Amount payable upon signing contracts for sale and purchase of property

[pkeane]

Hi,

I am in the process of selling my current property and buying a second hand house. The contracts for the sale of my apartment have been signed and received by my solicitor.

I am due to sign the contracts for the purchase of the house on Monday and my solicitor said that I need to pay 10% of the purchase price (less the deposit already paid). This will amount to roughly 35k. I wanted to check if this was the norm, as it is a lot of cash to be handing over.

Is there any wasy that I can use the deposit paid by the buyer of my current property (therefore only having to pay the difference)?

Any advice would be greatly qappreciated.

 

[Deisce]

Hi,
I went through this 2 weeks ago and was freaked out that I'd have to pay stamp duty and everything that day. We were purchasing a property and asked the auctioneer and he said 10% of purchase price less the deposit which was 37500. But when we asked solictor he changed it to 30000 with a stroke of his pen. Get your solicitor to negotiate it down with the vendors solicitor but bear in mind the whole point of it is to prevent you pulling out after signing without major financial heartache.
The stamp duty and solicitior fees are payable before closing date so they can wait.
That was my experience anyway

best of luck

Deisce

 

[nt00deep]

you can negotiate down the deposit, but you cannot use funds from deposit received from the buyer of your house

 

[pkeane]

Many thanks for the info guys. I have instructed my solicitor to try and negotiate the amount down.

Thanks again
pkeane

 

[mickaxe]

you can negotiate down the deposit, but you cannot use funds from deposit received from the buyer of your house

We have gone sale agreed on our existing house and our new one. €500 booking deposits paid on both. No contracts produced for either transaction yet. Based on what you say above, we will have to get a bridging loan of some sort to pay the difference on the 10% deposit when we sign contracts for the house we are purchasing? As we had gone sale agreed on our own house 7/10 days before doing so on our new home, I had naively thought that we would have closed on the sale of our existing house first and would have the neccessary funds to handover when signing those for our new house, however delays getting deeds of existing house from BOI has scuppered that plan..........

Mickaxe