Buying for cash

seven-day-weekend

We are thinking of buying an apartment to rent out and have seen one we like. It is on a new development (although it is two years old, it is a resale). It has 125 year lease.

We will be paying cash (no mortgage).

Do we have to have searches and a survey? I would assume all these things were done two years ago and we know what other development is taking place on the site.

In fact, is it possible to do your own conveyancing, and how difficult is it?

G_M

Since there is no mortgage lender imposing obligations on the purchase, it is entirely up to you what checks you decide to make before buying. This includes

* the condition of the property
* the condition/plans of the surrounding area
* the legitimacy of the seller (ie whether he actually owns it)
* etc

In theory you could simply hand him £200,000 (whatever) and ask for a form TR1 in return.

Of course, he might run off to the Bahamas with the £200K leaving you with a worthless piece of paper, or you may take ownership and find the property is structurally unsafe.

Your risk - your choice.

Yes you can DIY conveyancing. Leasehold adds a layer of complexity over freehold, as does any covenant.

If there is an existing mortgage on the property, this can complicate matters too.

See

http://www.amazon.co.uk/Which-Guide-Conveyancing-Consumer-Guides/dp/085202813X/ref=sr_1_2?s=books&ie=UTF8&qid=1446301926&sr=1-2&keywords=diy+conveyancing

http://www.amazon.co.uk/Bradshaws-Guide-Buying-Selling-Conveyancing/dp/B001KSX616/ref=sr_1_4?s=books&ie=UTF8&qid=1446301926&sr=1-4&keywords=diy+conveyancing

Freecall

As far as a survey goes, on a 2 year old flat it would be unlikely to tell you anything you can't see for yourself.

As for 'searches', presumably you want to satisfy yourself that the person selling it really does own it, has not used it for security on a mortgage, has no other person who has a claim on it etc.

What about LA charges against the property not to mention any service charge accounts or ground rents outstanding?

In short, yes you can do your own conveyancing but I would say that yu need a fairly good understanding of the process first.

Hope that helps.

seven-day-weekend

Very helpful, thanks