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Do you have access to the deposit when it comes up the chain??

(4 Posts)
Lauriefairycake Tue 11-Sep-07 12:44:17

We went under offer yesterday to buyers who want to move in six weeks. We're going to move into rented for a while til we find something else (can't really afford to re-buy round here). I've always sold and bought and been part of a chain before where the deposit goes up the chain - now that I am effectively the top of the chain can I access the money after exchange to put the deposit down on somewhere to rent ??

If I wait til completion then I would also have to wait til the money clears to mine then the landlords account effectively leaving us homeless for 2 weeks.

Lauriefairycake Wed 12-Sep-07 09:11:17

Bumping in the hope someone knows the answer

pretty please with sugary doughnuts

MrsPuddleduck Wed 12-Sep-07 09:23:52

You are not allowed to use the deposit until after completion.

It is to safeguard the buyer against you not moving out etc.

Sorry about that.

You could ask your solicitor to send the sale proceeds to your bank account by Telegraphic Transfer on the day of completion. There is a fee for this of between £20 and £25 but the funds would be cleared and you would be able to use them straight away.

In theory if you do the same for the Landlord you could avoid having to clear cheques etc (albeit at a cost of £50!)

LittleMinx Fri 14-Sep-07 21:29:42

you wont be able to get the money until after completion. either by cheque or by electronic transfer for a fee.

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