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.