You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender. The deposit is usually 10% of the purchase price of the home, but this can vary.
Once the exchange of the contracts has happened the buyer and seller are now committed to the sale. Pulling out at this stage will result in you losing your deposit.
Take a look below to see more of the conveyancing journey.