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10% is what you pay if after exchange you fail to complete so most sales require the buyer to put that amount with their lawyer. The seller can waive this requirement and often does if the buyer already has the mortgage stuff in place. If they insist on 10% and you don't have it then ask your lender for a bridging loan to cover the time between exchange and completion.
Oh and watch out for your bank putting you into some kind of fraud control when you try and transfer the money. I had to show the letter from the lawyer asking for the funds and a copy of my mortgage offer as evidence I was buying a house to release my deposit from fraud hold. Fucking AML tossers and their stupid rules.
Ramsaye
So im signing the contract and the solicitor has asked for 10%.
Is that my money i give him? Or is that the part the mortgage provider provides? Im confused.
And he says the mortgage deed... Is that the TR1 form? nothing says mortgage deed.