When you’re buying a property, it can be overwhelming to know where to start, legally speaking. From initial searches and enquiries to the signing of the contract and exchange of keys, there are so many legal processes involved. These will differ depending on the purchase and the work you want done, so it is best to speak to your lawyer about how your experience will look prior to its beginning. Yet, here is a quick introduction to some of the things you need to think about throughout the process to make it as smooth as possible.
Choosing A Conveyancer
It is highly advisable to choose a conveyancing firm before you put in an offer. This will make all of the subsequent steps more simple. They will manage all of the legal processes throughout the purchase, so choosing one that is highly recommended is essential. If they are advertising their services at a much lower rate than other companies, it is probably for a reason.
Investing in a good firm at this point will help to prevent issues and additional costs further down the line. Choosing a conveyancer early will enable you to take the time to find a firm that is right for you.
Pre-Contract Searches and Enquiries
Once your mortgage application is being considered by the bank, your conveyancer will begin to carry out pre-contract searches and enquiries. This involves local authority searches, drainage searches and also environmental searches.
This would also be a good time for you to have the property surveyed, as this is not something that will be included in the conveyancing services. Sometimes this is a service that is offered by the bank, but not always. A survey will help to identify any significant issues with the property which could potentially decrease the value. This will ensure you are not paying more for the property than it is worth.
If you are buying a terraced home, semi-detached home or any kind of adjoined building, and are planning on completing any building work, it would be worth contacting a party wall act surveyor. This is an additional service that is needed if you are planning on carrying out work such as a loft conversion, digging foundations or extending that could impact the shared wall between two properties. If having something like this changed in the property is a large factor in your decision to purchase, a party wall act surveyor is essential.
Ensure Necessary Legal Agreements Are In Place
It is essential that you discuss your individual situation with your lawyer to make sure any required legal agreements required are in place. For example, when buying a property with another person that you are not married to, having a legally binding cohabitation agreement is important. This is an agreement that is reached by the people choosing to buy the property together which will protect their individual interests, rights and responsibilities should they go on to sell the property.
Having an agreement like this in place will help to make things easier if there are any disputes over the sale. This could prevent the need for further legal action and therefore costs, should anything go wrong. So, it is always advisable to consider things like this before the purchase goes through.
Whether you are buying a house, industrial property or commercial property for sale, understanding some of the legal processes involved is important. You should choose a conveyancer prior to putting in an offer, be aware of the searches and enquiries that need to be taken out and finally ensure any legal documents that are needed for your individual situation, such as cohabitation agreements, are in place. All of these things should make the process of buying a property far easier and more enjoyable.