How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare, Solicitor
Category: Law
Satisfied Customers: 34889
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Type Your Law Question Here...
Clare is online now

We are buying and selling same price £325,000.00 we

This answer was rated:

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 ?
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 2 years 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 ?

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
Clare and other Law Specialists are ready to help you