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A simple(?) selling / buying question
SecondStar
Posts: 659 Forumite
Answered, thank you all!
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There are two different 'deposits' which sometimes causes confusion.
If you are buying a house with a mortgage, you normally have to contribute some level of money yourself, as 100% mortgages are not normal. This money is usually referred to as the deposit ( can be anything from 5% to 95%).
When you are in the process of buying a house and have reached the point of exchanging contracts, you have to pay a deposit to the vendors solicitor to seal the deal so to speak. This is typically 5 or 10%.
Normally if you are both buying and selling at the same time. Your buyer would have to pay this deposit to your solicitor and you would have to pay it to the solicitor of the house you were buying, all at the same time/same day.
I do not think it would be feasible to wait for your buyers deposit to pay your deposit as it has to happen simultaneously. Maybe it can be arranged , I am not sure.
Have you ( or your partner) not got any cash to contribute /to us?
Presume you are getting a mortgage that you will also have to have cash for a deposit?1 -
Speak to speak to the solicitor. It is possible for deposits to be passed up the chain, subject to all parties being in agreement.1
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Your buyer's deposit will be passed up via the solicitors for you to use as deposit on exchange of your purchase. Do you have the money to make up the balance to 10%? If not, you will need to let your solicitor know so that they can inform your seller that you will not have a full deposit available on exchange and check that this won't be an issue for them.0
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What I do not get is that if they are struggling to find a few grand, how are they buying a much more expensive house. Maybe they are really stretching themselves with a 95% mortgage and no emergency/contingency savings?loubel said:Your buyer's deposit will be passed up via the solicitors for you to use as deposit on exchange of your purchase. Do you have the money to make up the balance to 10%? If not, you will need to let your solicitor know so that they can inform your seller that you will not have a full deposit available on exchange and check that this won't be an issue for them.0
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