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Deposit / exchange
MMGG
Posts: 33 Forumite
If the buyer pays, say for example a 10% deposit which our solicitor holds bu thtne they pull out of the deal, do I keep the full deposit in reality?
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Comments
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If you have exchanged contracts then yes, if the contracts have not been exchanged and the buyer pulls out you will get diddly squat.
BUT if you have a related purchase and the deposit was used up the chain then you won't keep it because you will owe your vendor 10% of that purchase price IYSWIM
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
Thanks Hippychick - could you just clarify your answer a bit more for me please (the second bit of your answer) as I don't quite grasp what you mean...0
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We are assuming your purchaser has reneged. But the question is are you yourself buying another property.Thanks Hippychick - could you just clarify your answer a bit more for me please (the second bit of your answer) as I don't quite grasp what you mean...Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Are you buying? If so then you will have had to pay a deposit to your vendor, it is likely your solicitor would have used the deposit from your buyer and thus passed the deposit up the chain. In that case you won't get anything from your buyer because it will have to be paid to your vendor.
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
if they do not complete on the day of completion then OP's answer is no - contrary to the suggestions above.
the Seller must make 'time of the essence' and serve a Notice to Complete, which they can do on the day of completion. This then gives the Buyer a further 10 (i think it is 10) working days within which to complete. Only after this time lapses and the Buyer does not complete (provided not throug fault of the Seller) can the Seller attempt to foefit the deposit. The Courts rarely support a BUyer seeking to get it back.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0
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