Chat & Social > The Bar - General Chat

Mortgages - Moving Home

(1/3) > >>

Mark_Solesbury:
Help!

Im really confused now...

Ive just sold my house. And bought another one. There is a chain.

Ive got a letter from the solicitor saying that i need to pay a 10% deposit on the new house.

I have no means to fund this at all, as everything is tied up in my current house.

I also understand that i will receive a deposit from the sale of my house, but as the new one is 50 grand more expensive, there will be a difference in deposit we receive, to the one we have to pay.

Where the hell does this come from? Am i just supposed to magic it out the thin air?


Anyone help clear this up for me?

Skibum346:
I'm no expert but if your talking about the vendor requiring a 10% deposit that should have been made clear prior to the purchase being agreed. If your lawyer didn't make that clear at the time, I'd say you've got a case against him, or at very least against the vendor for not making it clear. Talk to your bank, citizens advice or the mortgage advice centre.

Skibum

V8MoneyPit:
I suspect the vendor has had people pull out of the sale previously and they want a deposit to ensure the sale this time. However, I find it hard to believe many people would be in a position to stump up 10% in advance. Maybe you could negotiate a smaller amount?

Smego:
It is normal to negotiate this deposit OR sign a contract that you will pay a virtual deposit, IE if you pull out after exchanging contracts you are libel to pay the 10%  (5% is more normal these days. if that happens they will have to sue you for the money.

another option is to exchange and complete at the same time.

Ask your estate agent and solicitor for advise, some times it is necessary to remind both that they are working for YOU!!!


Good Luck.

SteveGoodz:

--- Quote from: V8MoneyPit on February 12, 2008, 17:53:47 ---I suspect the vendor has had people pull out of the sale previously and they want a deposit to ensure the sale this time. However, I find it hard to believe many people would be in a position to stump up 10% in advance. Maybe you could negotiate a smaller amount?

--- End quote ---

We asked for and received a 10% deposit when we sold our previous house last year. I refused to pay one on the property we wanted to purchase and the vendor waived it because he just wanted to sell ~ house had been on the market for some time :lol:

Receiving a deposit for your old house doesn't help with the deposit for the new one as you're not allowed to touch the one you receive until the move is completed, or falls through.

Navigation

[0] Message Index

[#] Next page