We are finding that more and more clients are coming to us with queries about moving home and needing a conveyancer. This has not come as a total shock as property continues to be in high demand over the past few years and demand does not seem to be slowing down. As a result, house prices are continuing to rise and properties are subject to fierce competition amongst buyers once they are placed on the market. If you want to secure yourself a property in the near future, it always pays off to be prepared. Keep reading for our common conveyancing mistakes to avoid if you want a quick and easy purchase.
Not studying the home report
When you start your property search, it is a good idea to employ the services of a conveyancing solicitor as soon as possible. In Scotland, all offers must go through as solicitors, so don’t be caught out by not having someone already lined up to act as your legal representation. As soon as you find a property you are interested it, make it a priority to study the home report. The home report gives you in depth insight into the condition of the home, both externally and internally, as well as including things such as its energy efficiency. The home report will also give a value to the property which is often more than what it will be on the market for and this can be a good indicator of what to offer. It would be a big mistake to not study this thoroughly so take your time to do so and go over any queries you have with your solicitor about conveyancing.
Not arranging a survey
Although home reports, in general, are very detailed, many people make the mistake of not having their own survey of the home arranged. While this is by no means necessary, it can be useful to arrange your own report as this will ensure you have an independent opinion and nothing has been left out to benefit the seller or the estate agent. If you wish to go about this, again discuss the matter with your solicitor and they can arrange a surveyor. The surveyor can go into more detail on an area that might be of concern to you or a simple mortgage evaluation report to access whether the purchase is viable for your finances.
Putting in an offer too soon
It is easy to get carried away when you find a property that you fall in love with but be careful to give away all your cards too soon. If the property has had a lot of interest, your solicitor would likely advise you not to make an offer too fast as the sellers will probably hold off for others. If on the other hand you are extremely set on a home and have the funds to make a strong offer, getting in early can be a way to get the property off the market and the keys in your hand. You may be able to make an offer straight away if the property is at a fixed price or there is not too much interest in it but be careful to avoid a bidding war where you end up paying more than you bargained for. Discuss your options with your conveyancer to find the best approach for each individual situation.
Breaking the contract
Finally, once you have an offer accepted, a contract will be drawn up between your solicitor and the sellers. In Scotland, the contract is known as concluded missives and this refers to the conditions placed between yourself and the seller such as the property price and handover date. Be careful about your decision as once the contract has been agreed upon, even if it is not signed this is still legally binding and you nor the seller can pull out of the sale without facing heavy penalties. Your solicitor will guide you through this paperwork and all of the legal terms so that you understand and are happy with the terms of sale.
If this has got you thinking about moving home and you are in need of a conveyancing solicitor, don’t hesitate to get in touch with the team today for all of your legal needs. Our senior solicitors are experts in their field and aim to provide clear, concise solutions.