Emma Selfridge, Solicitor at Bowden Jones law firm, shares her top five tips on buying property.
Buying or selling your home should be one of the most exciting experiences during your lifetime. However, it can often turn into a very stressful event. These few tips will allow you to control the Conveyancing process:
- The principle of “Buyer Beware” applies so make sure you have thoroughly inspected the Property, questioned the seller, obtained full searches, survey and written confirmation from the seller or their solicitors regarding agreed terms such as Property repairs or leaving items of furniture.
- Try to get the most comprehensive survey you can afford. Once you have completed all repairs fall to you and the seller is not liable. Your only opportunity to resolve issues is before exchange of contracts. After exchange occurs you cannot raise enquiries or insist on the seller carrying out repairs.
- Read all paperwork sent to you by your lender and solicitor especially any small print and discuss with them where necessary. This is probably the largest and most costly investment you will ever be involved in and most issues after completion occur because buyers did not fully review the information provided earlier on.
- Make sure you have your finances organised and monies transferred from savings accounts in plenty of time for exchange of contracts.
- Obtain a quote for buildings insurance in plenty of time before exchange so as not to cause delay. Your solicitor cannot exchange without your buildings insurance being in place. Once you exchange you are legally bound to buy the house regardless of its current condition. This means buildings insurance is vital. The seller does not have to insure and will probably only insure his own purchase Property.
If you require further advice then please get in touch with our trusted Conveyancing team by calling 02920 484550. To find out more information please visit www.bowdenjones.co.uk