Is it safe to pay the Booking Deposit?

One of the first questions I regularly get asked is: Is it okay for me to pay the booking deposit to the auctioneer? The short answer is yes it is. Auctioneers are heavily regulated with the Property Services Regulatory Authority, and generally speaking, the maximum booking deposit you should be asked for is 5% of the agreed purchase price.

The sooner you pay the booking deposit, the sooner matters can get moving and sales advice letters can be sent out to each party. If in doubt, always ask your solicitor.

For more information on purchasing property, read our article: Questions you should ask when buying property.