Buying a home timeline - Questions

Cognito

I might be a first time buyer soon... I've looked around the site for a while now, and have seen this:

http://www.moneysavingexpert.com/mortgages/buying-a-home-timeline

but there are still some things I cannot understand:

1.can the vendor back out of the sale at any time? even after I've paid my deposit? do I get my deposit back then?

2.can the agent or vendor ask for a deposit before the survey and lawyer checks?

3.how do I get them to "take it off the market", and when? I'm mostly searching through RM and zoopla, and I keep seeing messages along the lines of "DATE OF NOTICE 1TH AUGUST 2014 By order of the mortgagee in possession we advise that an offer of £56,000 has been received for 17 Blah blah avenue. Any persons wishing to make an increased offer should notify the agents of their best offer." and I panic.

if this all has been asked and answered before, then please simply direct me appropriately.

thanks in advance for any replies

eddddy

Based on a typical purchase (which probably means 99% of home purchases):

Cognito wrote: »

1.can the vendor back out of the sale at any time? even after I've paid my deposit? do I get my deposit back then?

The vendor (or you) can back out anytime up until exchange of contracts without penalty - and you could lose your legal, mortgage and survey fees. You don't pay a deposit until exchange of contracts happens.

If the vendor (or you) backs out after exchange of contracts, whoever backed out is in big financial trouble and stands to pay tens (or could even be hundreds) of thousands in compensation.

Cognito wrote: »

2.can the agent or vendor ask for a deposit before the survey and lawyer checks?

You will not be asked for a deposit at this stage (or if you are, you shouldn't pay without referring it to your solicitor).

Cognito wrote: »

3.how do I get them to "take it off the market", and when?

That's down to negotiation. You 'tell' them to take it off the market when your offer is accepted, but they may refuse.

Cognito wrote: »

I'm mostly searching through RM and zoopla, and I keep seeing messages along the lines of "DATE OF NOTICE 1TH AUGUST 2014 By order of the mortgagee in possession we advise that an offer of £56,000 has been received for 17 Blah blah avenue. Any persons wishing to make an increased offer should notify the agents of their best offer." and I panic.

That means it is a repossessed property, and so the EA is required by law to publish that notice.

You wont see that kind of notice for a property that is not repossessed.

G_M

Go to your local library and borrow (free) a book on buying property.

It will answer these, and 236 other questions, as well as guide you through the next 3 months.

phill99

1) once you and the vendor have "exchanged contracts" (which includes you paying the deposit over) the vendor can't pull out. He or you can pull out any time prior to that without any redress.

2) You pay your deposit over to YOUR solicitor. He will tell you when it is required. It wont be before the survey. Do not pay anything to the Estate Agent.

3) The notices that you have seen on RM etc are where a repossessed home has been sold by the bank / building society. This is the legal notice that has to be published to confirm that an offer has received. Unless you are buying a repossession, this will not apply to you.

Cognito

thank you all

G_M, can you recommend a book that is layman-friendly and up to date, please?

Belindav123

Just to add to point 3. Most agencies around me, will not take the property off rightmove for eg until the survey has been done. They will not actively market it, or accept viewings but it will still be advertised.
As soon as you have a survey done, this is the trigger that you are serious. Other areas and agents might be different.