FAQ’s for first time buyers
A lot of work happens behind the scenes when you buy a house. With some of the legal terminology often confusing, we have answered some of our most frequently asked questions.
What happens if either side pulls out?
If a party withdraws from a transaction before exchange of contracts there is very little you can. If a party withdraws from a transaction after exchange of contracts it can have serious financial complications. If you are the buyer you could lose your deposit and if you are the seller, you would not be entitled to keep the buyers deposit.
What happens after my offer gets accepted?
Instruct your chosen solicitor and make arrangements to meet with your mortgage provider. We would also recommend that you instruct a surveyor to inspect the property.
What happens after completion?
We will pay any stamp duty payable on the day of completion. We will make an application to the Land Registry to register you as the new owner of the property. This process can take up to 3 months to complete, longer if the property is unregistered.
I am selling a property; how much will I receive from the sale?
You will receive the net proceeds of sale. This is the sale price less the legal and estate agents’ fees.
What is a mortgage offer in principle?
You may already have a mortgage in principle. This is not a mortgage offer. It also does not guarantee that your application for a mortgage will be accepted. Put simply, it is a statement from a lender saying that they will lend a certain amount to you before you’ve finalised the purchase of your home.
If you have any questions about the conveyancing process, please contact Bonita Wolfenden on 0114 252 1413 or email email@example.com.