuse my ignorance/memory on this subject.
We are aiming to move next year to a more suitable property for our later years.
We won't need a mortgage and we expect to buy a property with value similar to our current house.
What I need to plan for is the cash required to have in hand when we reach the exchanging stage for example can I use the incoming deposit for the outgoing deposit?
Any help appreciated.
We are aiming to move next year to a more suitable property for our later years.
We won't need a mortgage and we expect to buy a property with value similar to our current house.
What I need to plan for is the cash required to have in hand when we reach the exchanging stage for example can I use the incoming deposit for the outgoing deposit?
Any help appreciated.
0
Comments
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Our buyer's deposit was passed up the chain, and used as our deposit for our ongoing purchase. This was all done by solicitors, and the buyer's pack they provided for us specified this.
You will still need enough cash for solicitor's searches (ours were £400) removalists, and surveys. All other bits (solicitors fee and estate agent fee) were paid out via the solicitors on completion day.2
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