Guest Blog – advice for buyers on preparing for a purchase

More sage advice from Alison Treble at Mogers – this should be compulsory reading for all purchasers!

When you have found your dream home and have already picked out your curtains there are practical steps to take to make your dream home a reality.

 What do you need to consider before making your offer?

•  Do you know the position of the Seller? Is there a chain? Why are they moving?
•  How will you finance the purchase?  Can you pay a 10% deposit?
•  Do you require a mortgage? Can you obtain an agreement in principle?  Are part of the funds coming from someone else by gift/loan or inheritance? If so, how will this be dealt with?

 If you do not need a mortgage, make preparatory arrangements for funding. Do you need to give notice on any accounts to arrange for the funds to be transferred?

 Once the purchase is agreed what do you need to know?

•   Has the Seller carried out any additions or alterations to the property?
•  Has there been a loft conversion or an extension?
• How is the property accessed?

All these details can be passed to your solicitor at the outset allowing enquiries to be raised and dealt with at an early stage.

 Your solicitor will consider the title and raise prudent enquiries and report to you on the information received from the Seller’s solicitors but Buyers Beware! The law provides that a Buyer buys a property as he/she finds it (principle of caveat emptor).

To avoid the beautiful property you love revealing its ugly side after completion, a full survey ought to be carried out.

 Keeping your solicitor updated in respect of your survey and funding arrangements will mean that the Seller will be confident in your ability and commitment to proceed.

 When the time comes to “sign on the dotted line” and commit to your purchase on exchange of contracts it is also the time to think about your personal circumstances. If you are buying with another, should you record how the property is held between you to reflect contributions to the purchase price? Is a cohabitation agreement required? What will happen to the property and the equity in the event of a dispute or relationship breakdown?

 Generally, most contracts for the purchase of property will require that the Buyer insures the building from exchange of contracts. Shop around in preparation of this to find a policy that meets your needs. This can then be activated once contracts are exchanged.

 For more information on how we can help you purchase your dream home (and protect it after purchase) please contact us on 01225 750 000, or email alisontreble@mogers.co.uk

Guest Blog – advice from Solicitors on preparing for a property sale

I am grateful to the wonderful Alison Treble at Mogers Solicitors in Bath for taking the time to share her thoughts – this blog was prompted by discussions after our experience of yet another delayed house sale (where the vendor hadn’t obtained planning permissions or FENSA certificates).

We have all heard the tips and tricks on how to sell your house; bake bread, brew coffee, tidy up, polish the dog etc but, with an average time between a sale being agreed and contracts being exchanged (at which point the sale become legally binding) of 4 – 6 weeks, what practical things can you do to help the legal process run smoothly?

 Preparations for selling your property do not begin and end with instructing your Estate Agent. Buyers (and their mortgage lenders) increasingly require more and more information about the property. Instructing your solicitor early means you can provide the information and work together to anticipate any queries the Buyer may have.

 The Property Information Form that your Solicitor will supply will illustrate the information required. However, it is always prudent to prepare for this by considering the following:

 Alterations:

 Have you extended the property?

Have you converted the loft or garage to provide extra living space?

Have you removed or altered any internal walls?

 If yes, you will need to supply any relevant Planning Permissions/Building Regulations Approvals and Completion Certificates.  Further, supply any technical drawings or guarantees to your solicitor to ensure that the Buyer has all relevant information up front.

 Improvements/Maintenance:

 Have you installed replacement windows?

Has the boiler been replaced?

Has an electrician installed any new circuits?

 Each of the above will require Building Regulations approval or the industry equivalent (FENSA, Gas Safety or NICEIC).

  Access to the property:

 Is parking for your car on the road or on land to the rear or side of the property?

Does the property have the use of an access that is not maintained by the Council?

Do you make any contribution towards payment of roads or paths serving your property?

 If relevant paperwork or permissions were not obtained, solutions can be discussed with your solicitor at the outset and offered to the Buyer at the beginning of the process (thus avoiding any delays before contracts can be exchanged).

If you are considering selling your home, please visit our website where you will find more information about our services and be able to request a no obligation quote. Alternatively, please contact Alison Treble on 01225 750006.

 

The trials and tribulations of moving house!

One of our partners moved house last Friday for the first time in 6 years – it looks like nothing has changed in the conveyancing process! Solicitors still “go to lunch” for an hour at the critical part of the day, mortgage lenders send money when they feel like it rather than when needed, estate agents are unavailable when keys need to be collected.

At the start of a new century, surely it’s time to renovate this hugely archaic system so the clients involved get what they need when they need it. There is no excuse for solicitors not to request mortgage funds the day before a completion – yes, it costs the client a day’s interest but it WILL save valuable hours on the day. Our partner, thanks to his superorganised wife, had the whole house packed and in the van by 10.30am but the buyer’s solicitor failed to send the completion monies into the system until 11.45. Given lunch hours (does any other profession still take an hour for lunch with no-one covering the office?), this resulted in completion at 2.30pm. That’s 4 hours wasted in anybody’s book.

However, we must mention the real heroes of the process – the removal men. Militarily organised, friendly, worked straight through from 2.30 to 6pm without a break and faultless in every way. We bet most clients don’t spare a thought for how tough a job it must be.

 Madison Oakley are an independent estate agent and letting agent in Bath. We are a small director led firm with over 50 years combined local experience.To find out more about us, do visit our website. We would always be delighted to receive comments via our blog or do feel free to call us on 01225 466525.