Holding deposits

[MadeForThis]

Hi

We have just had an offer accepted on a house. First time buyers. It's not a new build. The estate agent has just told us we need to pay them a £2500 holding deposit. House will be taken off the market. They have advised this is refundable.

Is this common place?

Purchase price is only £115000

I have no issue with paying a deposit if it guaranteed no further offers could be made on the house.

I am unsure though in case we have to walk away for any reason, survey etc?

How can I be sure that it would actually be refunded?

Get it in writing and check it out with a solicitor?

I don't really like holding deposits - I was put off offering for a flat where the EA wanted one.

Get all the details about it - e.g. will the money be held in a separate client account, how long it will take to be returned to you and when, in what cases would you loose the deposit etc.

It does seem to be standard here - Northern Ireland - another estate agent mentioned it when we were viewing a property.

I will speak to them to say we need paperwork to confirm that it is 100% refundable. Hadn't thought to ask how long they hold it. Good idea!!