• Can My Buyers Deposit Be Used By Me On A Rental Property

    By Guest on 30th Nov 2013

    I am selling my house due to financial reasons and going into rented for a year or two but do have a significant positve lump due at the end. Due to my credit status I will need to put a years rent down on a property to secure. Can part of my buyers deposit be used by my solicitor and transferred to my landlord/rental agent a couple of days prior to completion or even on the morning if completion. Any advice on how to deal with this would be appreciated as trying to avoid going into storage between the two transactions. Also therefore avoiding need for two removal costs thanks

  • 1 Answers

    By Guest on 26/07/2014

    No - the deposit is held in terms that it cannot be released by your solicitor until completion takes place, otherwise there would be no protection for the buyer if you spent the deposit but didn't complete. The money can be transferred by your solicitor to your landlord on the day of completion by same day transfer.

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