How does the deposit thing work on houses?

We will be selling our current property and it currently has a small mortage outstanding on it.

Do we need to put a depoist down before our current house is sold? or can we wait until the property is sold and use the money we get from that as deposit?

Also what does No Upward Sales Chain mean?

depends if it is a deposit for a new house - if yes then they do usually need a deposit (only small)

If you are buying "normally" then no - just let the solicitors take car of all the money.

No upward chain means, the house you are buying has no chain i.e. is probably vacant or current owner is not waiting to buy another house etc

Cheers.

Its not a new house, its a old semi located on a corner plot. It requires about £40k spending on it to bring it upto date.

We going to look at the property tomorrow.

If you think it need 40k spending, budget for 50, these things nearly alwasy go over!

True, thats the same thing my uncle said.