MOVING HOUSE - FREQUENTLY ASKED QUESTIONS
WHAT IF MY SURVEY REVEALS DEFECTS?
Most surveys reveal defects! The more detailed the report you choose the more faults will be found. Once you receive the result of the survey you may obtain estimates for the works referred to. Either the Estate Agents will know builders and can make arrangements for you or you can arrange your own builders to inspect, having made an appointment through any Agents. Once the extent of the works required is known you can negotiate if appropriate via the Agents as to either a reduction in the price of the property, or whether the Sellers will complete the work at their expense prior to completion. Either way please let us know the position so that we can reflect whatever is agreed in the contract.
WHAT DOES EXCHANGE OF CONTRACTS MEAN?
This is the point in the transaction where you are bound to proceed. If you fail to complete the transaction on the agreed date after exchange you will be in breach of the contract and serious financial penalties will be incurred. You should therefore not authorise us to exchange contracts on your behalf until you are absolutely happy to proceed. If you are buying at that time you should bring into force any relevant life insurance and buildings insurance.
You should remember that once contracts are exchanged, unless provision is contained in the contract, you are bound to purchase the property in its condition at that time. It is therefore essential that you make all your enquiries before committing yourself to the purchase.