Buying A Property

The usual building society or bank valuation is not a full survey. The level of inspection varies between each building society/bank surveyor.
Your mortgage lender or your mortgage adviser should advise you as to the type of valuations and surveys available. For your own protection, we would advise that you have a full survey undertaken.

It might be possible, when making initial contact with your mortgage company for them to arrange for their surveyor to carry out a House Buyers’ Report or full survey so that only one surveyor need be engaged.
If the surveyor only prepares a valuation for the mortgage company the contract may only be between the surveyor and the mortgage company. In that case you may not have any right to sue the surveyor should any negligence on his part be proved. If the surveyor also prepares a report or survey for you then, if he is negligent, you would be able to sue him.

Searches are a large part of the conveyancing process, the reveal a lot of information which is requirement when you are purchasing a specific property. If you are obtaining mortgage finance then these searches are compulsory.

Local Authority Search relates only to the property you are buying. The search will reveal whether the property has undergone any alterations, including planning permission and building regulations as well as any notices or permission which have been served upon the property.

In addition to the above, the Local Search also reveals whether there are any Local Land Charges registered against the property, such as, Smoke Control Orders, Tree Preservation Orders etc.
Please note, however, the Search does not give details of any proposals to develop land near to or in the immediate vicinity of the property you are to purchase. Nor will the search give details of any parking restrictions which affect the area in which you are buying. If you require such information, then it would be as well for you to contact the local authority direct or advise us so that we can raise such matters with the authority at the start of the transaction.
The cost of a Local Search is dependant on the Local Authority.

Drainage and Water Search is carried out with the water authority and gives details of public and private sewers to include their locations and whether the water at the property is on a meter.

Mining Searches are carried out if the property is in an area where coal exists and work on in the past, present or future. This search will reveal whether the property or neighbouring properties have ever claimed against the property due to subsidence at the property and will also show whether there are any mining entries in the vicinity.

Environmental Search Such search reveals whether the land is likely to be identified as contaminated land due to past or present land use. If the land is contaminated then the liability passes to you, the Buyer, to rectify the situation. Please consider whether contamination may be an issue. This search will also give details regarding flooding, radon and Energy and Infrastructure in the area the property in located.

We will require you to call at our offices with the following documents:
• A passport or driving licence (if you have neither some other independent evidence to confirm your identity)
• A recent utility bill dated within the last 3 months which is proof of your current address.

You should also be aware that we cannot accept any money from any third party. In the event you are obtaining a gift of money towards your purchase, this money will have to come direct from your bank account. You will also have to provide a signed declaration by the person who is gifting you the same.

The Regulations impose a duty on us to ascertain information both about the nature of the instructions that you are providing and the source of any funds which will be used within the transaction.

It may be necessary at the start of the transaction to provide us with evidence of your source of funds and how the amount has been accumulated in your bank i.e. 3 months bank statements.

If you are obtaining a mortgage then we will also be acting for your proposed Lender in this transaction. We have a duty to fully reveal to your Lender all relevant facts about the purchase and mortgage.

This includes any differences between your mortgage application and information we receive during the transaction and any cashback payments or discount schemes that a seller is giving you.

On exchange of contracts of a purchase a deposit will need to be available – this is usually 10%. However, if you are buying and selling you may be able to use the equity from the sale of your property for the deposit.

Another circumstance where you would not offer a 10% deposit may be that you are obtaining a 95% mortgage, however, please bear in mind that should a party breach contract 10% will still become payable.

As from exchange of contracts you are liable to insure the property you are buying.

Buildings insurance must be LIVE on exchange of contracts to protect you in the event should anything happen to the property between exchange of contracts and completion and the interest of any mortgagee noted.

So, you’ve gone through the Conveyancing process and now the moving date is agreed by all relevant parties or, ideally, you have secured your moving date by exchange of Contracts. Moving home is said to be one of the most stressful events of our modern lives so hardly surprising you may inadvertently forget the obvious. Hopefully, we can help with the following tips for your move:-

1. Organise your time off work or otherwise set aside the day for your move
You will be required to move on the completion date if you are selling and buying on the same day. If you already have your onwards accommodation and have undertaken a sale only you can move in advance of the date and leave your property empty on the day and a buyer with, for example, an overlap of rented accommodation can move after the completion date itself. Remember, solicitors don’t usually open for conveyancing on weekends and completion will be between Monday to Friday.

2. Book removals!
If you are relying on a removal company for your move, you should have ensured availability and made a provisional booking in advance of exchange of contracts and following exchange telephone the removals company to confirm the date.
Check your home/contents insurance covers you for any damage during the move or that your removal company has cover for this contingency.
It may be worthwhile making arrangements for children and pets for the day of the move. It will be easier on you come moving day if they are having fun elsewhere!

3. Confirm your moving date and your new address with your utilities
For your metered services, on your completion day, take your final meter readings and telephone them through to your relevant suppliers. This will ensure that your final bill for the property you are leaving is accurate and you won’t be billed for services not used by you. Similarly, if purchasing or simultaneously selling and buying, ensure you take meter readings and pass them to the utilities in respect of your new home. Your conveyancer should have provided you details of the gas and electricity suppliers (where available) and this information is now standard on forms completed by sellers.

4. Begin packing!
Clear out what you don’t need (moving home is a great catalyst to clearing out all those unwanted or unused items). You can pack what you won’t need in advance of your move. It is a good idea to mark your boxes with some detail as to what they contain. You’ll be glad of this when you want to find the kettle!

5. Clean as you pack – there will be less to do at the last minute.
Remember, you don’t want to be moving things you don’t have to. Eat your way through the contents of your store cupboards, fridge and freezer – though, not all at once. It will be easier than moving them!