10% deposit on Exchange of Contracts

G_M

I guess it might also raise the spectre of the buyer not having funds.......


But how do you know the deposit has not been paid? It would normally be held by your solicitor. So presumably your solicitor has told you it's not been pad.


which begs the questtion - why are you asking us here rather than your solicitor explaining to you......?

keith7

Hi

No we are not buying. The chain consists of myself a seller only, my buyer, and their buyer who is in rented accommodation until our agreed completion date of 31st May. I was informed that we exchanged contracts on 8th May, but my solicitor still hasn't received the agreed deposit of 10%!

Keith7

hazyjo

Aren't we going round in circles here? Most of the posts above still answer your last post in #13.

AdrianC

The question is where is it?

The buyer's solicitor shouldn't have allowed exchange if he didn't have the money. So is the delay in the solicitors' transfer? Is it because the buyer's solicitor is incompetent, and hasn't sent it, or there's been a problem in the transfer?

Or has their solicitor REALLY dropped a hairy one, and the buyer simply hasn't paid?

keith7

Update

My solicitor has now received the deposit having insisted it must be transferred by electronic transfer this morning Monday 21st May! Apparently my buyer's solicitor had been sitting on it for some unknown reason (not the first problem we've experienced, as this solicitor has been very slow to take action in the conveyancing process on a few occasions).

Progress has now been made!

Thanks again for the replies. I'm new to this forum, and was just looking for some help/advice, so my deepest and most humble apologies for "going round in circles"! I have looked in a mirror and admonished myself.

Keith7