how it works
The system for buying a house (or flat or other property) has three stages:
- Stage 1: Pre-contract
While you deal with preliminary matters
like obtaining a mortgage and surveying the property, I conduct searches
and ask the seller questions. How long this stage takes will depend on
how ready you and your seller are, and on whether any complications come
to light. Either party can pull out during this stage without any penalties
or compensation
- Stage 2: Exchange
Once the pre-contract work has been successfully
dealt with, contracts are exchanged and a date is fixed for Stage 3.
From this point onwards, both you and your seller are legally committed
to the transaction
- Stage 3: Completion
You move in. Your seller will need to
have finished everything by about 1.00 pm.