When buying a property the risk of ensuring that it is a good investment...Back to News and Events
When buying a property the risk of ensuring that it is a good investment generally lies with you, not your seller. This is known as the principle of ‘Caveat Emptor’ or Buyer Beware.
The risks can vary from simply having a property full of unwanted furniture, or a boiler that does not work, to something more serious. In a worst case scenario you could end up with a property that you are unable to sell in the future.
Your lawyer will mitigate the risks by carrying out a full investigation of the property’s legal title. They will let you know what rights and restrictions the property is subject to. However, they are unlikely to have visited the property. So make sure you do the following:
You would also always be advised to have a survey carried out on the property. If you have any particular concerns, make sure you have flagged these up with the surveyor in advance. The surveyor will be able to give a detailed report on its condition. You can then be prepared for any repairs which might be required. You could also negotiate for the seller to deal with any problems before completion.
It is also wise for you to have separate reports carried out on the central heating system, boiler and electrics. There is nothing worse than moving into your dream home to find that the boiler does not work. If you know in advance, you can often negotiate contributions or a discount with the seller if maintenance is required.
Once contracts are exchanged, you are committed to buying the property in whatever condition it is in. It can therefore be helpful to arrange one final viewing just before authorising your solicitor to exchange contracts. If you have any concerns about the state of the property, this is the time to raise them.
For more tips on what to check buying buying your new home, go to https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/guides/buying-a-home/house-viewing-checklist, or call one of Poole Alcock’s friendly conveyancers on 0800 389 7093. We’ll be happy to talk you through the process.