You are reading a single comment by @Tenderloin and its replies. Click here to read the full conversation.
  • How does the deposit on exchange of contracts work? If a purchase is being funded through sale of property/mortgage where does this deposit come from?

  • If it's totally covered by the deposit coming up the chain then just that. If there is additional monies required to 'top up' then these are supplied by you.

    sell 500k house = £50k
    buy 1,000,000 = £100k

    In this scenario you would need to supply £50k ahead of exchange to your solicitor

  • Cheers, that does indeed seem to be the case. Worryingly, no-one had mentioned that up until now so I need to rustle up £20k in the next couple of days!

About

Avatar for Tenderloin @Tenderloin started