Best practices for cash house purchase?
December 3, 2012 9:27 PM Subscribe
Best practices for a cash house purchase please? UK specific.
posted by anonymous to home & garden (6 answers total) 3 users marked this as a favorite
My wife and I are taking advantage of depressed prices and a slow market in East London to purchase a house. Semi-detached, brick, constructed in 1950, three bedroom with a loft, freehold, the couple who lived there were the original owners. The home entered probate in February and came onto the market in August. Its been marked down twice now and we made an offer (which has been accepted) for a quick cash transaction. We hope to complete the purchase in two weeks, and I've got some questions regarding best practices for cash transactions.
We have a Solicitor engaged for conveyancing, and the Surveyor is doing a building survey tomorrow (more involved than the home buyers survey). We've looked at the property and neighbourhood several times, and introduced ourselves to two of the neighbours. They seem very happy, it seems like folks move to this street and never leave. Overall the neighbours corroborated what we learned from the estate agent.
What else should we do to insure the transaction is clean and we're not purchasing someone else's problem? I already own a flat in Central London but bought it with a mortgage so I was more comfortable in that scenario since the bank was taking on risk as well, but in this instance we'll effectively be alone in the transaction.
I've pulled the title and flood reports from Land Registry, got the EPCs, the HIP will be provided by the Solicitor, the heating and drainage systems will be checked by a trademan before we purchase, and all funds will be transferred Solicitor to Solicitor.
I can't think of any other steps to take to protect our interests. Anonymous since I'm asking questions about large sums of money.
Thanks in advance for any help you might be able to give!