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Elaborate, please. I was assuming everything would be transferred on the same day as part of the chain?
stevo_com-
Say you're selling for £300k and buying for £500k. When you exchange you'll get a £30k deposit on your sale and you'll need a £50k deposit on the one you're buying.
As such, you'll need £20k in cash to make up the difference. Even if the full purchase will subsequently be covered by sale and mortgage that mortgage doesn't get released until completion.
aggi
Deposit for exchange.
Not a cost as such but it won't necessarily all be covered by sale/mortgage until completion.