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Deposit on exchange

(3 Posts)
Inapanic Tue 19-Jul-11 20:24:50

Have just had offer on house accepted and filling out solicitors paperwork. Does anyone know what happens if you don't have the ten percent deposit needed? Even if it was reduced to five percent we still wouldn't have it - has anyone else had this problem and what did you do?

lalalonglegs Tue 19-Jul-11 20:36:45

Are you a first time buyer or are you selling a house to buy this one? Do you mean you don't have it to hand as your savings are in accounts that will take a while to free up the money?

If you are a first time buyer and don't have a deposit (and 10% is considered quite small these days), then I don't know what you can do. Have you discussed a mortgage with anyone? All lenders require a deposit these days.

If your deposit is tied p in your current property, then it doesn't matter, you tick a box on the form and your solicitor settles it with the rest of the chain that the money is there and you will pay it if you pull out after exchange but you don't actually need to send the money on the day of exchange.

Inapanic Tue 19-Jul-11 21:04:43

Thanks. I am not a first-time buyer and all funds are tied up in current property so hopefully solicitor can sort this. Only a short chain and all want to complete quickly so fingers crossed!

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