When do I need to pay my deposit?

Posted on Wednesday, 1 August 2018 | Written by Hayward Moon

A deposit is a percentage of the money you have to put down before buying a home. If you are a first-time buyer, your deposit will be cash savings. Whereas a previous home-owners, it will be the equity from their existing property plus any extra savings they have.

You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender. The deposit is usually 10% of the purchase price of the home, but this can vary.

Once the exchange of the contracts has happened the buyer and seller are now committed to the sale. Pulling out at this stage will result in you losing your deposit.

Take a look below to see more of the conveyancing journey.

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When it comes to moving home, we’d love to help you with the legal side of things. With offices based in Ipswich, Colchester, Bury St Edmunds, Cambridge and Diss, we’re well situated to help you get a move on. Get in touch here.

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Ipswich 01473 234730
Bury St Edmunds 01284 727290
Diss 01379 646040
Cambridge 01223 236555
Colchester 01206 710717

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