10% deposit?

[borat]

Hi ,

I am purchasing a property from a relative. My solicitor said I need to make a cheque for 10% of the purchase price payable to the vendors solicitor less any deposit already paid. Seen as I am getting a 95% mortgage I don't have the funds for this. I have privatelty arranged to give 95% now to my relativve and pay the rest later, should I just tell my solicitor this?

 

[fobs]

Yes. Agree an amount with your relative say 1000 and make this the deposit. Oncew both parties agree the deposit does not have to be 10%. When we sold our house in exchange for a fast transaction closing date we allowed a 8000 deposit instead of 16,000. It depends on how happy the vendor is to agress to a less than 10% deposit.