We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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.
📨 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!
Deposit
si-mate
Posts: 76 Forumite
We've had an offer accepted on a house and are just filling in the solicitors paperwork. We sold last month so have banked a nice 20% deposit towards our new house.
The questionnaire asks about whether we have the 10% deposit (which obviously we do). Now it'll likely be 4-6 weeks between exchange and completion due to the vendors needing a bit more time so my question is can we give a smaller deposit in order to continue earning interest on the rest of the money?
...and before all the doomsters come along and tell me that we're screwed and will end up starved and being eaten by alsations, we do understand where the market is going and that we may lose money.
BUT, it is the house of our dreams in which we will likely spend at least ten years. It is also in a highly desirable West Kent village and it seems to me that we haven't paid current market value.
The questionnaire asks about whether we have the 10% deposit (which obviously we do). Now it'll likely be 4-6 weeks between exchange and completion due to the vendors needing a bit more time so my question is can we give a smaller deposit in order to continue earning interest on the rest of the money?
...and before all the doomsters come along and tell me that we're screwed and will end up starved and being eaten by alsations, we do understand where the market is going and that we may lose money.
BUT, it is the house of our dreams in which we will likely spend at least ten years. It is also in a highly desirable West Kent village and it seems to me that we haven't paid current market value.
0
Comments
-
Boy those Alsations sure are hungry...0
-
can we give a smaller deposit in order to continue earning interest on the rest of the money?
Ask your solicitor - who will then ask the other side's solicitor. It's down to the seller really. The deposit is their protection against you pulling out after exchange.
Also, ask your solicitor is your deposit will earn any interest whilst they have it until completion (not sure if it goes to the other side's solicitor on exchange or not).
Whilst I understand your motives completely, be careful about p!$$ing off the vendor if you really want this house.
Yes - the other side of the coin is that they should be lucky to have found a buyer but ...... there's nowt so queer as folk
Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Thanks I'll speak to my solicitor. I'd obviously rather have the interest than the solicitors or the vendor :money:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards