Holding deposit practice?Make Text Bigger
Hello to all the property118ers,
I wish to get some feedback on the demand for a holding deposit and pre-sale contract with estate agents. This comes into effect after the offer is accepted by the vendor and 1% of sale price is taken up by the estate agent as holding deposit.
This is non refundable if exchange does not offer in 28 days. I know this dubious practice was stopped by some estate agents last year but have surfaced again in west London.
I am not sure how widespread the practice is or its legal?
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