What you need to know before buying or letting a house

Categories: Buying Property Guest Post Letting

buying or letting a houseWhat you need to know before buying or letting a house
Shopping for a new home can be exciting, especially when you’re looking at the aesthetics of your new abode: that spacious master bedroom, inviting bay window, or beautifully landscaped garden. But before you sign on the dotted line to purchase or rent a new home, you need to make sure you understand what’s expected of you to avert future legal issues and complications. Read this article to learn about the practical information you need to consider before buying or letting a house.
For Homeowners
The legal aspects of purchasing a new home begin as soon as you’re ready to make an offer. Be careful here: even if your offer is accepted by the seller, he/she is not legally obligated to carry through with the agreement until the exchange of contracts. As a buyer, you can reduce the risk of a sale falling through by putting certain conditions on your offer, such as a lock-out agreement, a costs guarantee, or an option-to-purchase.
Once the seller accepts your offer, the process of conveyance—or transferring ownership—begins. You’ll need to apply for a mortgage during this time and hire a professional to carry out a property inspection. The property inspection will assess the overall condition of the property you will buy, including the structure, the nature of the repairs that will need to be made, and any potential risks associated with it. This assessment will help you determine if you need to renegotiate the selling price or ask the seller to make some of the repairs. You will then need to hire a solicitor to draw up the terms of the contract, including any legal and planning restrictions.
When the home is finally yours, you’ll be responsible for insuring your property and your belongings and keeping up with your mortgage payments. Failure to meet your financial obligations or to do general maintenance on your property will likely result in foreclosure.
For Renters
The most important thing you can do is to get a tenancy agreement between you and your landlord in writing; this will help protect you and settle any disputes that may arise in the future. The agreement should include the tenancy term, rent terms and conditions, services provided, and length of notice.
Your landlord is legally obligated to ensure your property as well as the contents, fixtures, and fittings inside your home. He is also responsible for most repairs, including those made to the structure and exterior of your building, internal walls and ceilings, sanitary fittings, and heating, ventilation, and wiring.
It is your responsibility to insure your own possessions and keep your rental in good condition. You will pay a rental deposit before moving in which will be held with an independent Tenancy Deposit Protection Scheme. The deposit will be returned to you as long as no significant damage is done to the property while you are living there. In addition, you are responsible for registering and paying council tax, and, in most cases, basic utilities.
Safeguard yourself against illegal eviction or harassment by knowing your rights. The Assured Shorthold Tenancy (AST) is a standard agreement in the UK which stipulates that you have the right to stay on the property for up to six months before your landlord can ask you to leave. Within this timeframe, the landlord cannot harass you by cutting services, refusing repairs, withholding keys, or verbally threatening you. Once the six months are complete, your landlord may only ask you to leave via a written notice and in extreme situations, via a court order. Get a consultation from the Citizens Advice Bureau if you’re unsure of your rights or responsibilities as a tenant.
For more info please see solicitors who will guide you through the process of buying or letting a new home.

Latest Posts by Guest

Leave a Reply

Copyright © 2012 Agentright