September 05, 2024
Switalskis has further enhanced its residential conveyancing team with the promotion of Hannah Midgley and the appointment of Wendy Welburn.
Problems When Buying a House
Buying a house is a big life event. It's not just a roof over your head, but a place to call home. Yet, it’s not always as smooth as picking your dream house and getting the keys. From tricky mortgage terms to property surveys and everything in between, the process can feel like a legal labyrinth.
To learn more about how we can help, simply call us today on 0800 012 9085, or reach out through our website.
At Switalskis, we understand. We know you’re not just buying property - you’re investing in your future. That’s why we’re here to make this important journey as stress-free as possible.
Our team, guided by seasoned legal experts, is all about making it easier for you. We don’t just deal with the papers; we know this is a life-changing move for you. We’ll break down any unfamiliar legal words and keep you in the loop, aiming for a smooth process all the way.
Buying your house is made easier with our user-friendly online service. Here’s what you can expect:
Buying a home isn't always straightforward; sometimes, unexpected issues can crop up. We're here to help guide you through these, but we also ask for your understanding and patience if challenges arise.
Firstly, until contracts are exchanged, neither buyer nor seller is legally bound. That means if the seller gets a higher offer, you might have to decide whether to increase your own offer or look for another property. On the flip side, if you're selling and your buyer pulls out, you'll likely want to get your property back on the market quickly.
Surveys are important for flagging potential problems in the property you're buying. If issues arise, you have a few options: either you or the seller can fix them, or you might agree on a reduced price. Keep in mind that if you're borrowing to buy, your lender might insist on repairs before going ahead with the mortgage, causing delays.
Your mortgage lender's valuation of the property might differ from the agreed purchase price. If the lender values the property lower, you might have to renegotiate the price or find another lender, which can also lead to delays.
If you're in a property chain, where you're selling a house to buy another and so on, delays are more likely. Everyone in the chain has to be in sync, and if someone pulls out, the whole chain could collapse. The key to preventing this is open communication among all parties.
On your part, promptness in returning documents and forms can speed things up. If you're selling, have all relevant planning and warranty documents ready. If you're buying, get your ID, proofs of address and funds ready to avoid delays.
Your relationship with your lender is also vital. There might be times when we'll need you to chase them up for quicker responses. Make sure you review all documents they send you for any errors to avoid delays later on.
Discussions about furniture, planned repairs or changing the purchase price aren't legal matters, so we don't handle them. If there's an estate agent in the picture, they'll be your go-to for these negotiations. If there's no agent, then it's up to you and the other party to sort these things out. Be aware, that if you decide to adjust the purchase price, it could slow things down. Your lender will need to be informed, and you may need a new or updated mortgage offer. Also, various legal documents, like the contract and Stamp Duty forms, will have to be updated to reflect any changes.
These situations aren't covered by the usual timeframes for conveyancing. Given the complexity involved, additional paperwork, legal drafting and updates can be needed, making the process take longer than usual.
Understanding these potential bumps in the road can make your home-buying journey a smoother experience.
Firstly, don't panic. A survey that highlights problems isn't the end of the world; it's a tool for informed decision-making. Here are some steps to consider:
Go through the survey report carefully to understand the issues noted by the surveyor. Are they minor concerns, like a bit of damp, or are they major structural issues, such as a crumbling foundation? The severity of the problem will dictate your next steps.
Speak to the surveyor for a deeper understanding of the findings. They can provide context and possible solutions to the issues flagged in the survey.
Open a dialogue with the seller about the issues. There are several paths forward:
If you're taking out a mortgage, keep in mind that significant issues may affect the property’s valuation. Your lender may withhold funds until repairs are made, or may even reassess the loan amount.
Discuss the findings with Switalskis. We can advise you on how to best approach any renegotiations and the potential impact on the conveyancing process.
Ultimately, you'll need to decide whether to proceed with the purchase, negotiate the terms, or pull out entirely. Your choice will depend on the severity of the issues, your budget for repairs, and how much you want the property.
It's important to approach this step-by-step, keeping your long-term interests in mind. With the right professional guidance, you'll make a decision that you're comfortable with.
Start your conveyancing journey with Switalskis. Call us today on 0800 012 9085, or get in touch via our form.
Switalskis has further enhanced its residential conveyancing team with the promotion of Hannah Midgley and the appointment of Wendy Welburn.
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If you're looking to buy a house and need legal advice that's easy to understand, Switalskis is the place for you.
Buying a house is a big deal with many steps that can seem complicated. We're here to make it easier for you. We'll answer all your questions, clear up any confusing legal terms, and keep you in the know at all times. This way, you can make choices you're comfortable with.
Buying a home is a huge moment in your life, and it can be emotional. That's why we're not just here to give legal advice. We're here to understand what you're going through, figure out what you really need, and offer advice that's tailored just for you. To us, you're not just another client; you're someone making a big life change, and we want to make sure it goes as smoothly as possible.
When it comes to the legal ins and outs of buying a house, you want experts by your side. That's what you get with Switalskis. We've helped many people like you buy their homes, and we know our stuff.
We're committed to making sure you get a fair deal and that your rights as a homebuyer are protected. From the first chat to the moment you get your keys, we'll keep you updated so you're never left in the dark.
For more information about how to buy a house, call us today on 0800 012 9085 , or contact us through our website.