General Information

Purchasing a property is a considerable investment. Our advice? Always undertake a survey before exchanging contracts. While many opt for their lender’s valuation for cost reasons, this does not substitute for an independent survey that could uncover costly defects. Before exchanging contracts, ensure you are fully aware of the property’s condition. Post-exchange, any discovered defects become your responsibility.

A survey doesn’t just highlight issues but can also foster price negotiations or prompt further legal checks by us. Remember, addressing property deficiencies beforehand with the seller is crucial; after contract exchange, the opportunity vanishes.

In the UK, most properties sold are registered at HM Land Registry, which includes a detailed plan vital for understanding property boundaries. It’s recommended to physically inspect the property against the registry plan and consider engaging a surveyor if discrepancies are noted or if only part of a property is being sold. Accurate plans are essential for clear demarcation on the Land Registry records.

Upon contract exchange, the buyer assumes the property’s risk. This means any damage or destruction before completion requires buyer commitment to purchase at the agreed price. We advise securing property insurance quotes early in the transaction to address any potential issues swiftly, ensuring coverage meets both personal and, if applicable, mortgage lender requirements.

Indemnity insurance comes into play for title defects that are expensive or time-consuming to rectify. It’s a fallback, but not all buyers accept it over direct resolution of issues. Remember, disclosing the policy can invalidate it, and it doesn’t bypass the need for building insurance against potential defects.

Whether mandated by mortgage lenders or for peace of mind, searches provide crucial property details. From planning permissions, local council designations, upcoming infrastructure projects, to environmental risks like flooding or contamination, these insights are invaluable. Additionally, water authority queries on connectivity and risks, alongside an environmental search, paint a comprehensive picture, including potential subsidence or the impact of nearby energy infrastructure.

Understanding property types is fundamental. Freehold implies complete ownership of both the property and land, devoid of ground rent but responsible for maintenance. Conversely, leasehold signifies owning the right to occupy the land or property for a term defined by a lease, where ground rent and perhaps a yearly service charge apply, especially in flats. Leasehold transactions require navigating additional complexities, often incurring higher legal fees due to the involved intricacies.

At Williamsons Solicitors, our goal is to demystify the conveyancing process, ensuring you’re informed and confident every step of the way. Our team is equipped to guide you seamlessly through these crucial stages, ensuring your property transaction is as smooth and stress-free as possible.