When buying or selling the property, there is a list of points and other conveyancing pre contract enquiries that your solicitor will discuss with the other party. A good amount of information resides in draft contracts which exchange between the solicitors. This includes terms of the transfer and include documents like Energy Performance Certificates and Property Information forms. However, it is important to have a series of enquiries lined up, unique to the property, so that you can make an informed decision before making a deal.
Analyze the local Market
It is always important first to be aware of the general market trends in the area. Find out how much the properties nearby have been selling for, and the percentage of the original asking price that they sold at. Also, check the asking prices of the local properties for sale, keeping in mind that if they have not sold for a few months, the asking price may be set too high. This will help you come up with a general idea of how much to ask or offer, although things like interior renovations can cause fluctuations in properties that may appear similar. This is important for conveyancing pre contract enquiries.
When it comes time to make specific enquiries about a property you wish to buy, try to talk to the owners directly, rather than their solicitor. You will be able to get more personal information from their experiences, and they will also likely give you more honest answers, as they do not have the training that their solicitor does in speaking about a property. Try to get into their heads and understand why they are selling. You may ask them how long they lived there, and how long the previous owners did as well. Ask about pests, structural problems such as leaks and insulation, and whether the house is affected by any weather phenomena – is the house on a floodplain for example?
Direct contact with the Seller
You can even strike up a conversation with the neighbours to get some unbiased opinions on the area and possibly even about the property you are looking to buy. Also, be sure to get receipts for anything with an existing warranty, or anything that has changed recently.
In some cases, it may be a good idea to have a professional survey done to the house and property. This is sometimes necessary if the building is old or unusual, as the surveyors can uncover problems that the first owners potentially didn’t know about, or tried to cover up. At least you will not be bothered by other enquiries later. In some areas, properties are affected by other things such as historical sites and common land, mining areas, pipelines, noise abatement zones, and various other possibilities. You can even get fined if your property is in a conservation area, and therefore require special approval before making any adjustments or changes at all. Your solicitor can help you find this information, which could end up being a deal breaker on a property.
The most important thing is to imagine yourself using the property as you would once you’ve purchased it. What direction does it face, will there be any sunlight? Do the taps work? Is the garage big enough? Is the yard too big? Be realistic and honestly ask yourself if you are satisfied before moving forwards with a deal.