Terms and Policies

    1. You will either be a Vendor or a Purchaser of a certain property which is intended to be bought and sold by way of formal contract ("the Sale Contract").
    2. These terms and conditions represent the agreement between you and the Pre-Contract Deposit Company Limited ("the PCD Company") and the Vendor or Purchaser who is the Other Party.
    3. On joining the scheme both the Vendor and the Purchaser ("the Parties") must each transfer the following sums to the PCD Company.
      1. The deposit described below.
      2. A fee to the PCD Company of £245.00 plus VAT.
    4. If the Other Party fails to transfer the same sum to the PCD Company then both your deposit and your fee will be returned to you without charge as soon as reasonably practical and you will be released from your obligations under the scheme.
    5. The deposit shall be 1% of the intended gross purchase price subject to a minimum of £2,000 and a maximum of £10,000 or such other sum as may be agreed between Vendor and Purchaser.
    6. All deposits received by the PCD Company shall be lodged in an escrow account managed by a Chartered Accountant and each deposit will remain the property of the party who paid it, to be dealt with as set out in these terms and conditions.
    7. If the purchase proceeds to exchange of Sale Contracts, then each deposit will be returned to the party who paid it, save that the Purchaser may at his election ask that his deposit be instead paid as part of the deposit required by the Sale Contract in which case the PCD Company will pay it accordingly to their solicitor.
    8. At any time before the proposed purchase has reached exchange of formal contracts, if either party withdraws from the proposed purchase or declines to proceed with it for any reason, then:
      1. if both parties are in agreement that neither party is at fault then each deposit will be returned to the party who paid it ("Equal Return") or
      2. if the parties are not in agreement about who is at fault then the issue as to the return of the deposits and any compensation to be paid will be referred to an administrator of the PCD Company.
    9. The PCD administrator shall require each party within a reasonable time to state the reason why that party proposes any payment to be made other than by Equal Return and each party must provide to the PCD administrator copies of any documents that he or she or the PCD administrator considers relevant.
    10. The PCD administrator shall consider the information mentioned in the last paragraph and shall propose either Equal Return or that 25% of either party’s deposit be paid to the other party, and may also propose that up to 100% of either party’s deposit should be paid to the other party in compensation for that other party’s reasonable out-of-pocket costs.
    11. If the parties agree with the PCD administrator’s proposals then the deposits shall forthwith be paid by the PCD Company in accordance with the proposals.
    12. If either party does not agree with the proposals or any of them, then the issue will be referred by the PCD administrator to an Arbitrator ("the Arbitrator") for determination under the provisions of the Arbitration Act 1996.
    13. Both parties may then make a further statement to the Arbitrator.
    14. The Arbitrator shall, so far as possible, consider the material which was before the PCD administrator and such further information as the Arbitrator may request from either party and shall then at the Arbitrator’s absolute discretion make an award in relation to the deposits, from which there shall be no appeal either to the courts or otherwise.
    15. Following the Arbitrator’s award, the deposits shall be paid in accordance with the award as soon as reasonably practical.
    16. All communications from the Parties must be conducted using the PCD website and the Parties must not communicate with either the PCD administrator or the Arbitrator save as mentioned above.
    17. The services of the PCD administrator and the Arbitrator shall be provided by the PCD Company at no extra cost to either Party.
    18. The procedure described above shall be confidential to the estate agent involved and to the PCD Company and its PCD administrator and Arbitrator and the Parties.

    The Pre-Contract Deposit Company Ltd (PCD) website uses cookies like many other websites. Cookies are small text files saved on your computer, smartphone or any other device used to visit our website. Cookies are used to provide website owners like the PCD with information about their visitors’ actions, such as which pages are visited, how long they stay on each page and the journey through the website. Cookies cannot examine your computer, read data from it or in any other way share personal information stored on your computer with others.

    Cookies enable us to improve your user experience and provide you with relevant content across our website. Storing useful webpage settings, such as your user name and preferred language, helps us to make each visit to our website an easy and seamless experience, as well as enabling you to save information you have entered (for example in a contact form).

    The privacy of our users is important to us and we take care to safeguard it. This policy explains how we use your personal information.

    What information do we collect?
    When your estate agents registers you to use the PCD service, we will collect the information necessary to provide the service which includes, as a minimum, your name, correspondence address and an e-mail address. You can revisit your account details at any time to amend these details or to provide additional details. Once your estate agent has registered you they will not be able to access your details again other than to verify your address when a transaction is confirmed We will also collect information from you if you complete any other forms on our site or if you contact us with comments or specific requests.

    What do we use personal information for?
    We will only use this information under the following circumstances:

    • To contact you regarding the Pre-Contract Deposit service;
    • For offering other relevant services and products from the Pre-Contract Deposit Company, if you have given us permission to do so;
    • To provide information about any changes to the Terms and Conditions of the Pre-Contract Deposit Company;
    • To provide relevant information to government and professional bodies to comply with statute or the rules of that organisation;
    • To submit any details requested by any body investigating a crime or to comply with our contractual obligations under the Proceeds of Crime Act 2002, including where applicable credit referencing organisations
    • To provide information requested by Her Majesty’s Revenue and Customs;

    Contacting you for other purposes
    We will contact you about other Pre-Contract Deposit Company services from time to time by post, email, telephone, fax or email – but we will only contact you if you choose to provide these details and request that we contact you about events and services by ticking the relevant box in your account profile. We may contact you occasionally about our surveys or special offers.

    We will never pass your details on to other third parties
    Only PCD employees and representatives will have access to your contact details and no contact information will be provided to any third party. Any information you provide during the course of a transaction using our messaging service will only be viewed by the other party in the transaction, your estate agents and PCD employees and representatives.

    Information collected automatically
    We automatically collect information about your visit to our site. This information is used to make your visit to our site more efficient, and to help us follow browsing preferences on our site so that we can make regular improvements. Our web host may also automatically log your IP address, a unique identifier for your computer or other access device.

    Protecting your data We and our appointed scheme administrator will take reasonable technical and organisational precautions to prevent the loss, misuse or alteration of your personal information.
    We will store all the personal information you provide on its securely hosted servers.
    Information relating to electronic transactions entered into via this website is protected by encryption technology.

    Information requests
    You can ask for a copy of the information we hold about you at any time (for which we may charge a small fee). We will also correct any inaccuracies in your information at your request.

    Changes to this Privacy Policy
    If we make changes to our Privacy Policy that affect how we handle your data, we will let you know by email. You can check our Privacy Policy at this page at any time.

    Contact
    If you have any queries concerning your personal information or any questions on our use of the information, please contact our Customer Services Manager on:
    Email: admin@precontractdeposit.co.uk

    We take any complaint about our service or staff very seriously. We demand an exceptionally high standard of customer service from all our staff and representatives and we will use any constructive complaint to assist with staff training and to review and improve our service as required.

    If you have a complaint about our service you can contact us be email at admin@precontractdesposit.co.uk or write to our Client Services Manager at Maple House, High Street, Potters Bar, Hertfordshire EN6 5BS

    Your complaint will be reviewed by our Client Services Manager and by a Director of the Pre-Contract Deposit Company Ltd who will respond within 5 working days.