Ask an Property Solicitor. Get an Answer ASAP.
Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.
thank you. The issue you refer to is determined by the terms of the contract. Specifically, the contract will provide that the deposit is either paid to the seller's (ie. you) solicitor as "stakeholder" or as "agent".
the difference between the two is that if the deposit is held as stakeholder by the solicitor, then they cannot release it to you until completion. By contrast, if it is paid to the solicitors agent, then they must do with the deposit as you tell them which can include an instruction to pay it to you. The standard auction conditions provide that the deposit is to be paid to the seller's solicitor as stakeholder which is above, would mean that the solicitor cannot pay it to you until completion and as such, you would need to see whether the auction contract with varied the standard terms to include a provision that the deposit is to be paid as agent. This is not the norm but equally, it is not uncommon. If you do not have a copy of the auction contract, you can obtain a copy either from your solicitor or the auctioneer
I'm glad the above answers all your questions. If there is anything else I can help with please reply back to me otherwise thank you very much for visiting JustAnswer and I hope we will see you again in the future.