Selling - Taking a deposit to secure

Jones80

Hi,

I am about to sell a flat and have multiple people interested before even speaking to an estate agent about listing it on the market.

What would usually be done in terms of one of the potential buyers securing the option to purchase for a certain amount of time?

For example I dunno... They pay £5,000 to secure it for 1 month.

Is that the done thing in this kind of situation, or does a solicitor need to be involved at even this very early stage of somebody just wanting to reserve the option to buy it?

Thanks

davidmcn

Nothing remotely like that is the "done thing". Who's going to pay £5k for the privilege of negotiating with you for a month? You choose the highest/most proceedable bidder and negotiate with them.

You do get "options to purchase", but that's normally for something over a much longer timescale e.g. a developer who knows they won't get planning permission now but might in five years' time.

diggingdude

unlikely to happen

Jones80

Thanks for the reply.

What started the confusion (for me as this is all new) is one of the buyers asked if they can leave a deposit to reserve it.

G_M

That happens with New builds. Developers take deposits.


Now - visit your local library and borrow (free) a book on house buying. You are about to spend £100,000s and need to learn how it works and what is involved.


https://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377/ref=sr_1_2?crid=3FLVVGWSS09L4&keywords=buying+a+house+uk&qid=1569880040&s=books&sprefix=buy%2Cstripbooks%2C200&sr=1-2


https://www.amazon.co.uk/How-Buy-Property-Simple-Millennials/dp/1976072735/ref=sr_1_3?crid=3FLVVGWSS09L4&keywords=buying+a+house+uk&qid=1569880062&s=books&sprefix=buy%2Cstripbooks%2C200&sr=1-3