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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
stevo_com
Elaborate, please. I was assuming everything would be transferred on the same day as part of the chain?