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Do I need deposit if I sell my property?

I recently bought a property in Farnborough, Hampshire and I am already thinking 3/5 years down the line to get to a bigger property in the future. Just wondering in a few years time would I require to give any deposits if I sell my propery and move to a desired property which has to be larger than the current one we're living?

Asked on Apr 29 2012, General in Farnborough | Report content

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  • When selling a property, you usually work out approximately what equity you have in it and use that (or part of that) as your deposit on the next purchase. You apply for your new mortgage on the house you’re buying on that basis. When you’re getting ready to complete the sale, your solicitor works out all the final amounts, gets figures of the loan outstanding from your mortgage company, details of your sale, purchase and new mortgage amount and makes the necessary transfers. The deposit should really be paid on exchange of contracts (usually a couple of weeks before completion). However, in reality, often a partial deposit is paid at that stage as most people don’t have the money until their sale goes through.

    Answered on Apr 29 2012, Report content
  • It is not required, but advisable - the more money you have, the easier it is to get a mortgage. Besides you will still need funds for solicitors, valuations, etc. so you have to have a reserve of money..

    Answered on Nov 10 2013, Report content

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