During a property purchase, the buyer generally puts down a deposit to secure the house purchase, of usually 10% the total property sale price. This is generally held in a trust account by the estate agent, lawyer or conveyancer.
If the vendor requires access to the deposit, usually to help facilitate the purchase of their next property, they can request an early release of the deposit.
The process of releasing the deposit requires the vendor to complete a section 273 form or Early Release of Deposit Authority( Section 27 of the Sale of Land Act 1962), requesting the deposit release from the buyer. The buyer gets access to the property accounts and can assess any mortgages or caveats placed on the property, which may be of a concern. If the buyer objects to the release, they have 28 days to state their objection in the section 27 form. If they fail to respond, then the deposit may be released by default.