"Am I right in saying that once I agree to sell my current property and sign contracts that at this point I will get 10% of the sale price and I can then use this 10% towards the amount I need to pay on signing contracts for a new house?"
Wrong.
The 10% you " receive " as a deposit is held by your solicitor as "stakeholder" until the transaction is completed.
You need to re-think your process.
Should you just sell your own house, abandon the new house and wait until your own house sells before trying to buy another property?
From experience, you either need someone to lend you the deposit ( as in think parent? aunt? uncle?) or try and borrow it from a bank who will be concerned about risk. There is always a risk (however small) that your own house fails to sell and you're stuck in a contract to buy new.
mf
Estate agents and solicitors are not paid upfront, they are paid afterwards.Really? I find it hard to believe that the average person who is selling a house and buying another has 10% (approx 35-40k) after paying out a deposit of 5-10k and also has money to pay estate agents, solicitors etc.
Really? I find it hard to believe that the average person who is selling a house and buying another has 10% (approx 35-40k) after paying out a deposit of 5-10k and also has money to pay estate agents, solicitors etc. That would mean the average person selling one house and buying another would really need to have 60k in savings. Maybe I'm being a bit naive here.
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