No one would ever state that the Brexit referendum vote from the UK to leave the EU (European Union), immediately created economic and political stability all over the country. Weeks of `musical chairs being played by high profile politicians has been observed, and it seems as if the game is not yet over. In the market for residential property, there is a division among experts on the long-term impact Brexit will have. As a matter of fact, there is a division on many experts from the real estate agents on up to solicitors on the short-term impact that Brexit will have.
This month, the Bank of England referenced data from surveys that points towards a “weakening that is significant in the expected activity” that has taken place in the housing since the referendum came about. If it does indeed seem that this summer, the property market is quieter than usual, would now be the moment to buy? Do buyers find themselves in negotiating positions that are strong?
It is important to not panic in times of uncertainty. Even in a world after Brexit, the underlying principles in regards to proper conveyancing — which is the legal process for a property being transferred from one owner to another — still stand. If you are looking to buy a residential property, here are a seven pointers to take into consideration:
If there were to be a problem, the correct legal paperwork will be necessary so engage a solicitor. Unfortunately, many first-time buyers have set off on the path of buying a property without the knowledge of the necessity of conveyancing. Purchasing a home without the assistance of a skilled and experienced conveyancer can be a serious risk to take.
It is important to really be careful and thoroughly understand the conditions that the property you are considering buying is in. Carefully inspect the home that could be yours in the future. Do not be concerned with coming across as a difficult person, run the taps, flush the toilets. Whether they are used or new, when you purchase the home the kitchen appliances are included, make sure they function properly. To really be certain, consider hiring a specialist surveyor who will easily identify any issues your potential new home may have, such as dampness or structural problems. Of there are some issues, yet you are still interested in purchasing the property, you have the right to negotiate on the price.
Make sure that your solicitor follows through with searches, in other words, inquires with the proper authorities about problems which may affect the property, for example, planning constraints or flood risk.
If the home you are buying is new, hire a professional `snagging´ inspector, they are specialised in identifying as well as resolving any defect a building may have.Do not just believe that all comprehensive snagging has been carried out by the property developer, that could cause an expensive and very frustrating mistake to ensue. If you have just paid a six to seven sum on your new home yet; the paintwork is damaged, the door will not stick, the window locks do not work. A huge source of conflict between property developers and buyers is snagging. The matters around snagging have ways in which they should be approached, you conveyancing solicitor can advise you of these.
Always make sure that the property tenure, basically this is how the property is owned, is either a freehold; meaning that the ownership of the land or property is permanent and absolute, or leasehold, meaning the property has a fixed term of ownership.
If you find that you do not trust the seller, reconsider. You gut instincts may be right. Look around, there are plenty of options out there. It is best to walk away from a certain property than to make a commitment that is irreversible and you will regret.
When a buyer and seller have exchanged signed contracts, they are then legally binding. If you pull out of the deal later, you could face heavy financial penalties.
Buying a home is probably the most expensive purchase that you will ever make. With the combination of a good conveyancing solicitor and proper planning, your home could, however, be the greatest purchase that you ever make.