Buying a Property? What You Need to Look Out For

The general rule in England and Wales when it comes to the purchase of a property is the principle of caveat emptor (let the buyer beware), which is one of the oldest principles in English law, dating as far back as the year 1615. This principle, in essence, states that buyers take responsibility for the risks involved in purchasing a property, not sellers.

The seller has a limited obligation to disclose information about the property to a buyer. It largely falls to the buyer to ensure that they know what they are buying in respect of the nature of the property, any items included in it, and any rights or liabilities which may come with the property.

These are some of the key steps that a buyer needs to consider when buying a property:

The seller will complete the Law Society Protocol Forms, namely the Property Information Form and the Fittings and Contents Form. For leasehold properties, there will also be a Leasehold Information Form. The buyer’s conveyancer will review the forms along with all other documents enclosed in the draft contract pack issued by the seller’s conveyancer. It is important for the buyer to review the forms and notify their conveyancer of any points they seek clarity on. REMEMBER, THE CONVEYANCER WILL NEVER INSPECT THE PROPERTY, ONLY THE DEEDS.
The buyer’s conveyancer will request a search bundle consisting of the Environmental Search, Drainage & Water Search, and the Local Authority Search. This is an additional source of information which may reveal matters not covered in the Protocol Forms. It is important that the buyer reviews the search bundle and raises any points of concern with their conveyancer. For example, the Environmental Search may reveal that the property is in an area at high risk of radon gas. Radon is a colourless, odourless, and tasteless radioactive gas from rocks and soil. This may prompt the buyer to consider carrying out a radon search.
The buyer’s conveyancer will conduct the appropriate legal checks on the title of the property. The title will reveal any easements, restrictions, and other title entries that affect the property. Whilst these may appear as legal jargon at first glance, it is important that a buyer understands what rights the property benefits from, or whether there are any onerous restrictive covenants on the title. For example, if there are intentions to extend the property in the future, not only may planning permission or building regulations approval be required, but there may also be a covenant that requires consent to be obtained from a third party. A buyer may also have plans to run a business from the property, and there may be a covenant restricting trade or business use.
It is always recommended that a buyer also arranges a survey of the property. Whilst not compulsory, a survey involves a physical inspection of the property and may reveal defects, risks, and maintenance needs that may otherwise not be evident.
Finally, it is extremely important that the buyer visits the property and conducts their own inspections of not just the property, but also any items included in the sale, to ensure that they are in full working order. Remember, the buyer’s conveyancer will not visit the property, as this will not form part of their retainer.
We cannot emphasise enough that visual and physical inspections are essential.

We can help you navigate each step with confidence and will work tirelessly to ensure a smooth process. To learn more about how our buying and selling property solicitors can help, please get in touch with our friendly team today on 01329 277264.