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Post by northstokie on Mar 6, 2004 16:05:00 GMT
First time buyer, have just put in an offer on a flat I saw earlier, not quite sure what happens next in terms of, if it gets accepted how long do I have before I have to pay a deposit etc? Is it after I have had a conveyencer and surveyer etc?
Excited but nervous
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Post by Hooky on Mar 6, 2004 18:29:14 GMT
stock answer CAB....or try searching web. its 7 years since I bought our gaff, and taht were our first. all I remeber is that I used the IlfordDave pokker face, and the estate agent was convinced our final offer would be 47k, in the end we paid 49k .... to the suprise of the agent (we could and would have gone to 50-51K) but don't let them know that......... well we had to get the place before it went on the market properly, or it would have gone for more than market, but seller needed to get things moving quick  .... now worth £120-30K ... only decent thing about london is making cash on property ;D |
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Post by Bobthehandsome on Mar 6, 2004 18:29:42 GMT
Are you taking out a mortgage to pay for it?
If so you will have to hand a deposit over to your soilicitor on the day that the contract is signed and exchanged with the seller.
This can only be done after the building society is happy to lend you the money once a survey has been carried out, and all the local authority and mining searches have been done to their satisfaction.
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Post by Lakeland Potter on Mar 6, 2004 18:48:51 GMT
Most contracts specify 10% deposit on exchange of contracts. Often this comes out of the money the Building Society is lending you if you are taking out a mortgage. Speak to your solicitor or conveyancer about what is likely to happen in your case.
The date of exchange is up to you to some extent and of course up to the seller. Can be anything between a month and two months in normal cases. I have known solicitors who had been told by the buyer and seller to "get their fingers out" because it suited both parties to manage an exchange within a week - but that is a bit risky as the quicker the exchange the less time for the searches etc - and you don't want then to be rushed, far too important.
Again the date of completion is fairly flexible - usually you sign the contract and the completion date is inserted before exchange by the solicitors of the two parties after consultations. If the seller is in a "chain" then the date will obviously be when he can "complete" the purchase of his new house.
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Post by northstokie on Mar 6, 2004 20:08:49 GMT
Thats kind of how I saw it, yes I will be getting a mortgage for most of it - thanks for all your help guys!
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.... now worth £120-30K ... only decent thing about london is making cash on property ;D
