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How does conveyancing/ payment of deposit work for a part-exchange when relying on equity in house?

(2 Posts)
jaamy Sun 16-Dec-12 23:29:01

We are considering part-exchanging our home for a new build which isn't ready until April 2013. We have received an offer on our house from the builders which we are reasonably happy with since it will pay off current mortgage and give us some deposit on our new home. However, this would be the only deposit we have.
Could some lovely person, who has perhaps been through a similar situation, please explain how the conveyancing would work since we don't have a deposit sitting in the bank to pay at the time of exchange of contracts (which the builders would like to happen beginning of Jan)?

jaamy Mon 17-Dec-12 17:04:19

bump smile

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