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.
Gotcha, thanks. Again, good to know. So it's not an additional expense, just some fluidity required until everything is squared away. I have that covered.
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.