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Same GBP deposit across a chain? (different %)
Comments
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I would personally not consider that to be equitable. As I said above, a percentage figure concentrates the mind of all participants equally, no matter the cost of the houses, and puts them in the same position as far as percentage financial loss is concerned.
You would need to put your arguments to the Law Society for the next edition of the Standard Conditions!0 -
I will certainly be discussing this with the solicitor when the time comes.
I am all for being penalised heavily if it's me walking away. What I have an objection with is me being penalised when it's someone else who walks away!!!0 -
I think we agree on that!0
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[FONT=Verdana, sans-serif]I don't think the deposit, even if it is 10%, is the limit of your liability. You are still contracted to buy the house and if the sellers can prove their loss was greater than 10% they could still seek to recover that extra from you.[/FONT]0
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One more thing to discuss with the solicitor.
May I ask what your background is and what you know of these cases? Please don't take it the wrong way, but I have seen and heard so many imprecisions when it comes to legal technicalities!0 -
[FONT=Verdana, sans-serif]I don't think the deposit, even if it is 10%, is the limit of your liability. You are still contracted to buy the house and if the sellers can prove their loss was greater than 10% they could still seek to recover that extra from you.[/FONT]
This is true.
This was common on new build properties when people put deposits down and exchanged for properties that wouldn't be completed for a year or so. Then the crash happened and they couldn't get mortgages for properties now worth a lot less. So they failed to complete and the developers sued them for the difference between what they had contracted to pay and the actual price obtained when the developer resold on completion.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
[FONT=Verdana, sans-serif]If you accept less than 10% deposit but with a commitment from you buyer to pay you the rest of the 10% if they fail to complete, your chances of getting the full 10% on or near the completion date are slim.
[/FONT] [FONT=Verdana, sans-serif]If you buyer cannot afford the full 10% deposit on exchange they are not going to suddenly have the money on completion day.
[/FONT] [FONT=Verdana, sans-serif]I always try and push for the full 10% deposit on exchange from my buyer.[/FONT]0
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