Deposit, Exchange Contracts, Completion

[ConfusedaLot]

Hi! I'm selling my house and purchasing the next - therefore in a chain - Does anybody know how it all works in VERY SIMPLE TERMS when you get to the stage of 'deposit' - I won't have my deposit until my buyers give me theirs, and even then, what if they pay in full and not a deposit, wont my house be theirs? In addition, the house I'm buying; I wont have the deposit for that until my house sale takes place, but I don't want to be homeless!! How can all this happen on the same day if deposit is before exchange, and exchange is two weeks before completion!?? Come on, you've got to admit, it's confusing alright!?

[rabbitygirl]

Me again. Blimey stop panicking - the moving thing is bad enough without keeping yourself awake nights with all this! You have a solicitor dont you? You are paying them a good price to sort all this out and if you speak to them I'm sure they can explain or even point you towards something written. I was fortunate to be a cash buyer and no chain with my 2 houses and sold my previous house to go into rental to be in that position and its very different. But people move within chains all the time and basically if everyone stays in the chain and is kept informed of what stage they are at then it all just happens. Save your worries till moving day - I moved on THAT snowy day in Feb and my van refused to come out .. now thats call for panic!!!

[ConfusedaLot]

Thanks - I know I worry, but it seems everyone's out to shaft you these days and it doesn't matter how much I try not to care, I end up worrying myslef sick... end of the day, I ain't leaving my home of 11 years until I know I have the keys to my next home! Thanks for your help (on both counts!).

[rabbitygirl]

Just interested but are u male or female. Obviously (well maybe not on this site) but I'm a 'lady' !! and I'm the calm controlled one in our house. I leave all the panicking and worrying to my hubby who is so much better at it. R u in situation like this and have a calm influence??