Buying a property in Bracknell: Use our convenient checklist to avoid potential setbacks and make the process as hassle-free as possible.
Understand the conveyancing process
It’s important to understand the full conveyancing process for the property that you are buying or the lease you are taking on for a flat. It is typical that the conveyancing process can take months rather than weeks to complete on your conveyancing transaction and move in. By fully understanding and appreciating what to expect, there is less likely that you will panic over any perceived delays. If you are a first-time buyer our experienced conveyancing solicitors can guide you every step of your property purchase journey. We will always discuss from the outset your preferred moving dates so that we can assess whether or not this is achievable and manage the expectations of all parties involved in the property purchase transaction
What is the Difference Between Freehold and Leasehold?
Freehold and leasehold are both types of housing tenure. Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. The most frequent forms are a tenancy, in which rent is paid to a landlord, and an owner-occupancy. Mixed forms of tenure are also possible.
A freehold property; is a property where the ownership is outright of the property and the land which it stands
A leasehold property is a property where ownership of the property is for a fixed period of time (a lease) and is carved out of a freehold. When the fixed period expires then ownership of the property returns to the freeholder.
We have published a detailed blog on the difference between freehold and leasehold for more information.
Check the lease
It is important to check the period of time that the lease property that you are purchasing. If the time remaining is for less than 50 years for example, it’s worth bearing in mind that you might struggle to get a mortgage for the property purchase.
Get a structural survey completed
Many property purchasers decide to opt for a mortgage lender valuation survey, with the expectation that it will highlight potential defects. However that is not the case, our advice to all conveyancing purchasers is to instruct a full structural survey so that you are fully aware of what you are buying. It is important that you avoid any potential issues that could lead to maintenance and repair costs associated with the hidden problems.
Clear communication with the conveyancing solicitor
Our preference at Harrison’s Solicitors is to be made fully aware of any expectations that you may have, examples including arrangements for fixtures and fittings. We can then make appropriate provisions for this within the contract.
Gazumping Perils
When an agreement has been made between the parties involved in buying and selling the property, part of the offer process is for the property to be taken off the market immediately. This should in principal decreases the possibility of the seller getting a higher offer and pulling out before contracts are exchanged.
Understanding your responsibilities
There are instances that a buyer or seller decides to pull out of the property sale transaction after exchanging contracts, you may lose any deposit already paid or be held liable for compensation. Harrison’s are an experienced conveyancing solicitor who covers the Bracknell area and can help advise you further
Understanding the property purchase
When you see a property that you like, you can fall in love with it very quickly. We advise that you take a step back and check that understand the commitment you are making. The structural survey will provide assistance in understanding the property condition. However, you do need to get a general fell the surrounding area. It’s a useful idea to visit at different times of the day and night to see if there is any change in noise and traffic levels. Talk to the neighbours.
The Mortgage
When starting your property purchase journey, it is essential that you have an agreed mortgage in place. This in itself can be a lengthy process which could create delays.
Buildings Insurance
When contracts are exchanged for the property purchase, buildings insurance is required. It is at this point that you are committed to the purchase. The mortgage lender may also require you to take out life assurance.
Experienced conveyancing solicitor
As the conveyancing process is long, we advise that you use a solicitor that is experienced. We at Harrison’s Solicitors are an established conveyancing practice with the knowledge and patience to make your property sale or purchase stress-free as possible.
We have a wealth of knowledge when it comes to conveyancing. Contact one of our local offices today for more information:
| Reading officeHarrison’s Solicitors 7 Castle Street Reading RG1 7SBTel: 0118 321 2979 Email: reading@harrisonssolicitors.com |
Caversham officeHarrison’s Solicitors 1 Prospect Street Caversham RG4 8JBTel: 0118 321 9651 Email: caversham@harrisonssolicitors.com |
Woodley officeHarrison’s Solicitors 72 Headley Road Woodley RG5 4JETel: 0118 321 9773 Email: woodley@harrisonssolicitors.com |
Written by David Woodward.