Unexpected Issues in the Sales Process
There are many factors that can cause a sale to fall through. Here are some common and not so common examples and advice on how to ensure that you aren’t caught unaware and out of pocket, should the unexpected happen.
Buyers responsibility before offering on a property
With some careful research, there are many elements that buyers can discover for themselves when they are viewing properties and before an offer is made. For example, potential buyers can easily find out from property portals such as Zoopla and Rightmove the broadband speed of a property. This is often a necessity for people today, particularly if they work from home. If this is a necessity for your day to day life then it should be established before offering, if a property is of interest.
At Home Truths, we have had many cases where sales have fallen through due to slow broadband speed and this can be prevented by adequate research undertaken by the buyer before they offer. The same goes for mobile phone signal, the quality of the local schools within the catchment area and even if the garden is south facing.
If the potential buyer has all this information to hand before the costly legal process starts, then they can make their own informed decision whether they want to proceed or not, and save themselves time and money.
What to consider if you are buying a property with solar panels.
If you are considering buying a property with solar panels, you need to find out if the solar panels on the property have been fully paid for, or if there is money owing on them? You can find this out from the vendor or the estate agent at the outset and ask to see proof. If the money is still owed on the solar panels you could be liable once the sale has completed.
Further down the line, you should instruct your solicitor to find out who owns the panels, to find out if access is required by the company who installed them to maintain them and to establish if the roof was properly assessed in the first place to carry the weight of the solar panels.
Once these questions are answered to your satisfaction and your solicitor is happy then you are safe to proceed with the sale. At the end of the day, solar panels are a good investment and can save you a significant sum of money overall.
Find out about restricted covenants as early as you can!
It is important that you find out, early in the process if the property you are buying has any restricted covenants.
For example, you could be some way through the sales process and find out that there is a restricted covenant in place that prevents you from extending the property. This could cause you to withdraw from the sale and lose money along the way.
Vendors may not know about the restricted covenants or may be unwilling to disclose them, so we would advise that as soon as you instruct your solicitor, you ask them to raise an enquiry into restricted covenants and not wait until the survey is completed. As it is more likely that a prohibitive restricted covenant could cause you to pull out of a sale and the sooner you instruct them the more money you would save.
In many areas of Lancashire and particularly within the Chorley borough, Mining Reports are an essential search to commission, due to the rich mining history.
One of the big issues for this area, is the filled in remains from former coal mines. Sadly, former mine shafts were not filled in in any skilled way and in many cases, they simply had rubbish tipped into them.
Make sure you have a mining report instructed early in the sales process, to save time and money.
The Chancel Search uncovers areas whereby if the local Church roof falls into disrepair, the properties within a certain proximity of that Church are liable to fund the repairs. You may be happy to help fund this, but if not, this could cause you to pull out of the sale.
There are certain factors that buyers can uncover themselves before they offer on a property to prevent unexpected discoveries like the broadband speed or strength of a mobile signal. In more complicated areas such as solar panels, restricted covenants, and searches, these are for the solicitor to deal with and we would strongly advise that buyers not wait for the survey to be completed before searches are instructed.
Instruct them at the same time as the survey and this could save you money and time, and in some cases, save the house sale!