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Deposit for exchange
Ciderarmy1987
Posts: 451 Forumite
We are buying and selling a house for the first time, We have agreed a price on our house and had an offer accepted on a new house. We have got a price increase of just under £200,000. What will happen at exchange of contracts. Will we need to find extra money to "top up" the 10% deposit on our new house?
Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
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Comments
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on exchange a 10 percent deposit is required , it either comes from your buyer if it covers the amount you need and in your case you will have to prove your shortfall before exchange and where that is coming from0
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babyblade41 wrote: »on exchange a 10 percent deposit is required , it either comes from your buyer if it covers the amount you need and in your case you will have to prove your shortfall before exchange and where that is coming from
"prove your shortfall" ???Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Either you find the money to fill the gap between the 10% you receive on your sale and the 10% required on your purchase, or
you agree a lower deposit on your purchase. Ask your solicitor to ask the vendors if they will accept 5% or £X or whatever.0 -
Yes exactly as above, either you make up the difference or you get the deposit available on your sale property as the deposit agreed/available on your purchase property.
Your legal bod will be able to find out for you whether a lesser deposit will be accepted and give you info about that i.e if you only end up paying 5%, you'll still be liable for 10% if you withdrew from the purchase after exchange0
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