CONTENTS
Introduction
1. General Considerations when Buying a Property 15
Budget
Deposit
Stamp duty
Other costs
Land registry
Searches
Structural surveys
Mortgage fees
Removals
Key points
2. Looking for a Home
Area
Choosing your property
Purchasing a flat
Leasehold Reform Act 1993
Viewing properties
Buying an old house
Renovation grants
Disabled facilities grant
Planning permission
Buying a listed building
Building in conservation areas
Buying a new home
Building guarantees
Websites
Buying a rented house
Right to buy
15
15
16
16
16
17
17
18
19
23
23
24
24
25
26
27
27
28
28
28
29
29
30
30
31
31
Shared Ownership
Self-build property
Key points
3. The Role of estate Agents
Estate agents
Choosing an agent
Selling through more than one agent
Buying property using the internet
Selling property using the internet
Key points
4. Dealing with Intermediaries
Getting a mortgage
Independent financial advisors
Conveyancers
After completion
The Home Charter Scheme (Northern Ireland)
Using surveyors
Home search relocation agencies
Key points
5. Buying and Selling
The process of buying a property
Making an offer
Putting your own home on the market
Exchange of contracts
Buying with a friend
Completing a sale
Buying a property in an auction
Preparing for auction
Buying before auction
At the auction
32
32
35
35
36
36
37
38
41
41
42
42
44
45
45
46
49
49
49
50
51
51
51
52
52
53
53
Sale by tender
House swapping
Selling your home
DIY selling
Setting the price
Selling by auction
The cost of selling by auction
54
54
55
55
56
57
57
Key points
6. Mortgages
Lenders
Centralised lenders
Brokers and ‘independent’ advisors
How much can you borrow?
Joint Mortgages
Main types of mortgages
What to do if given the wrong advice
How to complain
Borrowing and the internet
Key points
7. Conveyancing a Property
Legal ownership of property
Freehold property
Leasehold property
The lease
Check-points in a lease
Two systems of conveyancing
Registered and unregistered land
The key steps in conveyancing
Making enquiries before contract
Local land charges search
Local authority searches
61
61
61
62
62
63
63
66
67
67
73
73
73
74
75
77
78
78
80
80
82
83
Other searches
Other enquiries
The contract for sale
Procedures in the formation of a contract
Signing the contract
Exchanging contracts
The contents of a contract
Misdescription
Misrepresentation
Non-disclosure
Conditions of sale
Completion
Return of pre-contract deposits
The position of parties after exchange
Bankruptcy of the vendor
Bankruptcy of the purchaser
Death of vendor or purchaser
Key points
8. Planning Moving Arrangements
DIY moves
Using professionals
Websites
Contacting utilities
9. Buying and Selling in Scotland
Looking for property
Ownership of property in Scotland
House prices
The buying process
Surveys
Making an offer
Exchange of missives
Missives concluded
84
85
86
87
88
88
88
89
90
90
91
92
92
92
93
93
94
97
97
98
98
99
101
101
101
102
102
102
102
103
103
Searches
Selling a house or flat
The legal services of a solicitor
Accepting offers
Setting an entry date
Completion
Key points
9. Buying Overseas
Web-sites
10. A summary of useful websites
104
104
105
106
107
107
109
109
111
INTRODUCTION
The process of buying and selling a home is probably the single
most important activity undertaken by individuals in their
lifetime. The money and effort involved means that it is a
process that must be carried out effectively and with a clear
knowledge of the elements involved.
When buying or selling a home, particularly buying, you will
liaise with a whole number of people, professional or
otherwise: solicitors, estate agents, finance brokers, surveyors,
banks and building societies and so on. All of these people play
a vital role in the house purchase/sale transaction.
All of these parties involved will have many years experience
of property and not all of them will be acting in your own best
interests.
Very often, the person who owns the property or who
wishes to purchase a property is the one with the least
knowledge of the process and is the one who stands to lose the
most. When initially looking for a property, wrong decisions
are made. The price paid for a property is quite often too high,
with disastrous consequences later on. The condition of the
property may leave a lot to be desired. There are many stories
of people losing out on this single most important transaction.
Unfortunately, it is a fact that if mistakes are made at the
outset then you might spend the rest of your life recovering
from the consequences.
Like all areas of life, knowledge is a precious asset and can
help you make informed decisions. This book will go some
way to assist you in being able to make informed decisions and
to understand more about the processes involved in buying
and selling a home.
Frances James 2006.