What happens if I am not able to provide 10% of the purchase price to exchange contracts?
You should receive 10% of the purchase price from the person buying your house. You will only have to find the balance. Often it is possible to negotiate with the other party to accept what you have received as a deposit as a full deposit on the property that you are purchasing. In addition it is now common practice for 5% to be paid on exchange with a liability for the full 10% deposit if anything were to go wrong.
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