Deposits

[nancerama]

I'm due to exchange contracts in the next week or so, and was under the impression that I'd need to supply a 10% deposit for my next property. The property I'm selling is cheaper than the one I'm buying.

My solicitor has told me that I don't need to supply a deposit as my buyer's deposit will travel up the chain. Is this normal? I've questioned it with them and they assure me that this is perfectly normal. It just seems odd to me and I have fear that I have the wrong end of the stick.

[LIZS]

That's the nrom although you need to have the balance of cash ready for completion and your solcitor may ask for this in advance and place it in a specific account.