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PCS Legal Podcast

Welcome to the PCS Legal Podcast. We are a firm of specialist Property lawyers regulated by the CLC. We hope to provide information on general conveyancing. You must always contact our offices for specific advice relating to the property you are looking to buy or sell to ensure the advice we give is suitable and relevant to your transaction.

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PCS Legal Podcast

The Deposit For A House UK (Explained)

May 11, 2022

The Deposit For A House UK Explained

The deposit is the amount of money which is passed from the buyer to the seller when exchange of contract takes place. The deposit is normally 10% of the purchase price, even if you pay a lesser deposit as a buyer your liability should you default is still 10%

The initial amount you may have paid is the sellers immediate compensation. With regards to the deposit, if for whatever reason you don't complete after you are contracted to do so, it is this deposit that is at risk and it is this amount that you may lose in addition to any damages incurred by the seller.

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