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10% deposit

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  • 10% deposit

    When selling a flat, My conveyancer let the buyer’s conveyancer to hold the 10% deposit without my consent. His explanation was Below but is this true?? I always believed sellers’ conveyancer commonly hold deposit on exchange of contract. (It’s standard case , not chained , completion after 2weeks of exchange)

    ‘This is a common agreement between solicitors when dealing with deposit funds.
    It is an agreement reached on the majority of client files and is agreed to more and more these days.‘

    please tell me it’s still normal that sellers solicitor hold the deposit . Or is it common nowadays to let buyers solicitor to hold the deposit and pay full amount on completion ,,,,
    Last edited by Sammy111; 12-10-2020, 06:04 PM.

  • #2
    That is normal. https://armorservices.com/


    • #3
      I think that's pretty normal. There are really agreements that are new nowadays.
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      • #4
        Hmm. This is really something off. I wouldn't want him to charge anything without my consent.