By Indy Samrai
in All Blogs
, Property Law
Category on August 10th, 2016
They say that buying or selling your house is one of the stressful times in your life. Well that’s probably true!
3 reasons for this are shown below, but with some consideration some of these pitfalls can be avoided. :-
- You see the house of your dreams and it looks in perfect condition. You start the process of buying the house and instruct a solicitor. You decide that you will only to get a basic survey for valuation purposes only. Your solicitor spends a few hours working on your purchase. Your solicitor discovers that the environmental search suggests that the house is in an area of subsidence for example, which means that the property is at some risk. You have to consider whether to proceed now and all your plans are in the air. It is recommended that you get a detailed survey done of the property from the outset. This can provide you with warning signs which could prevent disappointment later on.
- You saw the house twice but it was the full size olive tree in the garden which clenched it for you. Disaster, just before exchange of contracts the seller says he is pulling it out of the ground and leaving a gaping hole in the ground. Can he really be serious? Yes believe you me this is a true story. The whole thing ends up taking 2 weeks longer than it should have because there is an argument about this. You can’t make people be reasonable but if you are a seller, try and be realistic about what you can take with you, and if you are a buyer don’t ask for the impossible. Acting reasonably can save everyone a lot of trouble.
- On the day of completion there maybe a chain of people involved. This means that money may have to pass up the chain so that everyone completes on the same day. Delays in the lender sending your mortgage funds on the day of completion can slow down this process. You could find yourself with a van full of your worldly goods, two kids and the dog, waiting and waiting …. The sellers’s sollicitors haven’t received the sale proceeds, and in some cases you may even have to spend the night in a hotel. Make sure you are aware of this and ask your solicitor for confirmation that all funds are in place ready to be sent out on the day of completion. Make sure you’ve sent the balance of monies that your solicitor asks you for in good time.
- Never mind the property, what happens if you pick the wrong conveyancer? Some find once the legal work begins you simply can’t get hold of your solicitor, they don’t return your calls and you don’t get to speak to the same person twice! For some when their bill arrives it has a huge number of charges that were covered in the initial quote. For others they find that soon after they move your neighbour is the nightmare from hell. Did your conveyancer miss something or do you find did you find that parking your much loved camper van on the drive is not permitted. Picking the right conveyancer at times like this is essential.
Good advice from the start
- Instruct your Conveyancing Solicitor right at the beginning – even before you have found a buyer. This way you get to know who you are working with, how they will work with you and the relevant paperwork can be prepared (excluding the sale price) and ready to send to the buyers solicitor as soon as you have a buyer, avoiding any delays right from the start
- Be upfront with your Conveyancing Solicitor, they are on your side after all. Share with them any potential problems or possible issues, however small or insignificant they may seem to you. Your Conveyancing Solicitor can then judge any impact they may have on your Conveyancing transaction
- Avoid same day exchange and completion; this is a recipe for potential disaster and for maximum stress! It is possible but where possible don’t do it. Your purchase may be part of a very long chain which needs time and coordination. Preserve your sanity at all costs.
- Go and see the property at least twice before you offer. Sometimes it is good to go and see the property at different times of the day. This way you can get a feel for the area, the neighbours, the light and the morning traffic.
- Communication is the key. Keep in regular contact with your Conveyancing Solicitor and Estate Agent. Remember they are working for you.
Sometimes things just go wrong, but often we can all help to ensure they don’t. If you would like expert professional advice on buying your first home then speak to me Shakeel Mir on 020 8899 6620 or email me at firstname.lastname@example.org.