How Do I Avoid Pitfalls When Buying A House?
Posted on 3rd July 2020
Our Property Law Solicitors have complied a list of the most common issues people find when viewing a potential new home.
What should I look for when buying a home?
Location, location, location! If you are looking for a potential family home consider looking at the local schools, check out the nearby parks and research the public transport links.
Don’t be afraid to visit the property regularly at different times of the day. This will help you get a feel for the surrounding area. You will be able to see what the traffic is like at rush hour, what the residents and local shops are like and give you an opportunity to decide if you can feel yourself being comfortable living in that area.
What Research should I carry out when I am buying a house?
Your Conveyancers will carry out thorough property searches https://www.mglegal.co.uk/legal-news/the-importance-of-conveyancing-searches/ and check that the legal title is sound. Nonetheless, it is worth looking into any nearby plans for development, you may like the views over the field next to your future garden, but your views may soon be disturbed by a new development or shopping complex.
What should ask the Seller when viewing a property?
Check out our guide before visiting the property you are thinking of making an offer on https://www.mglegal.co.uk/legal-news/how-do-i-make-buying-or-selling-my-home-easier/ but don’t be afraid to ask questions once you are at the property. Check whether the fitted wardrobes were done professionally or if they were a DIY project, run the bath or shower for a few minutes to check for leaks and visit the property in the rain, does the garden flood? These may be questions that you don’t think to ask but can be costly to fix it something isn’t right.
Pitfalls to be wary of when purchasing a property:
Mortgage – Different mortgage lenders have different lending criteria. If you have your mortgage offer be sure to read through the lending criteria before setting your heart on the property you want to purchase. This can help avoid future disappointment.
The Seller – Until contracts are exchanged your Seller has a right to withdraw from the sale. Unfortunately, as a buyer, there is nothing you can do about it but depending on the circumstances you may ask your seller to contribute to any costs you have incurred.
Gazumping – This is where the seller accepts your offer then receives a higher offer from someone else. You may be given the opportunity to offer a higher price but there is no guarantee that it will not happen again.
Contract race – This is rare but can assist if the Seller wants a quick sale. The Seller will instruct their Solicitor to send draft contracts to all potential buyers, the Seller’s Solicitors must tell you that they have done this, the first contract to be returned, signed and ready to exchange will “win the race” and be given the opportunity to continue with the purchase.
This is by no means an exhaustive list of pitfalls but with MG Legal’s Property Law Team on your side, you can be sure the purchase of your new home is as smooth as possible. Our Solicitors in Lancaster have years of experience and the ability to confidently navigate you through the property buying process with ease. In short to make buying or selling your home easier contact MG Legal, Solicitors in Garstang either via firstname.lastname@example.org or call 01995 602 129.
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