As you're selling your house and buying another, the people you're buying from are doing the same and the people they're buying from are also moving on. All are dependent on someone else selling their house so they can move. If there's just one hiccup in the ladder, the whole thing can grind to a halt. First-time buyers, you're the most sought after people in the housing market. Not just because you keep the whole thing going but because you aren't dependent on anyone below you on the ladder.
 You can even push the asking price down
You have the money in the bank and are ready to buy. This is known as a cash sale. Use this as a bargaining position, you can even push the asking price down or get the vendor to include a few extras in the sale - furniture, cooker, fridge, and so on. Normally a ten per cent deposit is required on exchange of contracts. If you can't afford the full amount, try and negotiate a reduced deposit. Also, bear in mind, that as a party somewhere in the middle of the chain you may be able to use the deposit you receive on your sale to help finance the deposit on your purchase. The content supplied on this page is based on the law applying on 1 January 2005. Please consult your own lawyer for further information regarding your rights.
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