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Offer Form - deposit at offer stage?

6 replies

2023Tobeornottobe · 29/01/2024 08:41

I am selling my flat (about to put it on the market stage) and I have seen a house I really like (sold by the same agency as I am with). They have sent me an offer form as I want to get the ball rolling by putting in a cheeky offer. The offer form is asking me how much I have for a deposit. Does this mean as I have not yet sold, I put nothing? I have savings which I could use as a deposit (up to 10%) should I put that in the hope it would swing the seller in my favour?
To add, once my flat is sold, I will be a cash buyer.

OP posts:
Nextbitoflife · 29/01/2024 08:45

I would cross out and put ‘no mortgage required, cash buyer on sale of property.’ It’s only an info gathering form from the agent.

sweetpickle2 · 29/01/2024 09:04

If releasing the cash to buy the onward purchase is dependent on selling the first property, then you're not a cash buyer- you're just a buyer in a chain. You may not need a mortgage, but you do't have the money sitting in the bank at the time of buying the other property.

2023Tobeornottobe · 29/01/2024 09:24

That's what I thought. Not cash buyer until sale of property but I am able to put 10% cash down upfront - should I mention this?

OP posts:
GOODCAT · 29/01/2024 09:28

You will need to be able to put a 10% deposit down at exchange of contracts. Unless you are paying less for your next property you will not be able to send 10% up from your buyer. If you have 10% in cash, say so. If not, don't mislead the seller.

Onthemarket2024 · 29/01/2024 11:51

Seems like they are just trying find out how much you would need to borrow for a mortgage and what the LTV would be. If you will be cash buyer after you sell then I would just write what the PP poster said about no mortgage required. If you aren't on the market yet though I wouldn't expect any offer to be accepted as you aren't proceedable at the moment.

polkadotpeppermint · 29/01/2024 13:11

You don’t need to pay an exchange deposit if you’re both buying and selling - only the bottom of the chain does that.

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