The way homes are bought and sold in England and Wales is changing

Currently, almost one third of property sales fall through before exchange of legal contracts. Home buyers lose, on average, £2,899 when a sale collapses.*

Sales can fall through for genuine reasons but often buyers and sellers change their minds costing the other party thousands of pounds.

The Pre-Contract Deposit service significantly reduces the risk of a sale falling through by providing a secure facility for the buyer and seller of a property to transfer a small deposit (normally 1% of the purchase price) at an early stage of the sale process to prove their commitment to the transaction.

If one party withdraws from the transaction without a justified reason, the other party is compensated for their out of pocket costs.

We make sure buyers and sellers are not out of pocket if the other party withdraws without a justified reason.

*Source: Home buying survey by Which? consumer magazine in 2016