Deposit for New Home

Japtastic_UK

We had been looking at a new home about 5 weeks ago but couldn't get an offer on ours in time and some one else bought it, we now have an offer on ours and by chance the buyer dropped out of the new build we originally wanted.

I have just been to sign our commitment to buy and was suprised when then wanted a deposit of a £1000, quite normal apparently?

I asked what the conditions of the deposit were and they said that if anything goes wrong then only half comes back and it's up to their discrection if they give all back.

Now that would mean me taking a £500 risk on the chap that is buying mine as he is the beggining of the chain.

Is this normal/fair, can I get all the depoist back if the situation is out of my control? I can understand if I pulled out I'd get nothing back but if other peope do, it seems a bit harsh....

I really dont want to loose this house again as the other persons chain may complete again over the weekend and they would swap back to her.

Our buyer has just had his divorce sorted and is getting the mortgage offer on Tuesday but by then it may have sold, argghhh what to do?

ciano125

Tell them you'll buy it, but you're not putting any deposit down, simple. You aren't asking for a deposit on yours, so why should you pay one on theirs?

Japtastic_UK

Sorry but your post was of no help what so ever!

loki13

Your options are to wait, to gamble the £500, or to do as ciano says and tell them you want to buy but are not willing to put down a deposit.

What reply would be helpful?

Thrugelmir

I wouldn't put a deposit down until you are sure that your potential purchaser is in a proceedable situation at such an early stage.

Treadmill

Its normal to put down money to reserve a new build only 50% of which is refundable if you do not complete, its usually £500, or was in my case. You could try asking them if they will take £500...