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Original poster

buyer wants a deposit, is this normal?

35 replies

wailywailywaily · 27/03/2016 18:47

I am starting to feel like I'm being really unreasonable so I could do with some reassurance.

We have made an offer on a house a couple of doors down from us, it was not on sale with an estate agent but we knew they wanted to sell and we really like it so put in a fair offer. They accepted so we instructed our solicitor. Now the sellers are starting to be a bit odd - they haven't instructed a solicitor yet as far as we know but they keep texting us and trying to get us to put down a deposit. Eventually we said yes to a refundable deposit and that our solicitor will sort it. They don't want to do it through a solicitor and don't want to make it refundable. Now they want to make an offer on a house they have found and want to put down a deposit so they have been badgering us again to sort out a deposit.

Its only a year since I last sold a house and it never occurred to me to ask for a deposit before contracts had been drawn up and exchanged, have things changed a lot in that time?

I am not prepared to hand over £10,000 to the seller with no contract and no refund on cold feet but they seem to think that it is a perfectly reasonable demand.

We are in Cornwall so not a massively volatile market.

OP posts:
snowspider · 27/03/2016 18:49

no it's not normal

i would walk away

wowfudge · 27/03/2016 18:55

God no. Tell them either they instruct a solicitor and you proceed normally or there's no deal. Based on their behaviour so far, I suspect they could be a nightmare to deal with though.

engineersthumb · 27/03/2016 18:58

5years since I bought but it sounds livery unusual to me and I would be syspicious.

Original poster
wailywailywaily · 27/03/2016 19:02

I want to walk away, DH is stubbornly negotiating still.
Thanks for the reassurance

OP posts:
Ditsy4 · 27/03/2016 19:17

No way. If you go ahead only go through the solicitor.

Lighteningirll · 27/03/2016 19:18

Totally normal to have a deposit but only via a solicitor they sound mad I would refuse

specialsubject · 27/03/2016 19:25

run away. This is a great way to donate £10k, which I presume is not the idea.

Original poster
Wailywailywaily · 27/03/2016 19:28

Is it totally normal to give a non refundable deposit though lighten?
I think they are bonkers

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Original poster
Wailywailywaily · 27/03/2016 19:29

Nothing is happening our end without a solicitor I haven't completely lost leave of my senses

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HoggleHoggle · 27/03/2016 19:29

Do not give them any money! Deposits are only passed on exchange of contracts and done via the legal channels. I don't actually understand why they're saying they want one?

Lighteningirll · 27/03/2016 19:31

Yes I think so first person in chain gives a non refundable deposit on exchange held by solicitors this is normally then passed up the chain. Solicitors have special rules about holding it. I certainly had to first house I bought and when we paid cash for a btl in dh name.

Original poster
Wailywailywaily · 27/03/2016 19:31

I think it's because they are broke and see us a cash cow. They want a cast iron guarantee that we will complete. We will but only if the searches and survey are good

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MrsSteptoe · 27/03/2016 19:32

No, you don't give a deposit till you exchange contracts. I believe there may be a trend towards refundable deposits as an expression of good faith earlier in the process I have heard of such things in London but I imagine such things are done via solicitors so that there is protection for your money, and certainly not a non -refundable deposit. You are quite right to refuse.

Fizrim · 27/03/2016 19:32

Are they wanting to make an offer on a new property which will need a deposit ASAP?

You will need to give them a deposit but not at this stage and certainly through a solicitor! But even then it's non-refundable.

FeckOfffCup · 27/03/2016 19:32

They don't want to make it refundable - that tells you everything! Don't do the deal.

RememberToSmile1980 · 27/03/2016 19:35

Tell them you are not willing to move forward without them instructing a solicitor - it all sounds very desperate on their part!

lcoc2015 · 27/03/2016 19:35

They want your deposit to pay their deposit i think!

Original poster
Wailywailywaily · 27/03/2016 19:37

I thinks so too ICoc

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snowspider · 27/03/2016 19:39

I would also be concerned that they are broke re their house ownership/mortgage company/debts etc

Original poster
Wailywailywaily · 27/03/2016 22:08

So, the latest text says that they are going to assign a solicitor. They are not offering a deposit on the house they are making an offer on but they want us to sign a contract that stipulates that if we pull out of the purchase then we have to pay them £1000 a month for every month that they have lost when they could have been selling to someone else. DH has sent the same text back pretty much every time "we will talk to our solicitor about it on Tuesday". Meanwhile I'm jumping up and down yelling "no,no,no!"
We have bought and sold several houses with no estate agent in the past but I'm starting to see the merit of having one to hide behindGrin

OP posts:
Fizrim · 27/03/2016 22:15

I would be very reluctant to deal with anyone directly for a house purchase as it is so stressful. Tbh, I am suspicious about anyone using online-only agents too as I assume it is a decision made on a financial basis (although if you live in an area where houses sell quickly I can see the attraction).

I would not be interested in buying their house as I think they are going to give you a whole world of pain. Will you need to sell a property yourselves to finance this purchase because delays do seem to happen? How much are they going to pay you if anything goes wrong on their side?

I hope the solicitor knocks some sense into your husband, although I would expect an invoice from your neighbours for the time you've 'wasted' to date!

CityDweller · 27/03/2016 22:21

£1000 per month for every month lost when they could have sold to someone else?? That is total insanity. How could they even prove that they would have sold it to someone else in that time? I'd be utterly amazed if their solicitor followed through on this. They sound bonkers and a nightmare to deal with. Unless you can get any sense via solicitors I'd back away now.

fuctifino · 27/03/2016 22:25

We had this with the house we are in now. It was the agent's asking for the deposit.
Our solicitor categorically told us not to do it.
We didn't place a deposit and told them if they weren't happy to proceed with us as buyers we'd graciously withdraw from the deal.

MyKingdomForBrie · 27/03/2016 22:28

Oh my god no!!! Utterly utterly unreasonable. Deposit on exchange only and it is of course refundable if they fail to complete and not if you fail. Do not agree to anything else.

Original poster
Wailywailywaily · 27/03/2016 22:34

If I try really hard I can see their point, it is a complete ball ache when a buyer pulls out at the last minute. From their point of view they haven't even marketed the property so they think there may be a better deal out there and that they are doing is a favour by not marketing it.

However there is no favour as the price is fair and we are genuine purchasers. We don't have a house to sell this purchase is possible because of a large inheritance.

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