5% deposit - seller not aware?

G_M

jamesmorgan wrote: »

This case has all the hallmarks of the seller doing their own conveyancing. Normally the seller has no idea how much deposit has been lodged with their solicitor. If there had been a short-fall, their solicitor would raise it with the buyer's solicitor rather than with their own client.

???? No.

I recently sold a property. Unusually, I used a solicitor. At the last minute my solicitor called to say the seller wanted to agree a 5% deposit. For various reasons, I refused and instructed my solicitor to insist on 10%.

But the point is my solicitor rightly kept me informed and sought my instructions. He did not make the decision on my behalf.

gazter

G_M wrote: »

???? No.

I recently sold a property. Unusually, I used a solicitor. At the last minute my solicitor called to say the seller wanted to agree a 5% deposit. For various reasons, I refused and instructed my solicitor to insist on 10%.

But the point is my solicitor rightly kept me informed and sought my instructions. He did not make the decision on my behalf.

Did you stop the halt the sale because of it?

jbainbridge

GM - care to share your reason for insisting on 10%? Just wondering.

Mutton_Geoff

I wonder how the vendor thinks they only have 5%, it would be very unlikely that his/her solicitor transferred the exchange proceeds across immediately on exchange.


My bet is that money isn't even transferred on exchange on many occasions but that the exchange of contracts is done on a legal nod and obligation between solicitors.


The OP needn't worry about anyone pulling out if contracts are exchanged. The shortfall in deposit should have already been covered between the solicitors and if it wasn't, any costs associated with that certainly won't be down to you since you would have provided your solicitor proof of funding at a very early stage in your purchase process and from there, they would have seen you only had 5% deposit.


Don't deal directly with the vendor if you have a brief employed to do that for you.


Edited to say, "and don't get legal advice from internet forums"

Guest101

jbainbridge wrote: »

GM - care to share your reason for insisting on 10%? Just wondering.

Because a solicitor holding the deposit, even on behalf of his client, cannot return it if they fail to complete.


These gives the vendor a pot to claim against.

Bumblebee2128

Thank you all for the replies. They helped calm me down after a stressful weekend. I have not heard off my solicitor today (yet) after assuming he would be on the phone to his solicitor at 9am this morning. I have not heard a thing from him either and will not be replying even if I do. I have decided not to contact my solicitor about the matter and leave it to them to contact me if the problem arises. Hopefully his solicitor would have explained a few things and he's not making a problem of it!

Mutton_Geoff

Bumblebee2128 wrote: »

Thank you all for the replies. They helped calm me down after a stressful weekend .... I have decided not to contact my solicitor about the matter and leave it to them to contact me if the problem arises

Surely to reduce stress levels, it would be better to contact your solicitor and put this to bed once and for all? The answer is waiting at the end of a phone line and I wouldn't like to leave this open, I would prefer to be proactive and resolve the issue asap.

G_M

jbainbridge wrote: »

GM - care to share your reason for insisting on 10%? Just wondering.

Sorry - not really relevant.

Did you stop the halt the sale because of it?

Interpreting the question as best I can, no, the sale did not fall through- the buyer paid the 10% deposit as I had anticipated.