A judge enters the courtroom, strikes the gavel and says, "Before I begin this trial, I have an announcement to make.
"The lawyer for the defense has paid me $15,000 to swing the case his way. The lawyer for the plaintiff has paid me $10,000 to swing the case her way.
"In order to make this a fair trial, I am returning $5,000 to the defense."
Buying your first home can be stressful but with planning you can help avoid the pitfalls.
Here's our guide to buying in England and Wales. See below for buying in Scotland.
1. Choosing a location
Cost is often the deciding factor but the more flexible you are, the better the choice. Use websites from individual agents and aggregate sites. You won't normally pay an estate agency fee when buying.
Things to consider: Is the area convenient for work and transport links? What about schools, parks and safety? Do you need a garden and is the property big enough for your short and long-term needs?
2. Take your time
Unless you want to end up in a home you're not happy with, do your research. Visit a property several times and at different times of the day, check out the neighbourhood and take a camera.
Take our printable checklist to keep a record of the places you visit. If you're buying on your own, take a friend or relative for that valuable second opinion.
3. Getting the money
Buying a home isn't cheap. You'll have to pay such things as legal fees, a surveyor, Stamp Duty (if applicable) and moving costs.
And then there's the mortgage. How much you can borrow will depend on your circumstances - your income, employment status, credit history, outgoings, the deposit and whether you're buying alone or with a partner for example.
Never borrow so much that you can't deal with the unexpected, such as a new baby, increases in interest rates and so on.
Use our budget planner to help you work out how much you can afford to pay each month.
4. Which mortgage?
The range of mortgages on the market can be bewildering but our mortgage specialists will be able to explain them in more detail. Alternatively, see our guide to mortgages.
Generally, you choose between repayment (capital and interest) and interest-only. Your choice of mortgage type, the interest rate, the amount of the mortgage and term will determine your monthly repayments.
Other factors to consider are whether the mortgage includes early repayment charges if you choose to move your mortgage to another lender; any fees you may have to pay if you switch mortgage with the same lender; any application fees; repayment holidays; the ability to make under or overpayments; cashback or other offers; and whether you will still be able to afford the repayments once a fixed or discounted rate is over.
Your lender should be able to give you an idea of the amount you can borrow, based on your circumstances, before you start hunting and provide you with an Agreement in Principle. This isn't a definite commitment to lend but is helpful when putting in an offer.
5. Putting in an offer
Once you've found a property, decide how much you're prepared to pay and tell the estate agent. Ensure that any offer you make doesn't leave you stretched and unable to meet your mortgage and other commitments. And beware of bidding wars as you don't want to end up offering more than the property is worth.
The sum you offer is not laid in concrete at this stage. For example, if a survey finds extensive work needs doing on the roof you could negotiate the price down to compensate you for the future expense.
6. If your offer is accepted
You or your estate agent will need to write a letter to confirm your offer. It has to be headed 'subject to survey and contract' and that applies to everything you write or sign until contracts are exchanged.
You might be asked to pay a deposit as a sign of your serious intent to buy. If the purchase doesn't go ahead due to circumstances outside your control, you should get it back as the deal is not legally binding until contracts are exchanged, but once they are your deposit will normally be non-refundable.
All this and the other legal work should be carried out by a solicitor or Licensed Conveyancer and the job is called conveyancing. Ask friends or family to recommend one. Alternatively, ask your lender, the Law Society or the Council for Licensed Conveyancers. Get quotes from several firms.
7. Surveys and valuations
Once your offer has been accepted, you'll need to complete your mortgage application. Your mortgage lender will carry out a valuation of the property to ensure it's worth the sale price. This normally carries a fee and is usually basic so it won't highlight all the things that might cause you problems.
You may therefore want to appoint a surveyor to check the property. There are different types of survey.
8. Spread the word
In the run-up to moving, arrange insurance if needed and inform the utility companies of your move. You'll need to redirect mail and inform others (your bank, insurance companies, HM Revenue & Customs, etc) of your new address.
Once you and your solicitor are happy, contracts can be exchanged. You and the seller are now legally bound to follow through with the transaction. If you pull out you could lose your deposit.
Completion is the day when the balance of the money owed is paid to the seller - this is arranged through your solicitor - and the day you pick up the keys and can move in.
When you buy, you'll pay a Land Registry Fee. You also pay Stamp Duty if the property is priced over £125,000. Your solicitor will arrange this. Rates are:
Property value & Stamp Duty
Less than £125,000 - nil
£125,001 to £250,000 - 1%
£250,001 to £500,000 - 3%
£500,001 and over - 4%.
9. How long does it all take?
This depends a lot on how many people are involved in your chain.
Most people who are selling a property are also buying another. So if the people you're buying from find that the people they're buying from can't get a mortgage to purchase their new property, for example, there'll be a 'break in the chain' and they may have to drop out. That means you'll feel the 'domino effect' - you won't be able to move in because your seller won't be able to move out.
10. Home-buying packs
Under government plans, everyone selling a house from 1 June 2007 will have to provide prospective buyers with a Home Information Pack or 'sellers' pack'. It will contain the basic information you need about a property before you put in an offer.
Sellers' packs will be free for buyers but will cost sellers to prepare. In 2006 the government removed a requirement for the packs to contain a home condition report.
Buying in Scotland
The property-buying process is different in Scotland. Here's how it works:
If you're looking at ways to supplement your income, here are some options other than working behind a bar or stacking shelves at a supermarket.
1 Police ID parades
Taking part in identity parades is easy money - you just have to stand there - but work is irregular and may depend on your appearance. Many police forces now use video line-ups but you can still get a one-off fee of £10 for being filmed.
Average pay: £10 for the first hour, £5 for every hour after that.
More info: ask at your local police station.
2 TV/film extra
Production companies need people of all shapes and sizes and if you're over 18 but look younger you'll be especially popular, as you can save them the cost of a chaperone for a child actor. Don't expect to meet the stars, though.
Average pay: £80 a day, with bonuses for things like providing your own costume or doing a 'walk-on'. Overtime is paid at around £11 an hour.
More info: there's a list of extras agencies at UK Screen
3 Campus brand manager
All sorts of companies hire students to promote them on campus, from film distributors to sportswear firms. You'll get plenty of opportunities to demonstrate your business acumen, but the work can be time-consuming.
Average pay: £300 a term, though some firms only pay on a commission basis.
More info: look for notices on student job boards.
4 Trading on eBay
'The World's Online Marketplace' has one million registered users in the UK alone so there's bound to be someone who'll pay for anything you have to sell. Start with stuff you don't want (old CDs, clothes, toys) to get a feel for it.
Average pay: the sky's the limit - but unless you're selling something rare or valuable, don't expect to make a fortune.
More info: go to eBay and click on 'eBay explained'.
5 Pose as a life model
You don't have to be beautiful or in particularly great shape but you do have to patient, able to sit still and perhaps not wince at what an artist makes of you. But good models are in demand.
Average pay: from £6 or so an hour clothed, to £7 or so an hour unclothed outside London; a little more in the capital.
More info: contact art colleges and adult education colleges near you.
6 In-store demonstrator
There's lots of work for confident, personable people in supermarkets and department stores. You might be required to show off your ironing skills, hold a food tasting or demonstrate a new kitchen gadget, for example. Hours are often in the evenings or during weekends so can fit around your studies.
Average pay: varies, but can be up to £10 an hour.
More info: search for 'field marketing agencies' on the Internet.
7 Event stewarding
Concerts and sports fixtures employ a small army to help with organisation. The necessary training will be provided on the day but don't view the job as a free ticket. Stewards at football matches, for example, are expected to face the crowd, not watch the game.
Average pay: rates start at £5 an hour; with training you can earn up to £15 an hour.
More info: try Recruit Event Services.
8 Online surveys
To make money completing surveys, all you need is a computer and some opinions. You'll be asked what you think of various products and services, and sometimes be sent things to try out. However, there are scam survey websites so do some research.
Average pay: £3-£50 for each survey, depending on how long it takes. However, you'll have to pay a registration fee (around £20) up front.
More info: UK Paid Surveys rates and reviews the best sites.
9 Mystery shopping
Some men would pay good money not to go shopping, but 'mystery shoppers', on the other hand, get paid instead. It's not just about going to shops but perhaps to restaurants, bars or to stay in a hotel and report on how the customer's being treated. You'll get all the money for your meals, drinks or bills repaid and you may get to keep the shopping, too - unless, of course, it's diamonds.
Average pay: from £6 a visit, but could be as much as £100 a day.
More info: try the Mystery Shopping Agency on 020 8325 8974 or Retail Eyes
10 Internet researcher
You may have grown up taking the Internet for granted but there are plenty of people who aren't familiar with it or are too busy to spend time on it. So if you're skilled at extracting information from a web search, you can hire yourself out as a researcher for people like lawyers and writers.
Average pay: £10 an hour
More info: look for notices on student job boards or contact likely clients in your area.
Important information
Please read our site terms and conditions. In addition we would advise you that:
The information given in this article was correct as at March 2006. It does not, however, take account of any changes in regulations, the law or interest rates since that time.
This article is not a substitute for obtaining professional advice from a qualified person or firm.
Examples given of products and services are not exclusive. Other companies may provide the same products and services, and inclusion of a product or service should not be taken to indicate that Barclays recommends it over any similar product or service.
Barclays is not liable for any third party opinions expressed. While every effort has been made to ensure that the information contained is accurate at the time of publication, no liability for damages is accepted by Barclays, the publishers or any other organisation or person providing information, arising from any errors or omissions that may appear, however caused - or from any editorial alterations to submitted information. This is not intended and will not affect any liability of Barclays under the provisions of the Financial Services and Markets Act.
Barclays is not responsible for the accuracy or content of web sites of other providers which may have links from this website. In creating hypertext links to any other web site, Barclays is not recommending that web site or giving any assurances as to its standing.
you've seen all being pulled of all over the Internet, you might be interested in a couple of tools.