Posted on 31st October 2018
Although, as your property solicitors Preston will advise, there is a duty on the seller to disclose any relevant information about a property they are selling - the general rule is known as ‘Caveat Emptor’. Essentially, this means let the ‘buyer beware’, and stipulates that the buyer should make the necessary investigations prior to Exchanging Contracts when buying a property.
This brings us to the responsibilities of your conveyancing solicitors Preston who are on hand to ensure the integrity of, and make the necessary enquiries about the property being purchased.
Responsibilities of the Conveyancer:
Searches – Searches are a set of enquiries which are sent out to various authorities, such as the local authorities and the water authorities, and ask a standard set of questions designed to provide detailed information about a property being purchased. Your Preston solicitors then review the results of the searches and will raise any necessary enquiries thereon. If any issues are revealed, your solicitors in Preston Lancashire will accordingly report to the buyer and make them aware of such issues. See our blog ‘The Importance of Conveyancing Searches’ for more information on searches.
Enquiries – Enquiries are a set of questions which your solicitors in Preston Lancashire ask of the seller to provide detail on certain points the buyer would not be aware of prior to purchasing the property. These can be unique to each transaction, depending on the documentation provided within the Contract pack, the search results, the buyer’s queries and the survey results. Your Preston solicitors will review these points and use them to form a set of queries raised with the seller’s solicitor. Your solicitor Preston can continue to raise enquiries until they are satisfied with all potential issues relating to the property. These are very important as they may affect whether the buyer proceeds to purchase the property, if any issues are revealed.
Responsibilities of the Buyer:
As per section 3.2 of the Fifth Edition of the Standard Conditions of Sale, which are entered within the Contract for sale, ‘the buyer accepts the property in the physical state it is in at the date of the Contract’. It is, therefore, important, that as the buyer you also attend to the following:
Inspection – You should, of course, have personally inspected the property prior to buying the property. This is not an obligation of your property solicitors Preston, however, your conveyancing solicitors Preston would advise that you, or someone on your behalf, inspect the property, on more than one occasion, notifying them of any defects which may require further enquiry, as well as ensuring you are happy with the property and to proceed with the conveyancing process.
Survey – Again, this is not on an obligation of your solicitors in Preston Lancashire, however, your Preston solicitors would always recommend that a survey is carried out. This will help obtain physical information about the property, for example if there is any damp at the property, which your Preston solicitors can then raise the necessary enquiries in relation to. This may also detail any works that would be required at the property which would need rectifying before Completion.
By taking the above steps, the buyer can be made aware of any potential issues they would not be aware of prior to purchasing. Therefore, if there are any issues, these can be resolved, or the buyer may decide not to proceed, in order to avoid any problems after Completion of the matter. Once Contracts have been Exchanged and the matter has Completed, the buyer cannot then revert back to the seller on issues that should have been identified beforehand, as ownership has now passed from the seller to the buyer. This particularly highlights the importance of the phrase, let the buyer beware, and the obligations on the buyer as well as your property solicitors Preston.
For more information on buying a property, or any other conveyancing query, contact our specialist team of Preston solicitors today at email@example.com.
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