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Non-refundable deposit

(2 Posts)
stretto Wed 24-Apr-13 13:15:20

Last week we had an offer accepted on a property. On Monday it seemed we had been gazumped but now the estate agent thinks that if we agree to a non-refundable deposit (refundable if the seller backs out or if there are structural defects etc) that we would quite possibly get the property. Apparently our offer has more "integrity" than the other one, which I take to mean that the other would-be buyer hasn't proved how they would fund the purchase.

Our solicitor strongly advises us not to pay a non-refundable deposit, and advises that if our offer has more integrity, that could be enough. They also said (but didn't advise) that we could offer a lower deposit.
Any advice would be gratefully received.

firesidechat Wed 24-Apr-13 13:27:38

Deposits are not at all common, in fact I've never heard of anyone doing it. I think that your solicitor is right and I would far rather trust a solicitor than an estate agent any day.

I would hold any house that you like quite lightly and not get too attached. We've walked away from houses before even though we loved them because of the attitude of both sellers and estate agents. One wanted us to get into a contracts race, we said no and didn't look back.

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