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deposit on signing contracts
pink_muppet
Posts: 102 Forumite
I am just having a bit of a panic, we're going into sign for the sale of our house and purchase of another on Tues next week, all our money is tied up in the equity from our sale and we don't have another £17k lying around (I wish) to hand over as a 10% deposit
when we moved last time, I just vaguely recall the solicitor stating the deposit will come from the sale of our house, is this correct?
when we moved last time, I just vaguely recall the solicitor stating the deposit will come from the sale of our house, is this correct?
Total unsecured debt July 08 - £46, 311.88 :eek:
DFD - Jan 2012
DFD - Jan 2012
0
Comments
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You should be fine so long as the solicitor has arranged for the dates of completion to be the same date. In fact, many solicitors will arrange for the date of exchange and completion to be on the same day for both the sale and the purchase so that there is no risk of there being a deficit. Ask them during your meeting (before you sign). You are likely going in to sign contracts in preparation for the exchange. The solicitor will have you leave the date blank so that they can fill it in when everything is in place and then exchange and complete simultaneously.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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