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INC Law
INC Law, Solicitor-Advocate
Category: Property Law
Satisfied Customers: 15909
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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What always happen to deposit paid when you buy a property

This answer was rated:

Good evening,
JA: Hello. How can I help?
Customer: what always happen to deposit paid when you buy a property and want to sell again/
JA: What steps have been taken so far? Has any paperwork been prepared or filed?
Customer: Not yet, I was about selling one of my property to pay off for the one we are living now, but have been advice to mortgage.
JA: Where is the property located?
Customer: Location is in Abbeywood, South London
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The two properties are all interest only

Hi,

Thank you for your query. I am a Solicitor-Advocate in the UK and will be assisting you with your question today.

I am slightly confused to what your question is and would be grateful if you could clairify.

Many thanks,

INC Law and other Property Law Specialists are ready to help you
Customer: replied 16 days ago.
I have 2 properties both on interest only.
one have a year left for mortgage maturity.
The other still got two year six months (Rental).
I have been advised to remortgage the rented property to enable me pay off what is left on my residential one.
My question is what will happen to deposit because I have not done this before.
Thank you.
Customer: replied 16 days ago.
No live chat please

Hi,

The deposit which was paid at the outset, would form part of the equity in the property as it would have formed part of the purchase price at the time you bought the property.

Customer: replied 16 days ago.
Can I cancelled because I can not afford £40.00
Thanks

Hi,

I have rejected your call request and asked customer services to issue a refund for the call.

Customer: replied 16 days ago.
Thank you.

Its a pleasure.

Good luck