10% deposit?

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?

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.