Buying a residential property (whether it is freehold or leasehold) for most people is one of the most expensive purchases you are likely to come across in your lifetime.
Upon embarking on a property purchase, it is imperative that Buyers should be made aware of a Latin expression called “Caveat Emptor” which is defined as “let the Buyer beware”. It is essentially a warning to Buyers that they have no recourse with the Seller if the property does not meet their expectations.
Therefore the onus is on the Buyer to undertake all applicable and relevant investigations against the property, so as to establish all information available before deciding to enter into formal legal relations (i.e. an Exchange of Contracts).
Whilst the Seller has a legal duty to supply obligatory documentation and to disclose certain essential information, it is for the Buyer to undertake most of the work.
In order to establish everything that there is to know about the property – using all reasonable means necessary – a number of procedures are advised to be undertaken, some of which have been listed below:
- The legal title will be investigated and checked to make sure that the parties selling the property are the legal owners and to establish what rights/benefits are in favour of the property and what restrictions/covenants could burden the property. Depending on the information disclosed, specific pre-contract enquiries are then usually raised with the Sellers Lawyers in order to obtain more information or have certain matters clarified.
- A physical inspection of the property, whilst essential, does not reveal everything that ought to be known about the property but valuable information can be obtained. For example, does the property have an extension, has there been a loft conversion, is there a shared driveway with a neighbour. Points that will need to be checked and followed up on.
- A Survey is always recommended. Depending on the advice received from the Surveyor further recommendations may follow like instructing a further Specialist such as a Structural Engineer or there may be a recommendation to commission a Report from a Damp/Woodworm Contractor.
- Pre-contract searches are advisable to be undertaken. If the Buyer requires a Mortgage, the Lender will insist that all reasonable Searches are obtained. This can be as many as four or five. If the Buyer does not require a Mortgage, then there is more flexibility for the Buyer in deciding what Searches should be obtained.
- The most common types of Pre Contract Searches are a Local Authority Search (this reveals, amongst other things, whether the property is Listed, in a Conservation Area, its planning history, adoption of roads etc), an Environmental Search (which discloses matters like Flooding, Ground Stability and other influencing factors) a Residential Water and Drainage Search (discloses who is responsible for water and sewerage services, plans are disclosed identifying the routes of mains water and drainage).
- Depending where the property is located a more specialist pre-contract search may have to be undertaken such as a coal/tin mining searches.
When considering purchasing a property, purchasers are asked to consider the information listed above and whilst this is not an exhaustive list, this summary of keys matters should always be taken into account when purchasing a residential property.
How we can help
Our residential property team can advise you on all aspects of selling and purchasing a property. David Brooking is a Legal Executive at Wollens. We have committed teams in each of our offices who will work closely with you and guide you through the property process step by step.
While it may seem a streamlined process to us, we know how daunting it can be and are on hand to help, each step of the way.
For further information, please contact our conveyancing team. Call David on 01803 837031 or email [email protected]
David Brooking, Legal Executive
Email us : [email protected]
call one of our offices:
South Devon 01803 213251
Exeter 01392 274006
North Devon 01271 342268
You can also complete an online enquiry form. One of the Wollens team will contact you as soon as they are available.
