Buying a home is probably the largest purchase a person will make in their lifetime, so it’s important to invest a lot of time and care into it. At Prestige Tax and Trust Services, we’d like to make the experience as simple as possible, so we’ve come up with a brief breakdown of what’s involved when it comes to buying residential property.
For anyone who’s never heard of it, conveyancing is the process involved in transferring the legal title of a property from the seller to the buyer. Conveyance is the responsibility of the seller. The contract should include:
• The sale price;
• Property boundaries;
• Fixtures and fittings included with the property (carpets, kitchen appliances etc.)
• Legal restrictions/rights;
• Planning restrictions;
• Services to the property (drainage, gas etc.), and
• When the sale will complete.
Conveyance must be undertaken by a licensed conveyancer or a solicitor. As soon as you put an offer on a property, the estate agent will ask for the conveyancer’s details, so it’s best to have one before you begin searching for a property. If you’re going to purchase a house, it’s a good idea to have a property survey done. A shocking average of just 20% of buyers has one done. These surveys tell you if the property is actually worth what you’re about to pay for it. There are two different types of survey you can have carried out and they depend on the type of property you’re looking at.
This is best for typical homes, i.e. those that are in good condition and built within the last 30 years. It focusses on any defects or problems that require urgent attention or are likely to affect the price.
This is suitable for all residential properties and gives a full picture of the construction and condition of the building. It is used for unusual constructions and those that have had extensive alterations. Also, if the property is old or needs extensive structural repairs, or if you want to do major renovations or conversions a building survey will be required.
When the contracts are exchanged and all the checks are done, the money is transferred from the buyer to the seller. The seller then hands over the documents of ownership and moves out leaving the property in the state outlined in the contract. The seller gives the buyer the keys and the property now belongs to the buyer.
You should take time and think very carefully when it comes to choosing your conveyancer. A personal service is often best during what can be a very stressful time. Many solicitors aren’t conveyancing experts. Prestige Tax and Trust Services offer a fully comprehensive package to help you with the sale or purchase of your home. Visit our website for more details and follow us on Twitter for regular updates.