When do you need to show the deposit?

[MrsBournville]

Could anyone tell me when I need to show I have the deposit in my account when buying a house? Unsure if we can put an offer in without full deposit, we would have it all within about 8 weeks so before completion- would this be OK?

When I offered the EA wanted to see proof of deposit to confirm the offer and then make the house STC.

I didn’t have all of my deposit in one account as a parent was gifting me a significant proportion and the rest was split between my H2B ISA and my own savings, so they just accepted my dads bank statement as proof of the deposit because it showed a balance of more than enough to cover the deposit.

When it actually comes to exchange/completion the Solicitor sorts it all out/what accounts it’s coming from, etc. But the EA did ask for proof at the point of offer acceptance.

Yes I think I had to show I had the funds before my offer was accepted. I also had to give the sellers's agent my selling estate agent and solicitor details so they could verify that the sale was progressing.

As above, you need it for the offer, the mortgage application and your solicitor will also do anti money laundering checks so needs to investigate the source of the money.

Why don’t you have it already?

As far as the vendor is concerned there is no proof you have a sufficient deposit, so why would they accept your offer?

No not without full deposit. Can’t you wait until you have the funds to offer.
If it was a negligible amount short- maybe less than a grand they might humour it’s but much more I’d be very twitchy about when it was coming.

You will need proof at offer stage. We accepted an offer off a ‘cash’ buyer and when our estate agent asked for proof of funds it turned out to be all tied up in investments and they didn’t actually have it to hand so back on the market we went.

I'm in Scotland, have bought twice and have never been asked for proof of deposit.

My daughter had an offer accepted without showing proof of deposit- in England. But her solicitor quickly asked for proof.
The deposit needs to be paid at Exchange of contracts which can be a few weeks before Completion