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Exchange deposit question
Comments
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I don't think we'll fail to complete, I am 100% confident we will complete. What I mean is, the advice seems to be that hypothetically although we wouldn't put 10% up at exchange, we'd still be liable for the 10% if for some reason we did fail to complete, and so as long as I understand/accept that, it shouldn't be an issue?
I will flag to solicitor, I was just wondering if it is standard practise do they expect it as a matter of course.
Correct, but you do need acceptance from the person you are buying from that they will be happy to agree to a deposit less than 10%.0 -
I don't think we'll fail to complete, I am 100% confident we will complete. What I mean is, the advice seems to be that hypothetically although we wouldn't put 10% up at exchange, we'd still be liable for the 10% if for some reason we did fail to complete, and so as long as I understand/accept that, it shouldn't be an issue?
I will flag to solicitor, I was just wondering if it is standard practise do they expect it as a matter of course.
Whether it's an issue is for the vendor to decide.
10% is the "accepted" standard yes.0
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