This year, it looks like it’s going to be a buyer’s market, with lockdown impacting revenue across the country, many vendors are desperate to make a sale as quickly as possible and get the conveyancing process started before government guidance potentially causes a halt to proceedings.
With many first-time buyers now able to get onto the property ladder due to reduced prices and government schemes making things easier. However, it’s essential to not rush into placing an offer from all this excitement of finally being able to purchase that dream home. From checking probate estate insurance, investigating the roof, and to do all the roofing repairs with the help of professional roofing contractors, we bring you the top forgotten elements that every buyer needs to consider before taking the plunge.
Is The Property A Grant Of Probate?
Grant of probate is given when a homeowner passes away and the beneficiaries are taking over the legal proceedings of a sale, to eventually financially benefit.
Unfortunately, this is more common this year due to so many loved-ones having passed from COVID-19. While this is obviously a distressing time for those who have lost someone, it comes as a positive to many first-time buyers who can place low offers and have these accepted as a quick sale is needed.
Buyers need to be wary of these properties if the vendors have not taken out estate probate insurance to cover themselves, the sale could be lost and the buyer could lose out financially due to conveyancing fees, surveys and mortgage applications becoming void and having to start the process all over again for a new property.
Estate administration insurance covers any event where someone comes forward to try and make a claim on the estate, this could be due to a missing will, fraudulent beneficiaries or the discovery of a new will.
Will You Be Restricted By Covenants?
A restrictive covenant is a clause placed within the title deeds that dictates how the homeowner can use and live in the property. This could be anything from the banning of keeping livestock to not being allowed to install a satellite dish and even not being able to run a business from the grounds.
Some of these stipulations can be as old as the property and many are outdated and deemed void. However, a buyer doesn’t want to place an offer, fall in love with their new home, only to be flagged by their solicitor.
While no one will be forced to continue with the purchase should this happen, many find they are already emotionally invested and could have lost out on other properties that are more suitable.
Buyers can request a copy of the title deeds from the vendor or estate agent with viewing a property. If these aren’t available, The Land Registry can provide these on request for a nominal fee.
Is There The Right Connectivity?
Internet access is essential for so many elements of our lives, from working from home to paying utility bills and even for watching our favourite TV show.
Internet providers can’t always give the best speeds and coverage in every area, even a half a mile difference can drastically change broadband speeds.
Before placing an offer, buyers should check with their chosen provider regarding what they can implement within the new potential postcode. If they can’t give the right connection, check with other providers to make sure patchy internet signals don’t impede on daily life.
Similarly, it’s important to check the phone signal when viewing a property, make a phone call and walk through every room. The last thing any wants is to discover they can’t make or receive phone calls in their own home.
How Old Is The Roof?
Regular structural surveys don’t always include the roof, but it’s worth paying the extra to get this looked into. Replacing an old or broken roof can cost thousands and very few of us have this kind of cash, yet it is an essential cost that can’t be postponed.
If the roofing system is over 20 years old, it will likely be due a repair quite soon with the help of expert roofing contractors. A survey will highlight any issues and even potential ones. If it is discovered that the roof requires repair, buyers can then negotiate a price drop or an allowance in the contact. This means that buyers will not only be aware of the impending cost, but will also have the cash readily available for it.
When in doubt, always consult the advice of a conveyancer on any matter, they will be able to let their clients know what is the best move for them, without scaring vendors out of the sale. When viewing properties, estate agents will not always be completely candid, after all, they are wanting their commission! Take a seasoned property buyer along to help guide the conversation and to keep a look out for elements that an excited buyer may not see.
