Buying a Property

Property searches

Searches are required in order to protect you and your mortgage lender. They include:

• The local land charges register, which shows any obligations the owners have to the local authority

• Local authority records, which detail planning decisions, building proposals and rights of way. It will only cover the property you are buying and any proposals that affect you

• Drainage and water services to establish where waste water goes

• Environmental search to find out if the property is at risk of any natural occurrences such as flooding

• Chancel Indemnity Insurance, which covers you against potentially contributing to repairs to the local church

Exchange of contracts

This is the main part of the process, as it is where you become legally responsible for buying the property. The exchange is done formally between solicitors, and includes the price, date, and details of completion.

Until the exchange, either party is free to withdraw. The law on property purchase says “buyer beware” meaning it is the responsibility of the buyer to inspect the property before the exchange to ensure you are happy with the condition and boundaries.

You will need to arrange your building’s insurance to take effect from the exchanging of contracts, as it’s from this point the risk for damage to the property passes to you, not from the date of completion. 

Completion date

The completion date is the day the seller moves out and returns their keys (if they’ve not already done so) and you receive the keys and can legally move in.

How can we assist you?

While we can work alongside you for all of the above, we can also provide so much more. There are many legal considerations to take in when buying a property, including:

• Writing or updating your will

• Planning for inheritance tax

• Learning about capital gains tax

We are here to support you through the whole process and more. Contact us today for any advice regarding your property or life affairs.