10% of the purchase price
Sometimes you can ask to exchange without paying a deposit, for example if the money is all coming from the sale of another house and you don't have the cash at exchange, but buyers are usually advised to refuse. 26-08-13, 13:22 #10. Member. Yes, you will generally need a deposit, even if you are paying the full amount yourself. The deposit is paid when you exchange contacts to show your commitment. At that point all parties in a chain can book movers, exchange on other contracts etc. The test is then paid on completion I.e.the day you get the keys. A mortgage deposit. This is not strictly a deposit, and is simply terminology used by mortgage lenders and which often confuses people. A mortgage company might say, “if you put down a deposit of 20%, we shall lend you the rest”. The 20% is not a deposit as such. The mortgage lender is just trying to say they will lend 80% if you fund the rest.  You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender. The deposit is often 10% of the purchase price of the home but it can vary. Discounts. As a tenant with a right to buy, you will get a discount on the price of the property. If you live in a house the discount will be between 32% and 70%, depending on how long you have lived there. If you live in a flat, the discount will be between 44% and 70%, depending on how long you have lived there. Sources of deposit cash. If you’re buying with a mortgage, you will actually face two kinds of deposit. First of all, you will have to make a down payment to your vendor (the person. you’re buying from) when you exchange contracts. the mortgage you’ve secured. If your house costs £150,000 and you’ve got an 80 per cent mortgage (ie £120,000), the deposit. will be £30,000. In most cases, you will have handed over 10 per cent of your purchase price – in this case, £15,000 –. on exchange of contracts. The Contract will specify that 10% of the purchase price is payable on exchange of Contracts. You will appreciate that certain purchasers do not have a full 10% deposit available upon exchange of Contracts. The lack of a full 10% deposit may be due to the fact that your Purchaser may be obtaining a 95% or 100% mortgage in order to purchase your property. 1 Suppose that the landlord has required you to pay a $1,000 security deposit (the maximum allowed by law for an unfinished unit when the rent is $500 a month). 2  The landlord cannot also demand, for example, a $200 cleaning deposit, a $15 key deposit, or a $50 fee to process you as a new tenant. 1 The landlord cannot also demand, for example, a $200 cleaning deposit, a $15 key deposit, or a $50 fee to process you as a new tenant. 2  The landlord cannot require any of these extra fees because the total of all deposits then would be more than the $1,000 allowed by law when the rent is $500 a month. Deposit your week 9 months to 2 years in advance of the start date of your ownership week to receive 100% of your available Deposit Trading Power to use for exchange. However, when you can deposit may vary based on when your resort makes your week available to you and when you pay your maintenance fees. If the exchange you want requires less trading power than your deposit is worth, you are in luck! You will receive a Deposit Credit for the difference! Deposit Credits are kind of like getting change back! Your unused trading power is placed on your account as a Deposit Credit, to use toward a second vacation. This should be done in writing. At the time of the exchange you will be required to pay a deposit. While it is usual for a vendor to ask for a 10 per cent deposit, a different amount can be agreed on and recorded on the contract. Following exchange, you have a financial interest in the property so it’s wise to consider getting it insured.
http://www.netmums.com/coffeehouse/house-garden-194/money-finance-entitlements-267/979014-house-deposit-all.html http://www.trethowans.com/site/library/legalnews/what_deposit_do_i_pay_my_conveyancing_solicitor https://www.citizensadvice.org.uk/housing/moving-and-improving-your-home/buying-a-home/ http://www.mortgagesorter.co.uk/costs_buying_home.html http://www.convey365.com/transaction-guides/sale-purchase/deposit-exchange-contracts/ http://dca.ca.gov/publications/landlordbook/when-rent.shtml http://pgs.rci.com/landing/InsideRCI/faqs/index.html http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Contracts_and_deposits.page
how much deposit do you pay on exchange