For almost every individual, a house is going to be the most expensive thing you ever buy. You’re not just buying your house, you’re buying your home and you want to know exactly what you get with it, and if it is worth what you pay.
The sellers will provide us with a list of documents known as the deeds to the property. Details on here include the current owners, the property address and any restrictions the property has. This last point is important because should you go ahead with the purchase, these are the rules and restrictions that you will need to abide by. These can include points such as to only use the property as a private residential property, not to disturb neighbours, or not to erect an extension or structure without obtaining a prior owner’s consent.
This may seem over the top and irrelevant however, a number of these clauses may have been in place since the property was built in order to preserve the developer’s contract with the previous land owner. Our role as conveyancers is to explain these to you in plain English which enables you to decide whether you want to go ahead to the next stage.
Additionally, we receive several documents that the seller provides to explain what condition the property is in, what works have been done and if the standard of these works comply with the appropriate rules and regulations. If the seller did not provide these, and you bought the property, there could be costly consequences for you in the future. To protect you, we challenge the seller to provide documentary evidence and if they are unable to do so, request that they take out an insurance to protect you in the future.
We always suggest to our clients that we can instruct a local organisation to conduct local searches of the property and surrounding area on your behalf. This often unveils whether there is a flood risk to the property, if and how long ago the land was mined, what drains and sewers the property has the benefit of and many more. Should the seller not have told us about something, we may refer to the searches to clear this up and, again, get an all-round picture of what you are buying.
Overall, our aim throughout this process is to unearth as many details as we can so you can decide to buy a property with your eyes wide open to the facts. If you don’t use a conveyancer who has your best interests in their work, you may buy a property that you were not expecting and be responsible for many financial consequences.
Such a consequence could be enforced by the major contributor to your purchase of the property: the mortgage lender. As conveyancers we are also acting for the lender, to ensure that the money they provide is for the right purpose and that they also have security in the property in exchange for the money they have lent you.
The process usually takes 6-8 weeks and the more you understand about what we do and why we do it, the easier (and hopefully less stressful!) it will be. We always hope to get you into your new home as soon as possible for you to enjoy the next chapter in your life.