A deposit should not be required in this circumstance. A deposit is only required when specifically requested by the vendor and this would usually only be the case of a builder/developer selling a new build property. In this case the deposit would usually be a nominal amount. This would be a legal deposit.
An equity deposit is basically the difference in the price of the property being purchased and the amount being borrowed (the equity) and is rarely required to be paid prior to completion.
Michelle King, McLernon Moynagh Solicitors
McLernon Moynagh Solicitors
Compare conveyancing fees from up to 4 solicitors
11,967 user reviews
Totally recommend their services.
Diego on 08/03/2021
Compare moving quotes in 3 simple steps
14B Chequer Street
Get quotes for:
Cookies for this website are disabled. Press OK to active them.
We have placed cookies on your device to help make this website better.
You can use this tool to change your cookie settings. Otherwise, we’ll assume you’re OK to continue.
Some of the cookies we use are essential for the site to work.
We also use some non-essential cookies to collect information for making reports and to help us improve the site.
To control third party cookies, you can also adjust your browser settings.
Cookies for this website are disabled. Press the below button to active them.