Guideline on Purchasing Property in UK
Whenever you decide on purchasing property in UK, it stimulates so many other issues associated with transferring property in your own name. These includes some legal issues as well which you usually have no idea about. Yet, you need to keep in mind all these points for the benefit of yourself and that facilitates your buying experience. Some basic steps are there in making a purchase work in respect of property. The steps are briefly mentioned below:
- Once the offer you have regarding a property, gets accepted by any interested seller, the conveyancer or solicitor provides Memorandum of Sale to the parties concerned in property conveyance and providing information in the respective field.
- If you contact a conveyancer or solicitor regarding the purchasing of property, you need to pass on your approval regarding the quote and should also let them know if it’s not satisfying you.
- If you are dealing with the conveyancer or solicitor on your behalf, you should keep in mind of letting them know of your expectation from them in making the purchase of property take place.
- Whenever you are purchasing property, feel free to ask in advance of the features and fixtures that accompany the contract and mention all that you need so that the conveyancer or solicitor can negotiate on that beforehand.
- Take permission whether you are allowed to make changes according to your wish and whether they allow any interior of the property once it’s sold.
- It’s better if you can arrange for a Questionnaire on the expectation that you have to what you can be served with. A checklist can also be prepared on that note. It makes it easier for you to just go and check on the points whether these makes you eager to buy the property or not.
- Don’t flatter yourself by the minimum price or quote you receive. Often in cases like this, it’s found that the localities are far from the markets, hospitals, schools etc. or are flood prone and therefore the value of the property falls.
- Lease period is another important fact that accompanies the buying of a property in UK. The period is usually of above 90 years. Once you get a quote where the lease period is any short than 90 period, do apply for an extension. It’s imperative that you get it done beforehand as it increases the value of the property. This is a legal process that asks you to hold the property for at least 1 year and therefore, you should ask the seller to apply for you even before the deal takes place.
- After the documents go through a legal process to meet the legal requirements regarding transfer of property, then takes place the exchange of contract. In this process, the seller receives his copy of the contract and the buyer gets the one for him.
Insurance is a process that you should simultaneously think of before exchanging the contract. Insurance increases the value of the property and insurance can be done at this point.
- It’s not necessary that you have to send a hardcopy of the contract rather you can easily get it done by sending a softcopy (better if in a PDF form) through e-mail.
- The outflow of cash can take place after the exchange of contract. Now, it’s recommended that you keep all the cash receipts with you as a source of evidence for future preference. If you prefer the disbursement to be done through a bank, that is also possible but it is better if you contact your conveyancer or solicitor on that note.