Four potential pitfalls to be aware of when buying a property

Buying a property can be a complex process, involving legal services, the Land Registry and often, a mortgage lender or a bank. For many, buying a home will be the largest financial investment that they make in their lifetime.

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Even when you have found your dream property, sometimes after up to a year of searching, no one is legally bound to complete the deal until the actual exchange of contracts, which is the final step of a process that can take anywhere from 3 to 8 months.
It is important to enlist the help of professionals who can help navigate you through this potentially lengthy and stressful process and identify any issues before completion.

Pitfalls

Planning permission considerations do not only apply to new-build properties. Any property that has had work such as extensions, loft conversions, or adaptations, is required to hold the relevant planning permission and building regulations certification. If it does not hold the correct paperwork, you could be required to restore the building back to its original state upon completion, resulting in a significant loss of value.

If you are buying a property specifically with improvements and alterations in mind, you should always ascertain whether the property is free from restrictions that prevent you from doing so.

A property with less than 90 years on its lease will significantly lose value. You should always ensure that a lease extension is granted before the exchange of contracts to preserve maximum value.

Lastly, buying a property comes with a multitude of tax implications. You should always seek advice specifically designed for whether the property will be your home, second home, holiday dwelling or place of business.

Conveyancing Services

Whether you are looking for help with mortgages, legal issues such as Deed of Trust declarations, property surveys or leasehold assistance, a specialist conveyancing service offers a multitude of experts and professionals all under one roof, making any transaction as stress-free and streamlined as possible.

Conveyancers have their own panels of brokers, lenders and solicitors, making it easier to navigate the complex process, and easier to identify issues. In addition, a specialist conveyancing company such as https://www.samconveyancing.co.uk/news can not only assist you in the purchase of your new property but also act as a one stop shop for news and information in the housing market.

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Many conveyancing services can be offered under a fixed fee agreement so that there are no extra costs or nasty surprises when purchasing your property. They will be able to offer a quote at the outset, giving you peace of mind and transparency.