Guide to Buying a Property

Buying your home
For most people, buying a home is the biggest financial commitment they will make in their lives.
It is therefore vitally important that buyers know as much as possible about the condition of the property they are hoping to buy, so that they forewarned of any expensive repairs that might be necessary.
The best way to find this out is to invest in a full structural survey also called a building survey. We also recommend that you allow yourselves time to choose a solicitor specialising in property early on in the process. It is also advisable to ensure that you have a mortgage arranged, if you need one, well in advance.

We are Chartered Surveyors and members of the Royal Institution of Chartered Surveyors This will ensure that you get:
• Clear, impartial, and expert advice
• A professional who is properly regulated
• Proper insurance
• Up to date knowledge and skills
• A complaints service to ensure that you are protected

Some points to consider
Look at a number of properties to get a feel for the market.

View a property at least twice, preferably at different times of the day on the second occasion look at the condition of the various parts of the property. We will advise you of the sorts of things to look for.
Most new homes are covered by a National House Building Council (NHBC) Buildmark or equivalent certificate, but we still recommend a survey or HBR.

Buying at auction
If you buy at auction you must exchange contracts and agree the sale straight away – this a legal agreement and you cannot back out. A full survey is essential before you buy.
Some auctions are carried out using ‘sealed bids’. All potential buyers send a letter to the agent saying how much they want to pay for the property. When the letters are opened, the property is sold to the highest bidder.
You will find further information here buying and selling property at auction leaflet and here www.rics.org/propertyauctions.

Types of Ownership

Freehold A property which is owned forever or in perpetuity.

Leasehold A property which is owned for a fixed period. Leasehold properties are generally flats and maisonettes. A landlord owns the freehold of the building.

Notes about leasehold properties
The value of a lease decreases with time. Many building societies and banks may have restrictions on granting mortgages where leases are less than 70 years. Leaseholders usually have to pay ground rent. If a leasehold property is a flat or maisonette, service charge to cover repairs and cleaning of shared areas.
Before you buy leasehold, your solicitor should check how much these services are and if you have to pay. You will also need to know if a management company is responsible for collecting payment, whether building maintenance is managed by the freeholder and what the arrangements are for sharing the costs of future work, such as re-roofing, exterior redecoration and replacing or communal heating systems.
A survey of a leasehold flat or maisonette will tell you who has responsibility for repairs and maintenance – a Chartered Surveyor will ensure you get all the details from the landlord.
Commonhold Leaseholders have the right to switch to commonhold if they buy out the landlord, in both new and existing buildings. Commonhold means a different management structure for blocks of flats and other interdependent buildings with shared services and common areas.
Shared ownership is an affordable, part-buy part-rent, way to own a property. Householders pay a mixture of mortgage and subsidised rent. If householders’ income increases, it is possible to increase shares in the property or own the property outright.

Surveys
There are two main types of survey:

Homebuyer Report (HBR) This is most suitable for conventional properties built within the last 150 years, which are in reasonable condition. It provides a concise report detailing any significant problems that could make a difference to the value of the property.

 

Building Survey This is suitable for all residential properties and gives a detailed report on their construction and condition. It is particularly useful if the property is dilapidated, has been extensively altered or you’re planning a major conversion or renovation.

 

 

 

 

 

 

Arranging a Survey
We will be happy to give advice on the most suitable type of inspection, provide a fee quotation and deal with the selling agent to arrange access for the inspection.

Mortgage valuation It is important to understand that your mortgage lender is ONLY interested in ensuring that the amount of the loan is covered by the sale price of your home. He or she will not normally be interested in looking for any structural problems that need fixing.

Energy Performance Certificate (EPC) This is a guide to the energy efficiency of your new home and, therefore, what fuel bills you can expect. Homes are assessed and energy performance certificates produced by qualified home inspectors or domestic energy assessors.
A solicitor will carry out environmental searches looking at issues such as drainage, and will also provide details of any planning permission or other building works due to take place.

Buildings insurance the purchaser is responsible for insuring the property from the moment contracts are exchanged. We do not normally advise on the reinstatement cost but can do so if required.