If you are buying a property, use our handy checklist to avoid potential problems and make the process as smooth as possible.
Understand the conveyancing process
Typically, it can take months rather than weeks to get the keys and move in. Once you know what to expect, there is less chance that you will panic over any perceived delays. Discuss your preferred moving date up front to see if this can be achieved and to help manage your expectations.
Check the lease
If you are purchasing a leasehold property, you have an agreement to use the home for a set number of years. If the time remaining is for less than 50 years, it’s worth bearing in mind that you might struggle to get a mortgage.
Get a proper survey done
All too often, buyers mistakenly think that a mortgage lender’s valuation survey will let them know if there is anything wrong with a home. It won’t, and once you move in, you could find issues that lead to hefty repair bills and hidden problems.
Let your conveyancer know what you expect
Notify your property lawyer of any expectations – for example, what you’d like to happen to fittings and fixtures. They will check these for you and, once an agreement is in place, ensure this is included in the contract.
Avoid being gazumped
As part of your offer, require the seller to take the property off the market immediately. This decreases the possibility of them getting a higher offer and pulling out before contracts are exchanged.
Know your obligations
Should you decide to pull out of the transaction after exchanging contracts, you may lose any deposit already paid or be held liable for compensation.
Ask if there are any restrictions or covenants
Ask your conveyancer to check if there are any restrictions or agreements in place that could affect any plans you have for the property. This could be constraints on further development or covenants between neighbours.
Take a good look around
No matter how much you love a property, make sure you check the surrounding area. It’s a good idea to visit at different times of the day (and night) to see if there is any change in noise/traffic levels.
Ask about the neighbours
Problem neighbours can make living anywhere difficult. Ask the sellers if there have been any issues and what potential noise there might be.
Get your mortgage in place
Ensure you have an agreed mortgage in place (not just a mortgage in principle). This can be a lengthy process which might cause delays if not started as soon as possible.
Get insurance in place
Buildings insurance is required for the exchange date, not the completion date, as by this point, you have committed to the purchase. Your mortgage lender may also require you to take out life assurance.
Use a conveyancer you can trust
The conveyancing process can be fraught, so, you need an expert. We have all the experience necessary to provide complete peace-of-mind. What’s more, we never forget that we are working on your behalf and are happy to explain anything you are unsure about.
If you’re ready to purchase a home, contact one of our expert team, please contact LPL on 0333 305 5189 or by email at newbusiness@lpropertylawyers.co.uk or visit our website at www.lpropertylawyers.co.uk for more information.
