| Buying or Selling a Property |
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Buying or selling a property can be an extremely stressful time, with so many things to do, so many forms to fill in and so much information to take in all at once, it can seem a daunting process, but does not need to be. The seller of a property often has the difficulty of choosing a purchaser, whether they be a cash purchaser or someone with a property to sell. A cash buyer who is making an offer at the asking price is the ideal buyer, however even a cash buyer will probably have to obtain a mortgage with a survey of the property and therefore there may be delays associated with this. A buyer with a property to sell creates a chain and unless they have already sold their property, time delays can and often do occur. The longer the chain of properties involved, the greater the likelihood of delays. A buyer with a property to sell should not necessarily be disadvantaged but should do everything possible to improve his or her position by obtaining as much information from the person he or she is selling to about their finances and proposed completion, so that comfort can be given that the chain will not cause delays or problems. In this respect, communication is important. Offers to buy property are often made "Subject to Contract" and can be withdrawn at any time without compensation. It is possible to give more security to a buyer or seller by the parties executing a Preliminary Agreement of Sale. From the buyer's perspective, this should be made subject to conditions, especially the availability of a mortgage on the completion date. From the seller's point of view, an agreement without conditions is the ideal as the seller may not wish to tie up his property when conditions are imposed. Once an offer has been made and accepted, the parties should, without delay, notify their lawyers of the transaction and instruct them to carry out title researches and other formalities. If the Housing Application form has not already been submitted by an estate agent, we will arrange this and submit the Property Search Requests. As the seller's lawyer, we will produce the draft contract of sale and submit it to the buyer's lawyer. As the buyer's lawyer, we will then check the Title to the Property at the Land Registry and attend at the property to check the boundaries and Property rights (Servitudes). Having carried out all the Title Checks, we will raise any issues with our client and, if necessary, the other party's lawyer. It must be acknowledged that not all properties have perfect titles and that sometimes defects are found, some minor, some major, e.g. a boundary wall could have been built in the wrong place or a building or extension could have been built too close to or on another person's land. If a defect is found, the best course of action from a buyer's point of view is for a neighbour to agree to accept the problem. A seller may not however wish to approach a neighbour in case the neighbour refused to agree or asked for monetary payment in compensation. In these circumstances, an option is to obtain Title Indemnity Insurance. We consider, as the legal adviser, we are always there to help and a buyer or seller should never be frightened to raise any issues or ask any questions at any time. A quotation for legal fees in a transaction can be obtained by contacting us direct. |