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Accessing 10% deposit on exchange of contracts
inmypocketnottheirs
Posts: 4,745 Forumite
A thought crossed my mind.
On the basis of 10% deposit being paid by our purchaser do we have any access to these funds prior to completion?
On the basis of 10% deposit being paid by our purchaser do we have any access to these funds prior to completion?
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
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Comments
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No, Standard Conditions of Sale do not allow this.
Your buyer wants the security that the money is held by a solicitor bound by strict accounts rules so that if you don't complete the sale - refuse to sign the transfer deed or move out - then they can get their deposit back.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard_Webster wrote: »No, Standard Conditions of Sale do not allow this.
Your buyer wants the security that the money is held by a solicitor bound by strict accounts rules so that if you don't complete the sale - refuse to sign the transfer deed or move out - then they can get their deposit back.
Thank you Richard Webster, makes perfect sense. Sometimes the most obvious reasons aren't obvious!Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Can you imagine how scary it'd be if the solicitor gave 10% to the seller. Money and seller disappearing overnight...
"The only man who makes money from a gold rush is the one selling the shovels..."0 -
spunko2010 wrote: »Can you imagine how scary it'd be if the solicitor gave 10% to the seller. Money and seller disappearing overnight...
...although, one would assume, not the house...0
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