When you find a property that you want to buy

The price that you agree on with the vendor is your offer. However, if you make an offer in writing it is advisable to head your letter ‘subject to survey and contract’, which means you are not obliged to proceed until you have had the property surveyed and the contracts for the sale are signed and exchanged.

At this point you should establish what is included in the sale price, for example, carpets and curtains.

Establish if you will need to pay a holding charge, particularly if you’re buying a brand new property.

What happens if someone else wants the same property?

In England and Wales, the seller can accept other offers up to the point that contracts are exchanged, so even when your offer has been accepted, someone else can still make a higher offer than you and the seller can accept it – this means that you have been gazumped.

• If the seller accepts another offer, you could make a higher offer or match the offer of the other buyer.
• If the seller then decides to accept both offers, the property will usually be sold to the first buyer ready to sign the contract (a contract race).
• In Scotland gazumping is not permitted.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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