Not many people would say that the United Kingdom’s Brexit referendum vote created economic and political stability across the nation, and for weeks we have all watched political musical chairs, and the game is still going on. In fact, experts are still not in agreement on how Brexit will affect the commercial property market as well as the residential property market in the long run and this includes everyone from estate agents to mortgage advisers. In the past, the Bank of England pointed to survey data that showed after the referendum, the housing market experienced weakening in expected activity, and now people may be wondering if now is the time to buy because the markets are possibly quieter. Are those looking to buy in a better position to negotiate?
Don’t panic though because the main principles of good conveyancing remain the same. This means the process of transferring property between one owner to a new one will remain the same. However, if you are going to purchase a piece of residential property, there are a few things you will remember, which will be discussed in the remainder of this article.
Engage a Solicitor
The first thing you want is to engage a solicitor because when legal paperwork is involved, you want to get everything right. Many first-time home buyers don’t realise the importance of conveyancing, and this can be very risky. So, make sure you find a highly skilled and experienced conveyancing solicitor because they can make the process much easier.
Inspect the Property Thoroughly
Inspect the place you’re considering buying and take the time when doing this because you want to get a good idea of the property’s current condition, and do everything from running the taps and flushing the toilets and checking any appliances that are located inside. If you’re not sure how to identify potential problems with the home, then hire a professional surveyor. They can check for things such as damp and structural issues. If issues do emerge and you want to still purchase the home, then feel free to try to get a better deal on it.
Make sure your solicitor searches into any legal issues that may affect the home, such as planning constraints for flood risk. This is important to do. Remember, you don’t want to run into surprises.
Snagging Professionals for New-builds
If the home you’re going to buy has just been built, then hire a professional snagging inspector because they can identify any defects in the building and you don’t want to assume that the company that built the home has already carried out such work. This can lead to a very frustrating mistake, which can cost a lot of money because the last thing you want to do is spend cash on repairs. Some of the things to look for include damage to the paintwork or if the door is stuck or window locks don’t work property. Snagging is something you want to be aware of and this is why it’s a good idea to enlist the help of a conveyancing solicitor.
The tenure of the property should be checked out. For example, check to see if the property has a freehold or a leasehold. Also, if you don’t trust the person selling the home, then think twice about buying it because your gut may be telling you something. Remember, there are many homes for sale on the market, so it’s not a big deal if you walk away from a home.
Remember, it’s all about planning and hiring a good conveyancing solicitor. These two things can help you out a lot. If you have a good solicitor and a well thought out plan, then you’ll be fine.