Buying a property is exciting. However, it also involves many practical, financial, and legal decisions. These can affect you long after moving day.
You need to understand exactly what you are buying and how the purchase will be funded. Early decisions can affect cost, timescales, and your long-term peace of mind. Asking the right questions early can help prevent delays, avoid surprises, and keep the conveyancing process running smoothly.
Below are 10 important things every buyer should consider before committing to a purchase.
Leasehold or freehold?
One of the first decisions is whether the property is freehold or leasehold.
- Freehold: You own the property and the land outright.
- Leasehold: You own the property for a fixed term but not the land. When the lease expires, ownership returns to the landlord.
Leasehold properties often involve ground rent and service charges, which should be factored into your budget.
Will you carry out a survey?
A property may have hidden defects that are not visible during a viewing.
A professional survey can identify issues such as:
- Structural problems
- Damp
- Subsidence
A detailed survey can influence whether you proceed or renegotiate the price.
How will you fund the purchase?
You must show that your funds come from a legitimate source. This may include:
- Personal savings
- Gifted deposits
- Sale proceeds from another property
You will usually need to provide bank statements (typically six months). If you need a mortgage, you should begin the application process as early as possible.
Do you have a target completion date?
Typical timescales are:
- Freehold: 1–8 weeks
- Leasehold: 8–12 weeks
These are estimates only. Delays can occur due to factors outside your control. Always inform your solicitor if you need to complete by a specific date.
How long is left on the lease?
If buying a leasehold, check the remaining lease term carefully.
A lease becomes less valuable over time. Once it drops below 85 years, it can affect the property’s value. You may need to extend the lease, which involves:
- Paying a premium to the landlord
- Legal and surveyor fees
What stamp duty will you pay?
Stamp Duty Land Tax (SDLT) depends on:
- Your personal circumstances
- The property value
- The type of transaction
You will usually complete an SDLT questionnaire so an estimate can be calculated. In some cases, specialist tax advice may be needed.
Joint ownership: How will you hold the property?
If buying with others, you must decide how ownership is structured:
- Joint tenants: You both own the whole property. You cannot leave your share in a Will.
- Tenants in common: You each own a defined share, which can be unequal.
You may also want a Declaration of Trust to record your shares formally.
Who will live at the property?
If someone over 18 will live in the property but is not an owner, your lender may require an occupier’s consent form.
This confirms they will give up any rights to remain in the property if the lender repossesses it. Independent legal advice may be recommended.
When will you be registered as the legal owner?
After completion, your solicitor will register your ownership with HM Land Registry.
This process can take several months. However, your ownership is protected once the application is submitted. You will receive confirmation once registration is complete.
What fixtures and fittings are included?
The seller will provide a fittings and contents form. This lists what is included in the sale.
If you agree to buy additional items, make sure they are:
- Clearly listed
- Included in the contract
Otherwise, the agreement may not be legally binding.
Expert conveyancing support
With the right legal support, buying a property becomes far less daunting. At Tees, we provide clear advice and practical support throughout the conveyancing process.
We explain your options in plain English, keep your transaction on track, and deal with issues quickly. Whether you are a first-time buyer, moving home, or growing your property portfolio, our Property Conveyancing team will help make your purchase smooth, secure, and as stress-free as possible.
