Whether you are buying a maisonette, an apartment or a parcel of land, the purchase price is only part of the cost. A defect in the title can cost far more to fix than it would have cost to find. Our property and conveyancing team runs the following checks before any client parts with money.
Verify the title. An official search confirms who the registered owner is and whether there are any charges, cautions or restrictions on the property. The name on the search should match the seller, and the details should match the title document you have been shown.
Confirm the seller's authority. If the seller is a company, we confirm that the people signing are authorised to do so. If the property is matrimonial or family property, the necessary consents must be in place.
Check the land on the ground. The boundaries, size and access roads should match the survey records. For developments, confirm that approvals for the building have been obtained.
Clear outstanding charges. Any existing mortgage or charge must be discharged as part of the transaction, and land rates and rent should be up to date.
Use a properly drafted agreement. A sale agreement should set out the price, deposit, completion date and what happens if either party defaults. Payments should be made in stages that are tied to clear milestones.
These checks take time, but they protect what is usually one of the largest investments you will make. Talk to us before you sign anything.
