Exchange and deposit

[nespressowoo]

Hope this makes sense...

Our solicitor is asking for 10% of the £30k difference between our sold price and the house we are buying.

When we have bought in the past it's been on exchange / completion.

Is it because what we're buying our new house for is more?

They want £3k transferring prior to exchange, which could be next week.

Anyone?

I was never asked for a deposit, the house we were purchasing was £50000 more than what we were selling for.
The deposit was was the same as what you had in the past, on completion.

Thank you - that's interesting. I'm wondering if it's because it's a new build. So confused

The money is due at exchange. Your solicitor needs it in their account in the days before exchange so it's cleared and ready to go.

That said, if you're selling one house to buy another, it's usually agreed that the deposit from the bottom of the chain (usually FTBs) is physically handed up the chain at exchange, and although you're committed to losing the 10% total value if you don't complete, you don't need to actually hand over any of your own cash.

Hopefully you've spoken to your solicitors by now though and it's all sorted out.

Thank you. It is all sorted. It's a short chain - our buyers and us buying a new build. All money will be sorted on completion