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Alice H
Alice H, Solicitor/Partner
Category: Law
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Experience:  Partner in national law firm
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My solicitor is to receive £42,000 as deposit house

Customer Question

My solicitor is to receive £42,000 as deposit for my house sale. He refuses to release any of this to me, although he will need only £26,500 as deposit my my purchase plus approx £6000 for his own fees,disbursements, and estate agent fees.
What is the legal position ?
Submitted: 10 months ago.
Category: Law
Expert:  Alice H replied 10 months ago.
My name is ***** ***** I will help you today. From whom did the solicitor receive the £42,000?
Customer: replied 10 months ago.
He is due to receive the deposit from my buyer
Expert:  Alice H replied 10 months ago.
You may well have a problem here. The usual process is that your solicitor will hold, on your behalf, the deposit paid by the buyer. Generally, the Law Society standard conditions of sale, which govern most contracts for the sale of residential property, say that the seller’s solicitor should not part with the deposit until completion.Thus your solicitor should retain the deposit paid by your buyer upon exchange of contracts in their client account and should not release the funds to you until completion takes place. However, there is an exception: the deposit can be used prior to completion if it is used as a deposit on a related purchase of a residential property and your buyer must agree to the deposit being released to you early. The reason the money is held in this manner is in case the transactions fall through. The buyer is then at risk of losing the deposit which you may have spent.
Expert:  Alice H replied 10 months ago.
Can I assist any further? If not please remember to rate my answer otherwise I am not paid for my time.

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