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Deposit for house when not FTB

(4 Posts)
Ruth2009 Wed 01-Jun-16 11:06:12

I'm just reading through my info sent from solicitors.
We are a couple of weeks into the process of buying/selling.
We have sold/bought before but cant remember paying a deposit, apart from when we were FTB's.

Apparently we need to pay a 10% deposit upon exchange of contracts.
We are making money from the sale of our house and buying a cheaper house, so the profits from the sale, plus mortgage is how we are purchasing.
Is that clear as mud? I am so crap with these things!

Ive phoned the solicitor and she is ringing me back, bit worried she will think I'm stupid!! (I am a bit!)

Cinnamon2013 Wed 01-Jun-16 11:16:48

That's right - 10% deposit on exchange, and you should be able to use your buyer's deposit towards/to cover (in your case) your own deposit. Does that answer the question? Not stupid, it's confusing!

Ruth2009 Wed 01-Jun-16 11:19:38

aha, that's great, thankyou, I have totally blocked this from my mind from last time.
THankyou so much

wowfudge Wed 01-Jun-16 11:23:32

It passes up the chain and is a paper-based exercise. Should you fail to complete then the deposit monies are payable.

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