Property Knowledge Legal Questions & Answers
Q
We were about to exchange contracts on the sale of our house, and the
purchase of our new one yesterday, when our solicitor informed us that our buyer only had a deposit of £12,000. Tis is not even 5% of the sale price. We are buying for more than what we are selling. Our solicitor said originally, we would have to pay a 10% deposit on our purchase. We do not have savings, but we were not expecting such a small deposit on our sale. What happens now?
A
Your solicitor should have established early on in the conveyancing process,
whether your buyer intended to pay a reduced deposit or the full 10%. Ask your buyer to pay the full 10%. But if they really cannot do so and you accept a lesser amount upon exchange of contracts, you are protected to a certain extent, as you will have the right to sue the buyer for the full 10% deposit, plus any other losses due under the terms of the contract, should the buyer eventually failed to complete the purchase. However, the problem with accepting less than 10% is that although you can sue the buyer, they may not have any money to pay you, and your costs may increase. If your
solicitor is holding a 10% deposit then at least you know that your buyer is good for that amount.
Q
My daughter and her three flatmates are about to leave the student house.
How likely are they to get their deposit back? Tey have been renting the apartment from a private landlord, but his letting agent prepared the assured shorthold tenancy, collected the rent and dealt with any repairs. Te girls promise they will clean the house thoroughly.
A
Te landlord must protect the deposit in a government approved tenancy
deposit scheme, and is obliged to return it at the end of the tenancy, but can make deductions to cover any unpaid rent and damage to the property, missing items and cleaning costs. Possible deductions are usually listed in the assured shorthold tenancy, although the landlord can generally make
“CHECK THE TEANCY AGREEMENT
TO SEE IF PROFFESSIONAL CLEANING IS AT THE END OF THE TENANCY”
deductions for breach of the agreement. Te letting agents should have prepared a schedule at the start of the tenancy detailing the condition of the apartment especially of, the walls, curtains, carpets etc and as well as listing any contents that should now be leſt in the same condition. Deductions cannot be made for fair wear and tear. Check the tenancy agreement to see if professional cleaning is required at the end of the tenancy. Te landlord must detail in writing any deductions he intends to make, and these deductions can be challenged if they are not agreed. Te tenancy deposit scheme will offer a free dispute resolution service which the parties could use if they both agree to do so.
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