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Frequently Asked Questions.

The length of time it takes to take buy a property varies and no two transactions are the same. On average, we find that it is usually around 12 – 16 weeks before contracts are exchanged, but this can vary depending on whether the property is involved in a chain. The exact time it takes to sell a home depends on a few things, including:

The time of year you’re listing

Conditions in your local housing market: Homes sell faster in a seller’s market, when there is low inventory and high demand.

The condition of your home: Homes in great condition may sell faster than homes that need more work.

How the buyer is financing: If a buyer needs to take out a mortgage, this may slow down the process.

If you know that you will need to take out a mortgage in order to buy your property, then it makes sense to seek financial advice at an early stage. We had team of financial advisors who can assess your financial situation and further recommended the suitable mortgage for you.

Once you have provisionally arranged for the required mortgage funds to be made available to you, it is a good idea to obtain a mortgage certificate from the lender. This can then be used to prove to a seller or estate agent that you have the necessary funds available to finance your purchase.

It is usual to pay 10% of the asking price, though your mortgage company may require more to be able to assess the affordability. If your purchase is dependent on another sale of property or equity in other property, your instructed solicitor will typically use your buyer’s deposit for your related purchase.

If you are arranging a mortgage, lender will appoint a surveyor to inspect the property. Sometimes this survey can be virtual or physical, however, this will often not consider the condition of the property in detail, so you should not rely on this report alone.

Depending on the age and condition of the property, it might be best to get a Full Structural Survey, because if problems are found with a property after the exchange of contracts, the seller is not liable and as the buyer, you will have to pay for any necessary repairs. We recommend instructing Prospect Surveyors to undertake this for you. If you are buying a new build property from a developer, then there is greater statutory protection.

If your offer is accepted, our team member will contact you to congratulate you! We will liaise with you regarding the dates for completion and discuss exchanging contracts on your behalf before you agree the timescales and next steps for exchanging and completion (when you get the keys) with your Solicitor.

Prior to exchange of contracts, either party is able to withdraw from the transactions. However, once contracts have been exchanged, remedies for ‘breach of contract’ would be available for the suffering party. At this point, the seller would be able to keep your deposit.

A house sale or purchase becomes legally binding at exchange of contracts. The solicitor for seller and buyer will hold signed contracts – if either party fails to honour the obligations, this will constitute breach of contract.

Exchange of Contracts is the process whereby all the parties in the chain commit themselves. Their Solicitors will telephone other Solicitors in the chain and promise to put their own client’s contract in the post that day. The parties themselves do not need to be present.

The date set for you to move into the property, known as ‘completion’, will be agreed with your seller during the sales process. This date is usually confirmed by the Solicitors. We recommend at least one week between exchange and completion to give all parties time to pack etc.

On occasions, buyers will find out that there are problems with a property before they have exchanged contracts. If this happens, you will likely have 3 options:

You can request that the seller corrects the problem at their expense.

You can seek a price reduction to cover the cost of resolving the problem

If the problem is substantial, you may wish to withdraw from the purchase

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