Five Things You Need to Understand When Selling or Buying Property

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Five Things You Need to Understand When Selling
or Buying Property
If youve never bought or sold property before,
youd be forgiven for thinking that it was as
straightforward as swapping money and keys.
However, thats not correct. Rather, its an
extremely complex area of law. There are many
things that you need to be aware of when selling
a property. If you are new to buying and selling
property, or if youre just a built rusty on the
issues, then this article is for you. Below, we
have outlined five must-know things about the
conveyancing process.
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1.Conveyancing is a legal act. When you buy or
sell a property you need to undertake
conveyancing. This is the legal process of
transferring the property from one person (or
body if your selling/buying as a business) to
another.  Unless youve already versed in this
area of law, you will need to engage a
conveyancing solicitor to carry out this work.
This ensures that everything is legal and above
board. We would always recommend that you choose
a solicitor or conveyancer from the local area
where the property is being purchased/sold. For
example, use conveyancing solicitors Chiswick
when buying property in Chiswick. This is because
they will have knowledge of issues pertaining to
the local area. E.g. when I bought my property in
Chiswick, they knew to take extra care
investigating subsidence issues, which are common
here.
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2.You buy as seen. You know when you buy things
at auction, or second hand, and theres a label
that says sold as seen, and that means that
what you see is what you get. If you later find a
fault, or find out it has a catastrophic failure,
its tough you agreed to buy it as seen.  The
same is true of houses. What you see is what you
get. For this reason, it is vital that you carry
out all the necessary surveys and investigations.
For example, say you bought a house and then
found out that the seller had hidden a damp
problem from you by painting over a damaged wall,
you have no recourse for action because you
agreed to accept the house as sold. The fact
that they concealed damp means nothing. You were
meant to carry out the correct survey.
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3.Dont rely too heavily on the mortgage
valuation, either.In reference to the as seen
issue above, you might think that youre covered
by the valuation carried out by the mortgage
lender. You should never assume this. These
valuations are extremely basic and they will not
pick up on all issues, just general concerns on
the value of the property. They wont tell you
much about likely maintenance issues or
potential problems that might arise in the
future.
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4.As soon as the exchange of contracts has taken
place, you are responsible for insuring the
property. If you have a good solicitor, like the
conveyancing solicitors Chiswick that we used,
they will put insurance in place for you before
the exchange of contract, so that you're covered.
If you dont do this, and something happens to
the property, you can lose everything.  We dont
mean to scare you, simply to teach you about
potential issues. In knowing these issues, you
can learn to avoid them.
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We have six offices located in South West London
Addlestone Ashford Chiswick Chiswick - Watson
Marshal Feltham Hammersmith Shepperton Solicitors
London Solicitors Middlesex Solicitors Surrey
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Thanks for your time
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