Purchasing property


Is it easy to buy a property?  The answer may be 'No'. First of all you have to find it and that's not just looking in the right places - the internet, agents' windows, newspapers, sale boards -  it's finding the right one. You have to have patience and accept that you will know it when you find it.  Don't just think you do....KNOW you do.

Then it's a matter of agreeing the price. Is the guide price fair? Is there competition?  Is the competition genuine? Will both sides keep to their agreement once reached? In the end there is only one price for a property and that is personal to the eventual buyer - hence the expression often used:  'it's what the purchaser is willing to pay and not necessarily what the seller wants to achieve'. So be certain you are at ease with the price you agree and don't harbour doubts that it's the right figure, as that might mean it's the wrong figure.

Then it's the details: the searches, the survey, the questions, the timing, the money. And don't forget about the vendor. He or she may be going through all the procedures, stress and emotions that you are - finding another 'perfect' home or another property, coping with the unexpected need that means selling a long-standing family property, understanding the legal phraseology and the meaning of 'chancel repair liability', reinvesting the proceeds and providing for any tax.

So perhaps that leads to communication. Good communication:

..... with the agents so that you, the client, always knows what is happening and why. And how to move everything on positively and smoothly

..... with the solicitor so covenants, stamp duty and 'legalese' are interpreted easily and do not seem to be a mystery

..... with the bank or mortgage company (if needed) to understand fixed or variable rates of interest, endowments, interest only etc

.... with the insurers; it is highly important that they are comfortable giving cover to the property for the future.  Has there been flooding? Have there been previous claims?

.... with the surveyor, so you know the property is in good order or alternatively you know what you must budget for in the future in order to resolve any faults that may be discovered; or the agreed area of land; or the correct boundaries; and so on.

.... with the vendor or the purchaser, so you can all relax and have confidence that the agreement will go through as planned and on schedule

... and, not least, with your family, so they feel part of the whole process, support you and ensure at the end of the whole period that you come away with the 'feelgood factor' and the belief that it has all been worthwhile.