Navigating the purchase of your first property can feel like stepping into the unknown for many. Amidst the plethora of information available offering advice and guidance, not all of it comes from professionals in property transactions. As a result, buyers can unknowingly fall victim to common myths. Here, we aim to debunk some of these myths to help you avoid potential pitfalls.
You have to use the solicitor your estate agent recommends
When purchasing a property through an estate agent and you haven’t yet selected a solicitor or conveyancer, the agent might recommend one or several conveyancers for you to consider. They might even suggest that using their “recommended” conveyancer could expedite the transaction compared to choosing your own conveyancer.
There’s nothing inherently wrong with opting for one of these recommendations for your conveyancing needs; however, you are not obligated to do so. Sometimes, first-time buyers, faced with the complex conveyancing process, may feel compelled to blindly accept the agent’s recommendations, believing they have no other choice and without researching alternative options.
Remember, you have the freedom to choose any conveyancing firm you prefer. As soon as your offer is accepted for a property purchase, the estate agent will request details of your chosen conveyancer. Therefore, we recommend researching conveyancers before viewing properties or making an offer.
The seller will tell you about issues with the property during a viewing
During property viewings, you have the right to ask questions about the property, and the agent or seller is obligated to provide truthful answers to your inquiries. However, they are unlikely to disclose any issues with the property unless asked specifically about them.
It’s important to inform your conveyancer about any promises or assurances made by the agent or seller so that your conveyancer can verify these with the seller’s conveyancer. Otherwise, such representations may not be legally binding.
Furthermore, any property issues are often uncovered during the survey process, which leads us to our next misconception…
The solicitor will arrange the property survey
It’s highly recommended that you arrange a survey for a prospective property once your offer has been accepted, in addition to any valuation survey conducted by your lender. As mentioned earlier, a survey can uncover potential issues with the property that may not be obvious at first glance.
A common misconception held by first-time buyers is that their conveyancer arranges the survey. However, this is not the case. While a solicitor may be able to suggest surveyors they have worked with (similar to how an estate agent recommends a conveyancer), it is the buyer’s responsibility to book and arrange for the survey.
Your solicitor knows everything about the property you’re buying
As part of the conveyancing process, your solicitor will conduct searches on your behalf to uncover important information, such as planning applications and other relevant details. They will also review the information provided by the seller’s conveyancer regarding the legal title and the seller’s responses to the Law Society Protocol Forms.
Your solicitor will then relay this information to you, the buyer. However, it’s essential to keep in mind that your solicitor’s knowledge about the property is limited to the information provided by you, the seller’s conveyancers, or what they have discovered through their searches.
As mentioned earlier, always inform your conveyancer about any promises or assurances made to you by the agent or seller regarding the property. This ensures that your conveyancer has a complete understanding of the transaction and can address any relevant issues effectively.
If the sale falls through due to a break in the chain, the buyer will receive a refund of all the money paid.
Let’s be honest—property sales can fall through, often due to the complexities of a chain of transactions. In such chains, each party aims to complete their property sale to proceed with their purchase, creating a dependency where any disruption in the chain can affect subsequent transactions.
If you find yourself in the midst of a transaction when the chain breaks and your solicitor has already completed work like searches, unfortunately, you will still be responsible for covering the costs of that completed work. However, you will only be liable for expenses related to the work completed up until the point when the chain collapses.
You always own the boundary on one side of the house
This is a less common myth compared to others mentioned, but it’s one that frequently arises. Many homeowners mistakenly believe that when it comes to boundary ownership, they automatically own one side of the house’s boundary while their neighbour owns the other.
In reality, this assumption is incorrect and can lead to costly misunderstandings, such as being held responsible for changes or repairs to a boundary that are not actually your responsibility.
During the course of your property purchase, your conveyancer will provide information from the Property Information Form completed by the seller and from the title deeds regarding boundaries, ensuring that you have a clear understanding of boundary ownership responsibilities.
Solicitor for First-Time Buyers
We recognise that purchasing your first property is a major milestone and can feel overwhelming. Our conveyancers at Farleys are here to support you and address any questions you may have throughout the process, ensuring you are informed every step of the way.
To speak with a member of our residential property team, please contact us at 01625 460281, reach out via email, or use the online chat feature below.
