Residential Property News & Updates

Buying a Property via a Conditional Contract

Buying a property can often take longer than you would like and, until the exchange of contracts, there is always the risk that the seller can back out. This period, between acceptance of your offer and exchange of contracts, can leave you on tenterhooks, especially if your purchase depends on another event, such as the grant of planning permission. So, what are your options? ‘One possibility is the use of a conditional contract,’ says Edward Sharpe, a Partner in the Residential Property with Sills & Betteridge. ‘This can give you a degree of certainty, as it means the seller cannot simply walk away from the deal and you only have to proceed once a stipulated condition is satisfied.’ Here Edward answers some of your questions, including when a conditional contract may be suitable.

Switch, Let or Sell a Second Home

For some, owning a second home is a dream, evoking thoughts of seaside cottages and impromptu getaways. The reality though can be rather different. Not only is there the issue of ongoing maintenance, but recent changes have made ownership more expensive, something which could account for the recent surge in sales of second homes . Alternatively, a second home may be necessary for work, or you may find yourself with more than one property via an inheritance. In a slow-moving property market, some people occasionally complete the purchase of a new home before they are able to sell their old property. Over the course of your lifetime the way you use the properties may change, for example if a holiday home becomes your main residence when you retire, and this could have unintended consequences.

Seven property scams, and how to avoid them

Fraud is on the rise in all areas of our lives, and unfortunately property is no exception. Last year saw a 29 per cent increase in conveyancing scams, with homebuyers particularly vulnerable.

The Role of Guarantees and Warranties in a House Purchase

One of the advantages of buying a new home is that it should come with a guarantee from the builder. Likewise, if you are buying a property which the seller has recently improved, it may benefit from a guarantee or warranty covering that work. These can provide peace of mind, but how valuable are they in practice and can you rely on them?

What happens after Completion of your property purchase?

If you are buying a home, you will probably breathe a sigh of relief on completion as you pick up the keys to your new home and can finally move in. However, this is not the end of the conveyancing process, and there are several things your solicitor must still do to protect your interests.

Selling a Property With a Short Lease

If you own a leasehold property, on a day-to-day basis you may not notice any differences from owning a freehold. However, leasehold means you do not own your property outright, only the right to occupy it for a set number of years. Your property is therefore a depreciating asset.