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Exchange of contracts
Martin8870
Posts: 31 Forumite
We are purchasing a off plan new build which we was told will be built by the 21st monarch 2018
We are close to the stage of exchange of contracts (25th jan) but my question is, will the solicitors expect the whole 5% deposit from us or not (HTB) obviously we have the full amount but would it be advised to pay say 2.5% of the deposit and the rest on completion?
We was also offered £1,900 less on the mortgage that what we needed, when would this amount be due to be paid? Completion or exchange (solicitors and brokers are both giving us different answers)
Thanks for any input
We are close to the stage of exchange of contracts (25th jan) but my question is, will the solicitors expect the whole 5% deposit from us or not (HTB) obviously we have the full amount but would it be advised to pay say 2.5% of the deposit and the rest on completion?
We was also offered £1,900 less on the mortgage that what we needed, when would this amount be due to be paid? Completion or exchange (solicitors and brokers are both giving us different answers)
Thanks for any input
0
Comments
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You have to pay the full 5% deposit on exchange0
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When you exchange contracts you will pay whatever deposit was stipulated in that contract. If that is 5% then you will have to pay that amount.0
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