When you first decide to get your foot on the property ladder it can be very daunting. Legal aspects, financial aspects, personal worries and about 100 different things in-between. This article is going to be about how you can stay safe (in a pure legal sense) when you are looking to buy your first home. We had some help from Parker Bullen, a Solicitor in Andover when writing this post, so we believe we’ve covered the key principles, but if you have any concerns, go and see a solicitor yourself. A few hundred spent now (before you buy) might save you thousands in the long run!
This is an infographic from: http://www.lawsociety.org.uk/for-the-public/common-legal-issues/buying-a-home/ and I believe to be extremely helpful when it comes to walking you through the process of purchasing your first home.
The most important element is the contract. Legally a contract has 3 elements. Offer, consideration and acceptance. If these 3 elements are all present then the contract is legally binding. If one of the elements is missing then the contact is not legally enforceable and hence it is void.
This is where you need your solicitor. In the case of a void contract there are often differences of opinions. For example, parties looking for compensation for lost time. Counter-sues and who knows what else! The easiest way to avoid this all together is to get your lawyer or solicitor to look over all contracts you make. Including business ones too! But in this discussion it would be the terms of the purchasing agreement.
You can find another good guide to keep you safe when buying your home here, it’s an article by Citizen advice UK.