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LEGAL CORNER By David Brooking , Wollen Michelmore
Buying a Residential Property – “Caveat Emptor”
B
uying a residential property (whether it is freehold or leasehold) for most people is one of the most expensive purchases you
are likely to make in your lifetime. Upon embarking on a property purchase, it is
imperative that buyers should be made aware of a Latin expression called “caveat emptor” which means “let the buyer beware”. It is essentially a warning to buyers that they have no recourse with the seller if the property does not meet their expectations. The onus is on the buyer to undertake all applicable and relevant investigations against the property to gather all the information available before deciding to enter into formal legal relations (i.e. an exchange of contracts). Whilst the seller has a legal duty to supply
obligatory documentation and to disclose certain essential information, it is for the buyer to undertake most of the work. To establish everything there is to know about the
property, a number of procedures are advised, some of which include: The legal title will be investigated and checked
to make sure that the parties selling the property are the legal owners and to establish what rights/ benefits are in favour of the property and what restrictions/covenants could burden it. Depending on the information disclosed, specific pre-contract enquiries are then usually raised with the sellers’ lawyers to obtain more information or have certain matters clarified. A physical inspection of the property, whilst es-
sential, does not reveal everything that ought to be known about the property but valuable information can be obtained. For example, does the property have an extension, has there been a loft conversion, is there a shared driveway with a neighbour. Points that will need to be checked and followed up on. A survey is always recommended. Depending on
the advice received from the surveyor, further rec- ommendations may follow like instructing a further specialist such as a structural engineer or there may be a recommendation to commission a report from a damp/woodworm contractor. Pre-contract searches are advisable. If the buyer
requires a mortgage, the lender will insist that all reasonable searches are obtained. This can be as many as four or five. If the buyer does not require a mortgage, then there is more flexibility for the buyer in deciding what the searches should be. The most common types of pre-contract searches
are a Local Authority search (this reveals, amongst other things, whether the property is listed, in a conservation area, its planning history, adoption of roads etc), an environmental search (which discloses matters like flooding, ground stability and other influencing factors) a residential water and drainage search (discloses who is responsible for water and sewerage services, plans are disclosed identifying the routes of mains water and drainage). Depending where the property is located a
more specialist pre-contract search may have to be undertaken such as a coal/tin mining search. The information supplied above is very much a basic summary of some keys matters which should always be taken into account when purchasing a residential property. For more information or if I can be of any assistance, then please do not hesitate to contact me. David Brooking
Relax... Offi ces at
Wollen Michelmore LLP 10 The Quay Dartmouth TQ6 9PT Telephone Number: 01803 832191 E-Mail Address:
david.brooking@
wmlegal.co.uk
Dartmouth 01803 832191
Torquay 01803 213251 The Devon Law Firm
www.wollenmichelmore.co.uk
Newton Abbot 01626 332266
Wollen Michelmore SOLICITORS
whilst we take the stress out of the situation
Wollen Michelmore LLP is authorised and regulated by the Solicitors Regulation Authority - SRA No 565599 Family Disputes Business Property Private
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