Buying a home
Top Conveyancing Tips
- If going to auction, will the seller take the property off the market, or better still, sign a lock-out agreement, so that the seller will not sell to anyone else during the 28 day period? This is important because you will need to spend money on surveys, searches and legal fees that could be wasted if the seller pulls out.
- You are not legally bound until you exchange contracts to buy. Your solicitor or conveyancer will deal with this aspect of the process for you but before that happens you must carry out all the searches and enquiries to ensure you are getting what you are paying for. The second stage of the transaction takes you up to completion when the property becomes yours. From exchange of contracts, you are responsible for the insurance of the property, unless alternative arrangements are made in the contract.
- You are buying an expensive asset; is the property in good structural condition? There are different types of survey. Be aware of what they cover;
- A simple valuation for a lender will not necessarily cover any structural aspects of the building.
- Full structural surveys can be expensive- but you get what you pay for. They can also provide you with the evidence to renegotiate price. There are restricted surveys (sometimes called a Homebuyers Report) which cover major aspects only, for a reduced fee.
- If you are asking a surveyor to only look at specific parts of the property, be clear what you require and understand the limitation of the surveyor’s liability.
- The seller is obliged to provide an Energy Performance Certificate
- NHBC guarantees- recently built properties may have guarantees from the national house builders council-read them carefully- only the structural integrity of the property will be protected for the majority of the term of guarantee. Leaking window frames or other such problems will probably not be covered.
- Services- Where do the gas, electricity, water and drains run? Not all properties benefit from services direct from the public highway. It is always worth making sure the seller provides a plan showing where they run. Ask your lawyer to check the property benefits from the necessary “easements” (rights in your favour) over adjoining land, to the point where they join the mains.
- Check the plans! The owner’s title will include a reference to a plan- ensure this is accurate and if in any doubt, check the measurements on site against the scale of the drawing. Make sure you get the land you think you are paying for!
- Especially for BMV purchases, be aware that the sellers could be in financial difficulty. Your lawyers will make searches to ensure they are not legally bankrupt and unable to sell the property personally, but what if their status changes between you agreeing a deal and completing the purchase? OmniaLegal lawyers will make sure you are protected.
- Covenants. The title to the house may include covenants- obligations which you must comply with – or which you have the benefit of. Understand what these are and whether they may affect the property particularly if you want to build or extend. If you are buying a leasehold property (nearly all flats are leasehold), the covenants in the lease are crucial. Can you enforce obligations against other flat owners if they don’t pay their service charge or cause problems?
- Planning and building regulations-. If work has been carried out to the property then find out what permissions were obtained and the dates the works were carried out. Periods for enforcement vary and special arrangements apply to listed buildings or those built in conservation areas.
- Timings. Find out whether there is a chain of dependent transaction. You are only able to move when the last link is complete, the property sold and all mortgage offers are received. Flexibility and patience are important in reducing the stress of moving. Understanding when things can realistically happen does help.
If you need further help or assistance from an experienced solicitor call 0117 964 3132 or 07768 366842