5% deposit?

[annsummers]

Hi, please can someone tell me when the 5% deposit usual gets requested for payment during the house buying process. thanks

[terence7556]

isn,t when you are close to exchanging contracts

[buildersmate]

Your solicitor will require to clear the funds into their account, so that they deposit the money withe the vendor's solicitor at the date of exchange of contracts. So the answer is about one week prior to exchange.