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