What To Check Before Making An Offer On A Property
Table of Contents
The moment you find the perfect house, it is easy to become overwhelmed by excitement. You start imagining where you will put the sofa and which colours you will paint the walls. However, before you jump ahead and submit that offer, you need to take a deep breath and switch to detective mode.
If you do your homework now, you can prevent incredibly costly surprises or frustrating delays that emerge once you have already committed time and money. Ensure you have a clear picture of the property, its legal standing, and the local market before you put your money where your heart is.
Verify the Property’s Legal Status & Title
Your dedicated Conveyancing solicitor will undertake the crucial task of conveyancing, a process that handles the legal transfer of ownership. They will thoroughly examine all titles, leases, and documents once an offer is accepted, ensuring the seller legally owns the property and advising you on any associated risks. This essential legal check will also confirm if the property is subject to any rights of way (like a neighbour having access across your garden) or restrictive covenants (rules about what you can or cannot do with the property).
Inspect the Property Condition & Survey Needs
Check the age and visible condition of major building services, particularly the boiler and the main electrical consumer unit. If the roof tiles look old and cracked, or the insulation seems inadequate, you can anticipate significant replacement costs in the near future.
Depending on your initial findings, you should decide whether to commission a full structural survey (sometimes called a Building Survey) or opt for a specialist inspection. A survey will give you a clear, objective assessment of the building’s condition, giving you the power to renegotiate or pull out if necessary, saving you from inheriting expensive faults.
After the survey, your conveyancing solicitor becomes your legal voice; they will take the surveyor’s findings and formally raise enquiries with the seller’s lawyer to get clarification or negotiate price reductions based on the defects they find.
Research Local Market, Value & Comparable Sales
An offer should reflect reality, not just your enthusiasm. Research what similar homes have sold for recently in the neighbourhood. You can check past sale prices on property portals for houses that share similar characteristics, like the number of bedrooms or outside space.
Find out how long the property you like has been on the market; a property that has lingered for six months might indicate it is overpriced. You must also determine if there are any competing offers that might drive the price up.
Consider Costs, Implications & Future Resale Potential
When you calculate your overall budget, remember to factor in the additional expenses you will incur. These costs include legal fees, the potentially large sum for Stamp Duty, and any necessary repair works identified in the survey.
Do not forget to think about the property’s resale potential. Location is key, and while a house might be an absolute bargain now, if local planning rules allow for unattractive development nearby, or if the house proves challenging to maintain, it could become a liability in the future.
