Michael Blowers, is a partner at Mogers Drewett solicitors and heads up the Residential Property Department. In this column he answers the question “What are the five most common issues that arise in the house buying process and how can I deal with them?”
- The so called “cash buyer” turns out to not only need a mortgage but also needs to sell his own house! – It is very difficult to deal with this after a sale is agreed as you are usually well into the process. To reduce the chance of this before you formally accept an offer get your estate agent to check the whole chain fully and if there is a cash buyer get them to provide evidence of funds.
- My survey shows there are “problems” with the property which you had not known about when making an offer. – Please remember that all properties come with their faults particularly older ones. However if your survey shows something which was not expected firstly get a quote for the cost to put the problems right and then be prepared to provide a copy of your survey and quote the estate agents before re-negotiating.
- My mortgage offer is taking a long time – as a consequence of recent changes mortgages are taking longer to process. So the earlier you get your application in the better. Don’t wait until several weeks into the transaction.
- I don’t know what is happening about my move? – Unfortunately communication in the conveyancing process is not always good. Make sure you choose a conveyancer who is proactive, being prepared to chase progress and regularly update you. Also ensure that your estate agent is prepared to be involved in the chasing process.
- I can’t agree a completion date – Often when there is a chain it can be difficult to agree a date. Where possible at the beginning of the transaction try and agree a date in principle as a target to work towards but don’t take it as read that this will be the date. When getting close to exchange of contracts talk to both your solicitor and estate agent about a preferred date and get them to put this forward. Make it clear what dates you cannot make for holiday etc. but do be prepared to be flexible.
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