In most circumstances it is normal to pay a 10% deposit on exchange.
However in certain circumstances a lower deposit can be agreed with the purchaser. This is particularly in cases involving Help to Buy and also sale and purchase transactions where there is a chain in a conveyancing transaction and the deposit is coming up through the chain.
In some circumstances it is even possible to pay no deposit. However these cases are few and far between.
You should note that if you are purchasing a property and you fail to meet the contractual completion date, and as such you are served with a notice requiring you to complete, then a normal contract for sale will oblige you to top up any lower deposit you have paid to 10 per cent.
PLS Solicitors specialise in advising on the complex area of residential property law, especially Residential Conveyancing. We offer a friendly, efficient and effective legal advice on any area of residential property law.
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