Transfer deposit to me between exchange and completion

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  • Transfer deposit to me between exchange and completion

    Hi,

    I have exchanged on my property with completion in 2 months. So can i ask my solicitor to transfer the deposit paid by the buyer to my account. I would rather it sat in my account.

    Thanks

    Mo

  • #2
    Originally posted by gomo View Post
    So can i ask my solicitor to transfer the deposit paid by the buyer to my account.
    If it was paid to your solicitor as stakeholder - no.

    If it was paid to your solicitor as agent for the vendor - yes.

    The contract will tell you how it was paid.

    Comment


    • #3
      Hi,

      i am not sure what you mean, but i am the seller and my solicitor is acting for me only. which contract are you referring too.

      Thanks

      Mo

      Comment


      • #4
        The contract for the sale of the property. All you have to do is to ask your solicitor if he is able to account to you with the deposit.

        Comment


        • #5
          Originally Posted by gomo
          So can i ask my solicitor to transfer the deposit paid by the buyer to my account.
          If it was paid to your solicitor as stakeholder - no.

          If it was paid to your solicitor as agent for the vendor - yes.

          The contract will tell you how it was paid.
          It is very unikely that a buyer's solicitor would agree contract wording that allowed the deposit to be paid to the seller's solicitor as agent for an individual so in reality the answer is 99.5% likely to be "No" because the deposit will be held as stakehodler.

          Would OP be happy if he was buying and paid over a 10% deposit on exchange only to find seller grabbed it and disappeared?
          RICHARD WEBSTER

          As a conveyancing solicitor I believe the information given in the post to be useful (provided it relates to property in England & Wales) but I accept no liability except to fee-paying clients.

          Comment


          • #6
            Just to add to the above.

            If (as will usually be the case) the property is sold subject to the Standard Conditions of Sale the "small print" provides for the deposit to be held by the seller's conveyancer as stakeholder. Accordingly, unless there is a provision in the special conditions stating it is to be held as agent for the seller, it will be held as stakeholder. However, if there is a chain of transactions the deposit can be passed down the line so long it is paid to a conveyancer who holds it holds it as stakeholder.

            If the sellers are trustees, by which I mean persons holding the property on behalf of others rather than for themselves beneficially, the deposit should be held by the conveyancer as agent. This is because trustees are required to retain control of the trust assets.

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