While it is bound to be disappointing to discover that the property you want to buy has some flaws, you may still be able to go ahead with the purchase if the seller is willing to negotiate.

It is always advisable to have a survey carried out before you buy a property, particularly if it is an older building or if you plan to carry out work. Some disrepair may be impossible to view as a buyer, but a surveyor will be able to access areas such as the roof space to fully assess the condition.

Common areas that may need work

Some of the most frequent issues raised in property surveys are as follows:

Roof

Surveys frequently discover that roof repairs are needed because of the difficulty of regularly viewing a roof and the exposure it receives. Problems include missing or damaged tiles, water ingress, chimney disrepair, inadequate insulation and ventilation and blocked or damaged guttering.

Subsidence or structural movement

Properties settle over time which can result in minor cracking. Your surveyor will be able to advise whether any issues are due to this or to something more serious such as subsidence or structural movement.

Damp

A surveyor will also be able to advise you of the cause of any damp at the property. This could be from water coming in from outside or from condensation arising from inadequate ventilation or inappropriate cavity wall insulation. Rooms below ground level, such as basements, can be particularly problematic.

Windows

Modern double-glazed windows quite often develop gaps and cracks allowing water to come inside and also to accumulate between the double glazing. There is a chance this could be covered by a guarantee, but in any event, you should address the issue before exchanging contracts.

Asbestos

Asbestos is still found regularly in people’s homes, for example, in garage roofing, lagging, floor and ceiling tiles, around boilers and in loose fill insulation. It must be properly removed and disposed of by accredited experts which can be expensive and disruptive, so if asbestos is at the property you should explore the costs and work involved.

What to do if your survey highlights problems

If your survey reveals problems but you still want to proceed with the purchase, you should arrange for experts to look at the issue and provide you with estimates for the work needed to rectify the situation. The estate agent should be able to arrange access as necessary.

Once you have expert reports detailing the work that will be required and the likely costs, you can ask the seller to reduce the price to take this into account. It is usually in their interests to do this, as it is likely that another buyer would find the exact same problems.

If you ask us to act for you in respect of your property purchase, we can liaise with the sellers’ advocate to ensure that the contract includes any allowance that is made in your favour.

It is also possible to request that work be done between exchange and completion if it is a minor repair. In this case, the contract would also include provision for the works to be examined and found to be satisfactory before completion.

Buying a property on the Isle of Man

At Quinn Legal, we believe that the Isle of Man is one of the best places to live and our lawyers would be delighted to help you secure a home on the Island. We understand the anxiety that can be involved when buying or selling a property and we will do everything we can to make the process as stress-free as possible.

We have one of the largest and most experienced property teams on the Isle of Man. We are friendly and approachable and we will work proactively on your behalf to complete your sale or purchase. We make sure you are kept updated throughout your transaction and we are always available to discuss your case and answer any questions you may have.

Contact Us

If you are thinking of buying or selling a property on the Island and you would like to speak to one of our expert property lawyers, please ring us on 01624 665522 or email us: hello@quinnlegal.im.

Alternatively, you can fill in our online enquiry form and one of our team will be in touch within 24 hours.

 

If you are buying or selling a home, you will no doubt have many questions about the process. We have answered five of the most common questions we are asked to help you understand how conveyancing works.

What happens in the conveyancing process?

Once you have found a property to buy, the estate agent will pass your advocate’s details to the seller’s advocate so that they can make contact.

If you are buying and you instruct us to act for you, contract papers will be sent to us and we will go through them and ask the seller relevant questions about the property. We will also apply for searches, to include a local authority search which will reveal issues such as planned development in the area, a drainage search and environmental enquiries.

You would generally also obtain a survey to ensure that you are happy with the condition of the property. Once we have satisfactory replies to all points, we will be ready to exchange contracts. At this stage, we would pay a deposit to the seller on your behalf, usually ten per cent of the purchase price. If you are also selling a home, then the deposit from your sale can usually be used for your purchase.

A date for completion is agreed when contracts are exchanged. On the day of completion, we will arrange for the balance of the purchase price to be sent to the seller’s advocate, who will contact the estate agent on receipt to confirm that the keys to your new home can be released to you.

If you are selling, you will need to fill in property information forms at the start of the transaction and reply to the questions raised by the buyer’s advocate. On the day of completion, you should leave the keys to the property with your estate agent once you have vacated.

What do I need to do if I am buying or selling a house?

If you are buying a property, you will need to instruct an advocate to act on your behalf and provide details of your identification to them, as they are required by law to check this.

You should also arrange a mortgage if you need one. This can be done ahead of time to ensure that delays are minimised.

If you are selling, then there are property information forms to fill out and some accompanying documentation that you should provide, to include an energy performance certificate and any guarantees that you have, for example for windows or solar panels.

If the property is leasehold, you will also need to provide information about the management of the property, to include management company accounts and ground rent receipts. If you ask us to act for you, we can guide you through the information that is needed to ensure that everything is provided to the buyer’s advocate in good time.

When should I instruct a conveyancing advocate?

It is a good idea to have an advocate in place early on. You can ask us to act for you before you have found a buyer or a property to purchase. We can then let you know exactly what we need from you and start putting the documentation in place. This will help avoid delays later on.

How long will my conveyancing take on the Isle of Man?

The length of time taken to buy or sell a property varies, but on average it usually takes between six and twelve weeks. If there is a chain of transactions, then the process can be slowed down if one person has a problem. At Quinn Legal, we always make sure we stay in close contact with estate agents to try and keep the process moving as quickly as possible.

We also always make a point of dealing with contract papers and enquiries straight away so that there is no delay on our part.

How much will my conveyancing cost?

There are a number of costs involved in conveyancing on top of the legal fees, particularly if you are buying a property. For example, you will need to pay for searches and the Land Registry fee to register your ownership.
For a guide to the costs involved, use our Conveyancing Calculator which will set out the expenses you can expect.

Buying a property on the Isle of Man

At Quinn Legal, we believe that the Isle of Man is one of the best places to live and our lawyers would be delighted to help you secure a home on the Island. We understand the anxiety that can be involved when buying or selling a property and we will do everything we can to make the process as stress-free as possible.

We have one of the largest and most experienced property teams on the Isle of Man. We are friendly and approachable and we will work proactively on your behalf to complete your sale or purchase. We make sure you are kept updated throughout your transaction and we are always available to discuss your case and answer any questions you may have.

Contact Us

If you are thinking of buying or selling a property on the Island and you would like to speak to one of our expert property lawyers, please ring us on 01624 665522 or email us: hello@quinnlegal.im.

Alternatively, you can fill in our online enquiry form and one of our team will be in touch within 24 hours.

Estate agents are reporting brisk activity in the Isle of Man property market, particularly for homes valued at up to £600,000, although the higher end of the market is also starting to pick up as well. Prices are also starting to rise after a period of no increases. The upturn in activity is being experienced island-wide, not just in and around Douglas.

Well-maintained homes, realistically priced, are being snapped up, sometimes within hours of coming to the market. For those wishing to make a successful move, it is essential to find a conveyancer who can act quickly to keep a sale or purchase on track. If an advocate is slow to react, a deal may fall through in a vibrant market, meaning not only the loss of the property, but a financial blow as well in terms of survey costs and search fees.

How to move quickly

As soon as you start thinking about moving, you can start putting the necessary paperwork in place. If you are selling, speak to your conveyancer as soon as you can and they will let you have the necessary property information forms to fill out. They will also be able to get a copy of the title to your property ready so that as soon as you have a buyer, the contract papers can be sent to their advocate.

Similarly, if you are looking to purchase a property, by instructing a conveyancer when you start your search you can pass on their details to the estate as soon as you find the right property to buy. Having a lawyer in place already will also demonstrate to the seller that you are a serious buyer.

How your conveyancer can speed up a transaction

At Quinn Legal we work proactively to complete our clients’ conveyancing transactions in the fastest possible time. Our property team consists of fourteen advocates, solicitors and support staff, the largest and most experienced property department on the island.

As well as having in-depth knowledge of property law, we also understand the local market and have close relationships with the island’s estate agents. We are working extra hard throughout the current Covid-19 disruption to make sure our clients’ sales and purchases go through quickly and without a hitch.

If any part of a conveyancing chain is based in England, speed will be of the essence, as buyers race to complete during the current Stamp Duty holiday there.

As soon as you have a purchase agreed we will contact the sellers’ conveyancers to request contract papers. We’ll apply for the necessary searches straight away and raise enquiries as necessary, to ensure that we obtain the full picture in respect of the title to the property. This will include information about planning permissions, building regulations approvals, rights of way, guarantee documentation for work carried out to the property and other particulars.

We work proactively, pushing for replies where necessary and making sure that we are always moving on to the next stage as quickly as possible.

We will also ensure that we always keep you updated as to progress of the transaction and that we are available to discuss matters with you and answer any questions you may have.

Choosing Quinn Legal

As the property market continues to heat up, with the potential for even more action once UK lockdown restrictions are lifted and buyers from off-island are looking to move, the importance of having a conveyancer who is able to stay on top of a transaction and ensure that a move goes quickly and smoothly is essential.

At Quinn Legal, our advocates work hard on every single sale or purchase to make sure that our clients get the result they want. We understand that often our clients are buying their dream home and we never lose sight of the importance of making sure that the transaction is not only successful but as stress-free as possible.

If you are thinking of buying or selling a property and you would like to speak to one of our expert property lawyers, please call our team on 01624 665522, email us at email us: hello@quinnlegal.im or fill in our online enquiry form.