Exchange and deposit

[FiveMoreMinutesPlease]

Hi, we are due to exchange very shortly (everything is crossed). Our buyers have sent their deposit to their solicitor and signed. We've signed but not yet sent the deposit. I have asked our solicitor 3 times about it , when he wants it etc but have not had a reply. I'm assuming we have to pay a deposit. Am I right.? We are buying the house with cash, equity and mortgage.

Yes, normally 10% required prior to exchange

That's what I thought. I'm so frustrated by the slowness of solicitors.

We didn't have to - as we were using equity - the person at the bottom of the chain paid and that was it

Usually your buyer's deposit cascades up the chain so it depends if you need to add to it or if your vendor accepts a reduced deposit until completion.

What LIZS said is right. Your solicitor can let you know what to do.

We will need to top it up as we are buying a bigger place.

Are you sure? Ours was covered by the equity in the house we were selling. We bought a place which was quite a lot more expensive. Standard deposit is 10%.

Really WOW? Maybe that's why my solicitor hasn't asked for any money. I just wish he would reply. I have the money ready to send.

Yeah ours was a bigger place too. They normally accept they cascade. I'm sure there are many people who don't have the 10% deposit in cash unless they are first time buyers, as they could be using equity and a larger mortgage