FAQ for buyers

FAQfor buyers

How long does it take to buy a property?

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 8 weeks before contracts are exchanged, but this can vary depending if the property is involved in a chain.

How much deposit will I need to pay and when?

It is usual to pay 10% of the asking price, though your mortgage company may require more. If your purchase is dependent on a sale, your solicitor will typically use your buyer’s deposit for your related purchase.

Do I need to sort my mortgage out before I start viewing properties?

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. 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.

What fi I change my mind part way through the buying process?

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.

When do I move in?

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.

Anymore Questions?

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Kings Sales & Letting Agents, 329 Linthorpe Road, Middlesbrough, TS5 6AA

01642 73 00 00




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