This will be a sum of money which forms part of the purchase price. It is handed over to the sellers’ Solicitor upon Exchange of Contracts.

A deposit can be anything up to 10% of the selling price and is negotiated in advance. Your Solicitor will explain all implications, but you should be aware that if you pay a reduced deposit and fail to complete through no fault of the seller, you will be liable to make the deposit up to the full 10% and could be liable to further compensation to the seller through your failure to complete.