Your Deposit: A deposit, ( usually a minimum of 10% of the purchase price,) is paid over on exchange of contracts by the buyer to the seller via the solicitors. Paying the deposit is to prove good faith about going ahead with the transaction. If you are selling and buying, it is sometimes possible to use the deposit received on your sale as the deposit for your purchase. You may need to top up the amount of deposit if you are buying a more expensive property. Always be aware that the seller has the right to keep the deposit should you as the buyer refuse to complete the purchase after the exchange of contracts. Your solicitor or conveyancer will deal with this for you.
Survey: When buying a property, you buy it ‘as seen’ with all of its defects. A mortgage valuation is not a survey so it may be recommended that you have a survey carried out before buying a property to determine any major defects that are potentially missed when viewing the property.
If buying with a mortgage, your bank or building society will possibly insist on a survey. Some banks and building societies offer free surveys as part of their ‘deal’, Our independent financial advisor based in our office in Bordon can give you advice on these free of charge.