10% despoit on exchange
Discussion
Knowledgable propertarians..
We'll shortly be exchanging on the sale of our current house and the purchase of the next one. The new house is about 30% more expensive then the one we're selling.
As the standard deposit is 10% on exchange of contracts, this means that we have a shortfall and will be temporarily our of pocket until completion (ie: we receive x from our buyer but need to provide x + 30% to the seller).
Is is normal practice to negotiate this % amount so that for cashflow purposes the two £k amounts are the same? We could find the shortfall if needed but I'd rather not clean out my accounts if I don't have to,.
We'll shortly be exchanging on the sale of our current house and the purchase of the next one. The new house is about 30% more expensive then the one we're selling.
As the standard deposit is 10% on exchange of contracts, this means that we have a shortfall and will be temporarily our of pocket until completion (ie: we receive x from our buyer but need to provide x + 30% to the seller).
Is is normal practice to negotiate this % amount so that for cashflow purposes the two £k amounts are the same? We could find the shortfall if needed but I'd rather not clean out my accounts if I don't have to,.
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