Vendor requesting deposit to remove property from market?

darcyboo

Hi everyone,

After MUCH searching, finally found a suitable property and had an offer accepted. However, the agent have since been in touch to say their client have requested a £1,000 non refundable deposit to remove the property from the market and cancel any pending viewings. The property is being sold by some part exchange company, who I understand purchased it from the previous owners under a new build part exchange scheme.

I was totally taken aback by the request, and wondered if anyone has any experience of this?

I've followed up with the agent to communicate my, errr, surprise, and to request cite of full T+Cs of such a proposal in order that I can consult with my solicitor. Given that a survey hasn't taken place yet, I can't quite comprehend why on earth I'd be expected to part with £1000 on a non-refundable basis?

G_M

Just say no.

Red-Squirrel_2

Hell no, that’s not how it works!

davidmcn

Tell them that in order to protect your position you require a £1,000 deposit from them...

darcyboo

Red-Squirrel wrote: »

Hell no, that’s not how it works!

Indeed, I've been utterly baffled all afternoon! I've told them we won't be parting with a single penny upfront. Agent completely understands and seems to agree with our position, but said the vendor won't agree to remove the property from the market otherwise, not even once our survey is booked?? I've said I'm very uncomfortable with this, and that they might need to find themselves another buyer if they're going to be so unreasonable.

darcyboo

davidmcn wrote: »

Tell them that in order to protect your position you require a £1,000 deposit from them...

Ha! This did actually cross my mind! Just unbelievable turn of events really, really like the property but don't fancy someone else swooping in a week before contracts are due to exchange, and neither am I prepared to hand over £1000.

SandraX

Look at it like this, do you really want the property? if yes put the deposit via a solicitor and the deposit is subject to satisfactory surveys and approx completion date. EG re completions dates about 12 weeks from where you are and Feb 5th 2019 to Feb 27 2019

darcyboo

SandraX wrote: »

Look at it like this, do you really want the property? if yes put the deposit via a solicitor and the deposit is subject to satisfactory surveys and approx completion date. EG re completions dates about 12 weeks from where you are and Feb 5th 2019 to Feb 27 2019

Well this is why I requested T&Cs to see if they really did mean non-refundable under any eventuality or whether there would be certain caveats to cover e.g. major survey issues. Agent seems to think it's just totally non-refundable.

We do want the house, hence we made an offer on it, however, I don't see why I should need to part with £1000 up front to give them piece of mind.

Farmer_Johnson

I paid £1,000 for exactly this reason on my current house, with the condition being that it would be forfeit if I did not exchange by an agreed date.

I didn’t mind, it stopped anyone else being able to view and was knocked off the funds needed at exchange.

davidmcn

darcyboo wrote: »

Well this is why I requested T&Cs to see if they really did mean non-refundable under any eventuality or whether there would be certain caveats to cover e.g. major survey issues. Agent seems to think it's just totally non-refundable.

We do want the house, hence we made an offer on it, however, I don't see why I should need to part with £1000 up front to give them piece of mind.

For it to make any sense you'd need to negotiate some sort of pre-contract contract specifying what would be reasonable grounds for you not proceeding etc. I suspect their proposed terms won't amount to much more than "thanks for the cash, sucker!".

getmore4less

Red-Squirrel wrote: »

Hell no, that’s not how it works!

It's how the builders work and they are only promising to build a house.