How safe is booking deposit?

M

moondance

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Myself and my partner are interested in buying a house. Everything is in order and we are due to pay a booking deposit of 3000 today. However, there are rumours that this particular estate agent might be in trouble. How safe is our booking deposit if this estate agent went out of business? Is there any other way of doing this?
 
Technically clients funds are supposed to be placed in a clients account which does not belong to the auctioneer.

Given the string of "supposed to be placed in the clients account" stories over the last few years perhaps you would be better making it out to the solicitors (and taking your chances with them).
 
Solicitors are required to keep the funds separate. I've not seen anything requiring an EA to do so. Usually the booking fee works out to the their fee for the sale when it completes.
 
Are you suggesting that it appropriate for an EA to lodge clients funds to an office account?
 
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