Buying a house is a stressful time and there is a lot at stake. For most, it is the biggest investment they will ever make and more than just financial, it is often the place you intend on living and raising a family. It is a home. But what happens if you find an issue along the way, whilst you wait for the legal work to complete and collect the keys?
In this article, our expert conveyancers discuss the options and best things to do if you find yourself in this position.
Potential Pitfalls
Like anything this is being sold, it is not unusual for the house or flat to be painted in the very best light. Professional photographs, skilled video walkarounds and clean, tidy homes are all designed to make a property look its absolute best.
As it can take a number of weeks or months from a first viewing and having an offer accepted to actually completing, collecting the keys and moving it, it is not unusual for people to learn more about an area, and a property as the weeks go on. This is the same for anyone and especially so for people moving to a different area that they are unfamiliar with.
Depending on the age of a property, you may decide to have a structural survey carried out and this may reveal things about a property you may not have noticed, or realised were an issue. After all, we are not all structural engineers or experts and so shouldn’t be expected to notice such things when viewing properties. Structural surveys require access to a property, granted by the current owner and so are carried out once you have had an offer accepted. It then takes time for a surveyor to visit the property at a time to suit the seller and they then need time to write up their report of their findings and recommendations. So, some time can pass and you can already been ‘committed’ to a property when any adverse findings are revealed.
Viewings are often short and you will be guided around the property by its owner and you aren’t always afforded the opportunity you might like to view a property fully and spot any issues. It is not uncommon for people to have second or third viewings as the conveyancing process progresses and in fact many solicitors recommend a viewing just prior to agreeing to exchange. It may be that visiting the house at a different time, on a different day or in a more relaxed manner uncovers issues you hadn’t spotted before that you feel might affect your enjoyment of a property.
Property searches are a vital part of the conveyancing process that are often overlooked. If purchasing with a mortgage or any other form of finance, your lender will insist upon searches. If purchasing in cash they are not obligatory, but they are recommended. Searches again, are carried out once an offer has been accepted and also most often when draft contracts have been issued. This means the process has started and you will need to pay the fee upfront as a disbursement for the Search Provider to carry out the searches. Searches can reveal a number of factors about the local area, property and surrounding properties you may not have realised on viewing especially when it comes to the wider area. For instance, a planning application for a large new build development that has not start yet close to your new home. Changes to road and rail networks that you might not have known about and might have an impact on the property. Also, things such as ground stability issues, flood risk and other environmental factors are often revealed on such searches. You can read more about searches here I will need help picking the best search article. Some of the generic ones are bit old now
It is also possible that your conveyancing solicitor may uncover some issues as part of their title checking and other checks that they carry out throughout the conveyancing process. It is their job to highlight them to you, and any mortgage lender, and then advise of any remedies or the best course of action for you both.
What to do if you find a problem?
- Don’t Panic! It is important not to panic. An issue may turn out to not be as bad as was originally thought, or there may be an easy remedy which could solve the problem.
- Do your research. Consider what the issue is and any implications it may have for you. Do some research into the issue to make sure you fully understand it before making any decisions. For example, if structural issues are found, do some research into how much repair works might cost. For something found on a property search, get in touch with council to make sure you fully understand the extent of anything, for example, a large scale new build development may have community amenities as part of it which might actually benefit you when living in your property. If you intend on living in the property for a number of years, by the time you come to sell the property, what is currently a building site, will be an established community which has increased the size of the town to the extent that many shops and leisure facilities have opened in the area serving the local community.
- Speak to Specialists. Depending on what the issue is, you should speak to the relevant specialist. For example, if it relates to a structural issue, have a chat with your surveyor about their findings and what it might mean. You may also want to speak with specialist trades people who can give you accurate quotations for any works required
- Tell your Conveyancing Solicitor. When you find a problem, you should notify your conveyancing solicitor. This means they have the full picture to be able to advise you of the options and to also raise enquiries with the seller’s solicitor if this is what is required, and you instruct them to do so. Your solicitor should be able to give you a balanced unbiased view of the full issue and what your options are, and what each option might mean.
In Conclusion
Buying a property is an understandable stressful time. There is a lot at stake and it is easy to become attached the a property before you hold the keys and move in. It can be difficult if issues come to light as the transaction progresses and so it is important that you think carefully, gather all the information and speak to the right people so you can make a fully informed decision about what to do next.
Our team of conveyancing specialists have the expertise and experience to guide you through a property purchase, whether issues are found or not. Get in touch with our team today for more information and a quote for us to handle your next purchase.
