If you are paying more than a 10% deposit, the initial amount (typically 10% of the purchase price) is usually paid upon the exchange of contracts. The remaining balance of your deposit will be due on the completion date, which is when the final transfer of ownership takes place, and the remaining purchase price is paid to the seller.

The reason we do not require the full deposit amount now is that the standard practice in UK property transactions is to secure the agreement with a 10% deposit at the exchange of contracts. This initial deposit serves as a commitment to the purchase, binding both parties to the contract. The remainder is not required until completion because it aligns with the legal process of transferring ownership and helps to ensure all parties are ready to finalize the transaction on the agreed date.