Deposit - what do I need to be aware of?

spudsofa

Hi all

My offer for a leasehold business has been accepted and the commercial property agency want a £3000 deposit, the exact wording are:

'We would ask you to transfer a £3,000.00 refundable deposit into our Client Account today as a gesture of goodwill, thus reserving the business in your favour.'

I was wondering if this is normal procedure and is there anything that I should be aware of before I pay it on Tuesday?

Thank you in advance for any replies.

phill99

What does your Solicitor and/or accountant say?

bris

Yes, it's normal procedure to show how serious you are. However you still need to do due diligence to make sure you are not being shafted.


Legal advice is essential, knowing who you are dealing with and what their reputation is, is a must.


Also check for small print that says only refundable when deal is done.

spudsofa

Thanks for your replies, phill and bris.

I haven't got a solicitor yet but have a firm in mind and was thinking of engaging their services on Tuesday/Wednesday.

They are wanting their deposit on Tuesday, should I wait until I have engaged solicitors?

Also has anyone had any dealings with Paviour Property Services?

Thanks

phill99

Do not hand any money over until you have sought legal advice. Do not be bullied by the agent into handing the money over.

Mistral001

Often the term "a gesture of goodwill" has a strict legal meaning. For example in a claim for damages it can mean without admitting any fault. In this case I am not sure what it means and you should seek legal advice as others have said.

paddyrg

spudsofa wrote: »

They are wanting their deposit on Tuesday, should I wait until I have engaged solicitors?

I'll bet they are, it's in their interest to rush you, get you committed earlier, maybe preventing you from taking advice properly. Your money, move to your own timescales.

yasmup

spudsofa wrote: »

I haven't got a solicitor yet but have a firm in mind and was thinking of engaging their services on Tuesday/Wednesday.

They are wanting their deposit on Tuesday, should I wait until I have engaged solicitors?

No, go 'head!

Save on the solicitors fees. Who needs 'em, eh?

robatwork

Domain name:
paviourpropertyservices.co.uk

Registrant:
White Mist Enterprises Ltd

Registrant type:
Unknown
Data validation:
Registrant contact details validated by Nominet on 10-Dec-2012

Registrar:
Digital Magnet Ltd t/a PhasicShift Ltd [Tag = PHASICSHIFT]
URL: http://www.phasicshift.net

Relevant dates:
Registered on: 14-Apr-2010
Expiry date: 14-Apr-2016
Last updated: 15-May-2014

---

Companies House:
Name & Registered Office:
WHITE MIST ENTERPRISES LIMITED
MONOMETER HOUSE, RECTORY GROVE
LEIGH-ON-SEA
ESSEX
SS9 2HN
Company No. 05948776


Status: Dissolved 02/12/2014
Date of Incorporation: 27/09/2006

Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC):
7487 - Other business activities
Accounting Reference Date: 31/12
Last Accounts Made Up To: 31/12/2008 (TOTAL EXEMPTION FULL)
Next Accounts Due:
Last Return Made Up To: 25/10/2009
Next Return Due:
Mortgage: Number of charges: ( 0 outstanding / 0 satisfied / 0 part satisfied )
Last Members List: 25/10/2009

They are dissolved but this probably means that the web details are incorrect. I would dig deeper if I were you, or get your solicitor to. All this info is freely available.

scoly

PAVIOUR PROPERTY SERVICES LIMITED
Company No. 05743909
Status: Active
Date of Incorporation: 15/03/2006
Nature of Business (SIC):
68310 - Real estate agencies

As you say:

robatwork wrote: »

All this info is freely available.

ETA:

White Mist Enterprises Limited

Companies House Description:

The provision of IT and telecommunications services, as well as supplying outdoor leisure equipment.

https://www.duedil.com/company/05948776/white-mist-enterprises-limited