If you already own a property and wish to buy, timing is of paramount importance.

The most important point is that if you submit an offer for a property, that forms one leg of a contract and under the terms of the contract you have to pay the price on the entry date you specify otherwise there are substantial financial penalties.

When the market is hot, and properties are selling quickly, you know you should be able to sell quite quickly but the challenge is being able to buy the property you want in the competitive market.  

In a hot market, then, the normal practice is to offer for the new property and specify a long entry date – perhaps twelve weeks away.

You then put your own property on the market and hope to get an offer in with an entry date to correspond with the purchase entry date you have specified. 

Different considerations apply when the market is cooler

For more information:

Telephone : 0131 316 4444 

E Mail : propertyservices@neilsons.co.uk