• Risk Of Exchange Before Completing

    By Guest on 19th Dec 2015

    I'm in the process of buying a property. We are in a chain of 4.
    I'm doing 2 mortgages: a remortgage buy to let for the flat we own and a residential for the house we are buying. We are also using our saving for the deposit. In the small print of both mortgage both lenders reserve the right to withdraw the mortgage offer anytime until completion. I have asked if exchange before completing will put my deposit at risk: the answer I had is that "if for ANY reason the lender pull out and I can't find the funds within a certain amount of time I'll lose my deposit". However I have been told that exchange before the funds arrive in the solicitor's account is the "common" procedure for all purchases. For this reason the other people in the chain will not exchange and complete on the same day.
    I'm very concerned about this situation and I don't understand if I can protect my deposit in any way.
    Thanks in advance

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