ASK ROSS: Dotting the ‘i’s and crossing the ‘t’s is crucial when buying something as expensive as property. This month, Ross looks in more detail at a couple of tasks that need careful attention…
Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a query about buying or selling, email marketing@tayloremmet.co.uk
My solicitor has told me that he is going to check the title deeds of the property I am buying. What does this entail?
The vendor’s solicitor will send your solicitor a contract for him to examine and approve and with it should be a copy of the Land Registry certificate, which is where most properties are recorded.
The certificate – known as title deeds – will reveal whether the property is freehold or leasehold and if the latter is the case, the length of the lease remaining and how much ground rent is payable. It will confirm that the vendors are, in fact, the actual owners and if there are any mortgages registered against the house. Your solicitor will need to ensure that these are repaid on, or before, you complete the purchase.
Land Registry documentation also reveals whether the property has the benefit of, or is subject to, any rights of way and if there are any restrictions on what you can or cannot do there. For example, it may be stated that no trade or business can be run from the premises.
There will be a plan of the property attached to the certificate and your solicitor will normally either send you a copy, or show you the original when you sign the contract, to make sure it reflects what you think you are buying.
Once your solicitor has had a chance to view the contract and the certificate, he will write to the vendor’s solicitor to clear up any queries that have come to light.
The property I am buying is empty. Is it possible to borrow a key, after exchange of contracts, but before completion, to carry out some repair work?
Your solicitor will negotiate this with the vendor’s solicitor on your behalf. Many sellers will allow a key to be released once contracts are exchanged and a completion date has been set, as this is a binding commitment between both parties.
It is normal to pay a deposit of 10% of the purchase price on exchange of contracts as security. You will also have to agree to only use the key for certain purposes, i.e. cleaning, decorating or carrying out any repair work, and promise not to physically move into the property until the completion date.
The key undertaking should state that you will be responsible for payment of any services you use during the time you have access to the property, such as gas and electricity. You will also need to make sure adequate insurance is in place, as it will be your responsibility from exchange of contracts.
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