Leasehold and Freehold Ownership Reforms
Margaret Ilori specialises in leasehold enfranchisement and talks about the forthcoming changes to rules on lease extensions. It would not have escaped many that there are sweeping reforms afoot in…
Deposits Explained
On exchange of contracts, you will be required to pay a deposit to the seller. The deposit required will usually be 10% of the purchase price of the property although, with the rise in house prices, deposits of 5% of the purchase price are becoming more common, particularly at the higher end of the market.
You must have the deposit available as cleared funds on exchange of contracts. Providing the property you are buying is in England or Wales, if you are selling a property at the same time as buying, you can use the deposit you receive from your buyer as the deposit on your related purchase.