Panicking!! Exchange deposit

user1977

stillwaiting1 said:

user1977 said:

stillwaiting1 said:

GDB2222 said:

The standard deposit is 10%, but you can agree 5%.

 It should be in the draft contract. Have you signed that yet? If so, you must have seen what it said about the deposit?

I might email my solicitor today and ask.

It would be more sensible than asking people on a web forum who aren't dealing with your transaction! If you haven't seen a draft contract then you might not be that close to exchanging.

And it was the person dealing with my case, the solicitor that said we aren't far from exchanging. It quite clearly says I am a first time buyer in my post so don't know the ins and outs of buying a property.

Yes, and your solicitor will be used to dealing with FTBs with 95% mortgages. They're not going to expect you to find an additional 5% from somewhere for the purposes of the contractual deposit. That wouldn't make any sense.