Persimmon reservation fee

malcolmhire

Hi,

Myself and my girlfriend have just exchanged on a Persimmon home which we are due to complete in September.

Something I've asked about is the initial reservation fee of £500 that we put down a few months back, where does this go?

I've asked about this but don't understand, they says it comes off your final bill.

We have a 75% Mortgage and a 25% deposit of the house price and £2300 worth of finishing touches.

So does the £500 reservation fee come off the finishing touches?

Thanks,

Malcolm

kingstreet

The eventual purchase price paid to the builder's solicitor by your solicitor will be £500 less.

It will be accounted for on your completion statement.

malcolmhire

Thanks for the reply,

If that's the case though why have we paid 25% of the house value to the builders solicitor now as our deposit and we have another 75% for our mortgage. Surely the £500 would of been factored in as part of the deposit.

So does our solicitor request less from our mortgage provider at the point of completion?

Currently the mortgage is exactly 75% of the house value.

kingstreet

The accounting is done at completion when you also pay the solicitors fees and stamp duty, not exchange.