Our seller wants deposit in cash on exchange

llocke

Funnily enough, that was something we were thinking of doing. Ha. Be interesting to see their reaction

silvercar

I do have some sympathy.

If your seller was buying another property, he would be allowed to pass your deposit along the chain to act as a deposit on the property he is buying. So I am not totally surprised that someone moving into rented, thinks along the same lines - that it would be acceptable to use your deposit towards his deposit on his tenancy.

Totally against the rules and no solicitor would sanction this, but I do understand where he is coming from.

stator

Would a bridging loan be possible? Once the solicitors have the deposit held it should be possible to borrow against it?

martindow

Your seller also has the option of paying his rent late. I imagine his solicitor will put him straight that no buyer is likely to give him cash as he wishes.

Marktheshark

I would say, great, contractual deposit exchange on a deed and you lower the price by £5k and you get £2.5 in cash.
Or you wait or find another buyer.

HouseBuyer77

I wonder if whoever they're letting off would be willing to accept a letter from their solicitor stating the deposit will be paid directly to the landlord upon completion from the solicitor's account in lieu of the cash up front?

Hoploz

Perhaps you could exchange and complete on the same day? That way your seller gets all his cash together. You'd have to clear it with the rest of the chain obviously.

Gigervamp

The seller could get a payday loan and pay it off as soon as the money hits his bank account.

PasturesNew

Whatever you choose, make sure it means "No".... it's not your problem. He's trying to make his problem your problem - and it's not.

You do the right/lawful thing and let the solicitor proceed in the usual manner, by the law. He can go swing.... his problem, not yours.

Mallotum_X

how about turning this to your advantage. 2500 on exchange and 5k off on completion.