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Critical Steps for a Smooth Property Transaction
14 May, 2024 4 minutes reading time
Buying or selling a house is a significant milestone filled with excitement. However, there are often potential legal complications with any property transaction. Luckily, there are steps you can take to smooth the process – whether you’re the buyer or the seller.
Critical Steps for a Seamless Deal
For Buyers
- With mortgage pre-approval, a process where a lender reviews your financial information and determines the maximum sum they would be willing to lend you, you can demonstrate your financial readiness to sellers and streamline the offer process. With rising interest rates, pre-approval strengthens your position as a buyer.
- Empower yourself by thoroughly understanding the market. Conducting comprehensive research on platforms like Rightmove and Zoopla will equip you to make informed offers and avoid overpaying.
- Choosing a reliable team for the transaction is invaluable, especially in a slower or more volatile A skilled agent and experienced property lawyer will ensure your interests are protected.
For Sellers
- Gather title deeds, surveys, and maintenance records to facilitate the buyer’s due diligence process. Delays here can frustrate potential buyers.
- Consult your estate agent to help set a realistic price that reflects current market conditions. Overpricing can lead to properties sitting on the market longer.
- Comply with disclosure requirements and be forthright about known property defects or potential issues. Hiding problems can lead to costly disputes later.
Offer, Negotiation, and Due Diligence
Buyers
- Make a clear offer that includes the purchase price, preferred completion date, and any specific requests. It is also important to include contingencies, which must be met for the sale to go through.
- Negotiate strategically, especially in a cooler market – you may have more negotiation power. However, balance your interests with the seller’s to reach a mutually beneficial agreement.
- Inspect thoroughly, engaging professional surveyors to examine the property’s condition. Talk to the seller about any significant issues you uncover.
- A title search will verify the seller’s ownership of the property and check for charges or encumbrances on the property.
Sellers
- Review all offers but prioritise buyers with solid financials and pre-approval. This will minimise delays.
- Clearly outline any amendments to the buyer’s offer or accept it as is.
Closing the Deal
Your lawyer will meticulously review all the documents ahead of completion, including title deeds, surveys, and maintenance records, to ensure your interests are properly protected and to facilitate the buyer’s due diligence process. This step is crucial as it helps identify any potential issues or liabilities associated with the property.
Factor the costs involved in buying or selling a property into your budget. These include mortgage or loan fees, valuation and surveyor’s fees, property tax (such as Stamp Duty Land Tax), estate agents fees, removal costs and legal fees. Property professionals such as solicitors and estate agents are legally and ethically obligated to provide clear and transparent information about service costs (upfront), including potential disbursements or additional charges. For example, disbursements could include fees for searches, land registry fees, and bank transfer fees.
Additional Tips for a Smooth Transaction
Ensure your voice is heard throughout the process. Prioritise clear and open communication, pay meticulous attention to detail and always read and understand all legal documents before signing.
Our Advice
In the UK’s property market, using a specialist lawyer to buy or sell a property is wise. The conveyancing process, which involves the legal transfer of property ownership, is complex and involves significant sums.
If you’re buying a property together, seeking professional advice early can save you time and money in the long run. Experienced lawyers handle title checks, contracts, and financial transfers, protecting clients from mistakes and future problems and relieving the stress of a tense situation.
If you would like to talk to one of our property team members or receive a quote for your conveyancing, please contact us. We’re here to help.
Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.