Everything you need to know about a conveyancing deposit

The vast majority of adults know what the word ‘deposit’ means; however, they may not realise that there are differences between a normal deposit and a conveyancing deposit. This can cause problems when it comes to buying a house, especially if your solicitor or conveyancer has not made the differences clear.

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Are you thinking about buying a home? If so, here is everything that you need to know about conveyancing deposits.

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Where the confusion starts

When most people hear the word ‘deposit’, they think about the amount of money they will put down to secure the house; for example, if you rent a property, you may have to pay a security deposit before you move in. This is a standard, normal deposit – but a legal deposit is slightly different.

What a conveyancing deposit actually is

A legal conveyancing deposit is different for a few reasons. …