For the purposes of this, it is irrelevant that it is shared
You are selling a property for £45,000 and the buyer paid a
deposit of 10%, £4,500 which you now have and your buyer, who pulled out, has lost.
As a result of losing your buyer you can no longer proceed with
your purchase and you are potentially being pursued for the deposit of 10% on
your purchase of £210,000.
The solicitors should have not agreed to a 10% deposit if you did
not have a 10% deposit.
The deposit you had is £4500 which was coming from your buyer what is known as "the deposit coming down the
So you get the £4500 from your buyer and you pay it to the seller.
You make no money but you don't lose anything although you obviously lose the
Your solicitor should have amended the contract for the house
that you were buying and agreed with the sellers of the much reduced deposit.
In the solicitors did not do that, then they are negligent. Of
course, the people selling to you do not have to accept less than 10% in which
case, your sale could not go ahead could not exchange contracts in any event. The
solicitor put in the deposit amount at 10%, you have a claim against the
solicitor for whatever your loss is.
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