There is no one that would claim the Brexit referendum vote, which allowed the UK to leave the European Union (EU), created economic and political stability. Over the last few weeks, we’ve seen a high-profile game of political ‘musical chairs’. Unfortunately, the game is not over yet.
Residential property market experts are still divided on the long-term implications of the Brexit vote. Many experts, ranging from mortgage advisers to estate agents, are divided on the short-term impact of the referendum.
The Bank of England referenced some survey data that point to a “significant weakening in activity” in the property market, since the referendum. If the housing market is a little quieter than usual, it may be a great time to buy, since buyers are in a stronger negotiating position.
During this period of uncertainty, you should not panic. In a post-Brexit world, the fundamental principles will remain true. The legal process of transferring property from one owner to another does not change, legal experts such as Guillaumes Solicitors can confirm and provide ice on this. If you’re planning to purchase residential property, there are seven points you need to remember.
Engage the Services of a Solicitor
If there are problems, you need help from a legal professional. Many first-time home buyers may start down the road to buying a home and not realise the need for conveyancing. If you buy a home, you should seek help from a skilled, experienced and knowledgeable conveyancing solicitor. Without their help home buying can be extremely risky.
Inspect the Home Carefully
Make sure you thoroughly understand the property’s condition before buying. Inspect the home carefully. Don’t be afraid to be a difficult buyer, flush toilets, run taps and check the windows and doors open and shut properly. If the kitchen appliances are included in the purchase price, check the work.
Hire a Surveyor
For your own peace of mind, hire a surveyor to identify any problems with the new home. This includes looking for damp and structural issues. If problems emerge, as you’re looking at a property, feel free to negotiate the buying price.
Ensure the solicitor conducts “searches” or enquiries with authorities, to check into issues affecting the property. This can find information about planning constraints and flood risks.
If the home you’ve chosen is a new-build, employ the services of a professional ‘snagging’ inspector. ‘Snagging’ is the process of resolving and identifying building defects. Do not assume that comprehensive snagging was carried out by the property developer. This assumption could be an expensive and frustrating mistake.
If you’ve spent six- or seven-figures on a new home, why are there imperfections? Why is there damaged paintwork? Why are the window locks broken? Snagging is a major source of conflict between property developers and buyers. A conveyancing solicitor can offer you advice on how to approach this matter so that you don’t have snagging issues with the builder.
Check the Property’s Tenure
This means you should know how the property is owned. For instance, is it a leasehold or freehold. A leasehold is a fixed term of property ownership. Freehold is an absolute and permanent land or property ownership.
If you don’t trust the property sell, think twice about buying from them. Trust your instincts. There are always other houses you can choose. It is better to walk away from a deal than to make an irreversible commitment that you’ll regret later.
When a contract has been signed by the buyer and seller, the agreement becomes legally binding. If you try to pull out of the deal, you may receive a hefty financial penalty. Your home may be the most expensive purchase you ever make. By making thorough plans and having a good conveyancing solicitor on your side, your home may also be the best purchase you make.