February 17, 20251 yr Hi, FTB. I don't know what I don't know so please be kind if it's a stupid idea. Can I save a few bob by paying the land deposit directly to the seller's account instead of to my solicitors? I'd save £42 for each payment
February 17, 20251 yr it's certainly a risky idea. Ask your solicitor but they're very unlikely to advise it. You're opening yourself up to additional sorts of fraud, for example how do you know the account you are transferring the money to really is for the legal owner of the land. This is the sort of stuff you're paying your solicitor to take care of
February 17, 20251 yr Not a great way to save money. There will only be a deposit and balance payment, so 2 lots of transfer fee. There is so much downside risk. Both sets of solicitors will want to see this done by the book.
February 17, 20251 yr 49 minutes ago, YorkieSelfBuild said: Can I save a few bob by paying the land deposit directly to the seller's account instead of to my solicitors? I'd save £42 for each payment How will you save anything?
February 17, 20251 yr Author 32 minutes ago, tuftythesquirrel said: How will you save anything? £82, not much I know
February 17, 20251 yr Author I realise I made a mistake and thought the payment fee would apply to all payments, not just the land sale but the building and fit out. So should be only 2 payment fees. Thanks
February 17, 20251 yr I’ve purchased thre plots in the last five years and never paid a deposit Treat it like buying a house
February 18, 20251 yr Author 13 hours ago, nod said: I’ve purchased thre plots in the last five years and never paid a deposit Treat it like buying a house I've never bought a house But I calculate if I pay the 10% deposit, a week's interest earned on the other 90% will cover the fees
February 18, 20251 yr I bought land and houses over the years and never paid anyone a deposit. Only deposit I paid during this house build was for the roof structure and was laid when the lorry arrived at the gate. Property or land - only one way, through a solicitor, all money via solicitors when they ask for it. Simple and other way and you are generally being taken for a ride. The land could have been used as chemicals dump, and if you agree to buy, may have a court order to clean up - who knows, until the land search is complete. Saving pennies is foolish.
February 18, 20251 yr 12 minutes ago, JohnMo said: clean up - who knows, until the land search is complete. And plenty of people have been caught out.
February 18, 20251 yr Interesting some folks here have never paid a deposit. I've always had to pay 10% on exchange of contracts, and always asked for the same when selling, and never heard of anyone not doing so. @nod and @JohnMo were your purchases in England or Scotland?
February 18, 20251 yr 8 minutes ago, joth said: were your purchases in England or Scotland? Scotland.
February 18, 20251 yr 1 hour ago, joth said: Interesting some folks here have never paid a deposit. I've always had to pay 10% on exchange of contracts, and always asked for the same when selling, and never heard of anyone not doing so. @nod and @JohnMo were your purchases in England or Scotland? England
February 18, 20251 yr 3 hours ago, YorkieSelfBuild said: I've never bought a house But I calculate if I pay the 10% deposit, a week's interest earned on the other 90% will cover the fees What would happen to your deposit if the sale falls through Land purchases often do
February 22, 20251 yr Author On 18/02/2025 at 15:34, nod said: What would happen to your deposit if the sale falls through Land purchases often do Yeah, I was being stupid, lost job, idiotic idea. Will be paying to my solicitor
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