Deposit on exchange

Rosso

First time buyer here so noob question alert!

We are buying a house for 110,000 with 40,000 as a deposit and 70,000 mortgage.
We recieved some papers from our solicitor to sign, one of which asks: (my responses in red)
Purchase price agreed: 110000
Amount already paid: 0
Amount available for use as a deposit on exchange:

My question is, does the 40000 go in that last question, only reason I ask is that I was under the impression that this 'deposit' went to the mortgage lender not the solicitor?

Any help would be appreciated, obviously I would ring the solicitor but they're not open on a sunday! :mad:

Edit: Just realised this should have been posted in the house buying section of the board, had both windows open, mods feel free to move.

Thrugelmir

Deposit is held by the solicitor.

Normally 10% is paid on exchange.

The balance is paid on completion.

GMS

Deposit will be held in the solicitor client account. When the funds are requested from the lender by the solicitor these too will be held in the client account. Your 40k plus the lender 70k will make up the 110k purchase price which will be transferred to the vendors solicitors.

Dont forget to allow for the solicitors fees and disbursements which will need to be paid too.

Rosso

Thanks both for your explanations, so if I understand correctly this is different from the 'price of house - mortgage amount' figure as this is >10%.
So I should be putting 10% on the form as 'amount available for use as a deposit on exchange'?