Buying a property is a very exciting moment, but it may also be quite stressful. That’s why we have a few tips to help you through this process.
Check 5 ways to protect yourself when buying a property:
Be aware of the types of property fraud
You’re more at risk if:
- your identity’s been stolen
- you rent out your property
- you live overseas
- the property’s empty
- the property is not mortgaged
- the property is not registered with HM Land Registry
Check if the property is registered with Land Registry
The property will be registered if you bought it or mortgaged it since 1998 – check the register if you’re unsure.
Safeguard against email hacking
Make sure your email is protected and don’t make any payments before cross-checking the bank details. Email hacking is a method used to intercept negotiations and get buyers into scam payments.
Watch out if the property is “too good to be true”
Avoid transactions before checking all the paperwork with a conveyancer. Some properties are sold by someone that is not the legal owner. Make sure all documentations are correct and checked.
Talk to a lawyer
Conveyancing solicitors can help you through the negotiation and dealing with the necessary documents. Real estate can be a legal minefield and it is strongly advised that you seek a residential conveyancing solicitor, especially if you’re a first-time buyer.
A first-time homebuyer will be new to the procedures of homeownership including understanding interest rates, stamp duty and the exchange of contracts.
If you would like to know more, call us today on 020 3058 3365 or email at our enquiries page.