5% deposit - seller not aware?

goodwithsaving

A. He shouldn't be contacting you directly about legal matters - next time he calls, don't answer the phone
B. You have exchanged so nobody can pull out without penalty. You would have to find the shortfall if you pulled out. Don't take on any new credit or go on spending sprees and I'm sure it will be fine
C. Speak to your solicitors. We can't speak for them and you're both paying for legal services. They possibly/likely did discuss but things are often lost in translation or misunderstood
D. Concentrate on packing and moving. It's stressful enough

I will have a minor rant though - not at you but generally - if I read 'I'm a first time buyer' as a reason for not knowing what is going on one more time!

Bhanson

Wouldn't worry about it - the deposit for exchange is what you put up so that everyone knows you're good for the full lot.

Imagine being a seller and finding out your buyer has only put, for the sake of example, £7k down instead of £14k. I don't know anyone who has £7k to lose - so whilst it's short, as the seller, I'm safe in the knowledge you're going to come through on completion. Otherwise I'm keeping your £7k.

Like others are saying - get packed up and get your new colour schemes picked!

G_M

Bumblebee2128 wrote: »

HE didn't ask that. HE said the 'deposit was short by a lot'. The copy of the contract I signed is blank where it says deposit.

and naturally he (sorry - I get confused by genders sometimes) was referring to the deposit that relates to the contract between you and he. There is no way he could be refering to the so-called 'deposit' relating to your deposit as that is

a) a private matter between you and your mortgage lender and
b) none of his business and
c) of no interest to him whatsoever

So yes, when he said the deposit was short he meant "Where's the other 5% you owe me?!"

martindow

goodwithsaving wrote: »

I will have a minor rant though - not at you but generally - if I read 'I'm a first time buyer' as a reason for not knowing what is going on one more time!

I think that's a bit tough. Buyers pay solicitors to deal with the legal process and assume (quite reasonably) that they will carry out the process explaining issues where necessary.

I agree it is good for buyers to understand the stages involved in conveyancing, but I only learned about this while I was buying and selling. Solicitors would be wise to assume that their clients are naive (I know I was!).

G_M

The thread title is misleading though.

5% deposit - seller not aware?

It should really read

"10% deposit - buyer not aware?"

Thrugelmir

martindow wrote: »

I agree it is good for buyers to understand the stages involved in conveyancing, but I only learned about this while I was buying and selling. Solicitors would be wise to assume that their clients are naive (I know I was!).

Also best if communication between vendor and buyer is conducted through intermediaries. What can start off on a friendly footing can soon deteriorate. People are not always what they might seem.

Bumblebee2128

Thank you some for the very helpful answers. I will now not be replying to him and waiting until Monday to hear off my solicitor. G_M NO, it is as title says - 5% deposit and the buyer was not aware. As I have explained it was not mentioned to me by my solicitor neither my broker, both of who I have payed a lot of money for, that it was anything to do with the seller. My final fee for my solicitors show that I owed him the 5% deposit and that is all. How am I supposed to know any different? It's all new to me and your answers have not been helpful at all.

moneyistooshorttomention

In a "you shoulda thought about that at the outset and known that its standard for deposits to be 10%" position. You have admitted that you read the paperwork saying it's "usually 10%". So surely you would have taken that as meaning you had to have the vendors consent for it to be less than 10%?

What are you going to do to get the missing 5% you don't seem to have thought of?

Meanwhile - in your position I'd be making sure I was somewhere the vendor couldn't tell me what they thought of me until this was all over - and quite some time afterwards....

Bumblebee2128

How could I think about that form the onset when I did not know? I have searched this forum and it has happened quiet a few times befor so it's no unheard of. I have no way of raising the other 5% so have no idea at this stage what I will do until speaking with my solicitor. Why would I make sure I am somewhere he cannot tell me what he thinks of me? What he thinks of me is irrelevant I have bent over backward so to make this work for him even through some rediculous requests!

parkrunner

I clearly don't understand mortgages. I just assumed (yes I know) that the buyer in this case is paying 5% of the agreed price and the mortgage company the other 95% which makes up the full price. It would appear I'm wrong so how exactly does it work?