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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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We are buying and selling same price £325,000.00 we

Resolved Question:

We are buying and selling for the same price £325,000.00
we have a small mortgage of £11,000.00
Just a bit surprised to hear that we may need to pay a 10 percent deposit of £32,500.00
Which we did not calculate for, we have all our other expenses
Is there any way round this ?
regards
Carol
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for the question My name is***** shall do my best to help you but I need some further information first.Have you discussed with your conveyancer and asked if the deposit from your sale can be used on your purchaser
Customer: replied 1 year ago.

No, we have not spoken to anybody yet. Just saw this on a document sent to ourselves, we assumed that as we had so much equity in our property this would not be a problem.

And buying and selling for the same price ?

Expert:  Clare replied 1 year ago.
There are two separate legal transactions happening - you just happen to be a party to both of them.In each transaction the buyer needs to pay a deposit on exchange.It is usual to agree that the deposit that is paid by your buyer will be "rolled over" onto the property that you are buying - and this is lokely to be the case!I hope that this is of assistance - please ask if you need further detailsClare
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