Buying property is practically a rite of passage for the modern family; it represents a newfound security, as well as a shrewd investment in an asset with growing value. Demand for properties remains as high as ever, and, while movement in the mortgage markets has been less than optimal, rate rises could see houses come in at a discount for new buyers in the new year.
But buying property is not as simple as exchanging money for keys. Rather, there are a number of complex administrative and steps to follow to ensure the purchase is as equitable and airtight as possible. For the uninitiated, these steps can be intimidating, and even frustrating since the buying process can often stretch out for months as a result of certain specific processes or requests.
Indeed, the legal aspect of these processes is what separates a smooth transition to property ownership from a quagmire of legal challenges and inherited responsibilities. Conveyancing solicitors perform a number of crucial tasks to properly ascertain and define the legal statuses of the property, and of you as potential homeowner should you follow through with the purchase. What are the legal elements of a property purchase, and why are they critical to the buying process?
Land Use Permissions
One of the primary legal checks your conveyancing solicitor is there to perform relates to the land on which the property resides – and the legal state of the property itself. Certain tracts of land may be beholden to regulation preventing the construction of additional infrastructure – whether in the form of an outbuilding or an extension. This could have profound consequences for homeowners with specific plans in mind for their new property.
Changing Regulations
It may also be the case that changes to government regulation necessitate changes being made to the property, in order to bring it in line with modern standards. Building standards and regulations are ever-changing, whether in response to newfound safety concerns or wider environmental responsibilities.
For example, a recent regulation made regarding septic tanks on properties required homeowners to modernise certain kinds of tank by 2020; new homeowners not made aware of their legal obligation before purchasing their home were saddled with unexpected and avoidable fines and replacement costs. This eventuality opened up avenues to seeking compensation for said homeowners, but nonetheless represents clearly the dangers of poor diligence in relation to legal matters.
Seller Veracity
Lastly, legal checks are nothing short of vital for ensuring the legitimacy of the sale and seller altogether. Discovering land use permissions and relevant regulations to the property’s state are all well and good, but if the fundaments of the sale are built on rocky legal ground, then you can find yourself throwing good money after bad.
This is one of the essential functions of your conveyancing solicitor. They can verify the identity of the seller, and their legal right to sell, through examining various documents relating to the property – as well as requesting information from the land registry.
