deposit on signing contracts [solicitor] [last time]

Q:I am just having a bit of a panic, we're going into sign for the sale of our house and purchase of another on Tues next week, all our money is tied up in the equity from our sale and we don't have another £17k lying around (I wish) to hand over as a 10% deposit

when we moved , I just vaguely recall the stating the deposit will come from the sale of our house, is this correct?


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A:You should be fine so long as the has arranged for the dates of completion to be the same date. In fact, many solicitors will arrange for the date of exchange and completion to be on the same day for both the sale and the purchase so that there is no risk of there being a deficit. Ask them during your meeting (before you sign). You are likely going in to sign contracts in preparation for the exchange. The will have you leave the date blank so that they can fill it in when everything is in place and then exchange and complete simultaneously.

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