10% deposit at exchange of contracts Q

retepetsir

Lavendyr wrote: »

Um, not normally 28 days! That sounds incredibly long to me (though maybe you mean it's normal for a new build?). We completed a week after exchange.

4 weeks is usually standard but this can vary depending on what the buyer/vendor agree on

khgibb

retepetsir wrote: »

4 weeks is usually standard but this can vary depending on what the buyer/vendor agree on

Our solicitor advised us that standard is 2-4 weeks; any less than that they charge more!

kingstreet

The gap between exchange and completion is whatever it is negotiated to be.

It can be five minutes or, in the case of a newbuild, six months.

Lord_Baltimore

Are the rules hard and fast that the deposit must be 10% please? Supposing for example, the buyer in this instance had offered £10k deposit - would that be ok? Can't see many people walking away from 10 grand.

G_M

10% is the norm, but it is negotiable.

It is common for people to pass on whatever deposit they are receiving:

* they are selling for 100K, so receive £10K (10%) from their buyers
* they are buying for 150K, but offer £10K deposit even though it is less than 10%

Lord_Baltimore

G_M wrote: »

10% is the norm, but it is negotiable.

It is common for people to pass on whatever deposit they are receiving:

* they are selling for 100K, so receive £10K (10%) from their buyers
* they are buying for 150K, but offer £10K deposit even though it is less than 10%

Thank you .