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When we talk about ‘flipping’ we’re not talking abut pancakes! We mean buying a fixer-upper to do up and ‘flip’  (do it up and sell it at a higher price to make a profit) to boost your savings. But it’s important to remember that you have a lot to think about before you go ahead and buy a property to ‘flip’. There may be some obstacles in your way…

Do You Need Planning Consent?

If you’re planning to extend then you should check before you buy that you can get the planning consent you need for the work you want to do.  Often small extensions and conservatories don’t need planning consent, but if some extension works have already been done or your planned extension is large then you will still require planning consent from the Local Authority.  It’s always best to check this before entering into any Contract, especially if your purchase is based on being able to extend. You should also think about the costs of applying for planning consent.

If the property is a listed building, a conservation area or in an area where development rights have been restricted, then there may be even more hoops to jump through!

Building Regulations – Do You Know What Needs Sign Off?

Structural work to a property needs to comply with building regulations. There are costs of getting your plans approved from the Local Authority and extra costs for building inspectors to sign off the work once it’s completed. You’ll also need a Completion Certificate which legally confirms that building regulations rules have been complied with. As well as extensions you also need a building regulations certificate of compliance for electrical installation, gas installations, new double glazing, removals of chimney breast, removals of internal (supporting) walls and re-roofing.

What Are Restrictive Covenants? 

Even if you have the planning consent and the building regulations you need, you could still be prevented from extending or altering the property under a Restrictive Covenant. A Covenant is a legal promise in the Deeds to the property which can be enforced by a developer, a council or even owners of neighboring properties.  A Covenant can apply to modern or very old properties.

Covenants can prevent new owners making any changes to the property and owners can be sued for doing something that breaches it. It’s common for there to be a Covenant about adding a new building or extending or altering any existing building on the property without the consent of the original developer. Failure to apply for consent under the Covenant could result in the owners being taken to court, being forced to pay a fine, having to return the property to its original state or delays selling the property. Your Conveyancer who will be able to tell you whether there is any risk of breaching a Covenant in the property.

If You Have Questions About ‘Flipping’, Don’t Get In A Flap – Get In Touch 

If you’re a first time ‘flipper’ or are thinking of buying a property that have a Restrictive Covenant, then we can help you. Simply call 01623 45 11 11. For more about our Conveyancing services or an instant quote visit our website.

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Beginners Guides, Case Tracker, Contract, conveyancer, Conveyancing, Conveyancing Quote, DIY Conveyancing, Do your own conveyancing, drainage search, environmental search, First Time Buyers, full structural survey, Property Market, property searches, Quicker conveyancing    No Comments

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Solicitors like Latin. Conveyancing Solicitors like one Latin phrase in particular, CAVEAT EMPTORThis means “Let the Buyer Beware!”

In English Law it is the responsibility of a purchaser to ascertain whether the property is structurally sound, whether there are any physical defects and also whether there are any legal issues. This means your seller is not necessarily legally obligated to reveal defects in the property.

Searches on the property you are buying

Searches are investigations that your Conveyancer carries out as part of their Conveyancing work.  They send a standard list of questions to certain authorities in order to obtain information about the property. The searches most commonly undertaken are:

Local Authority Search which gives information such as whether there have been any planning applications or building regulations applied for the property.  This can indicate whether the works done to the property were undertaken in accordance with statutory regulation.

A Water & Drainage Search shows whether the property is connected to proper drainage and a water supply.

Environmental Reports indicate whether the property is at risk of contamination, flooding, subsidence and other environmental factors.

A Mining Search may be required depending on the property’s location. You may need to have a coal, tin or some other kind of mining report undertaken to check that the property has not been adversely affected by past mining activities.

Surveys

A Survey must be carried out by a surveyor.  It is not generally a legal requirement but is very much recommended.  A surveyor can check that the property is structurally sound, whether there are any defects and even give your Conveyancer some hints as to whether they need to look into a legal matter further. A surveyor will visit the property and see it physically, in person. Remember although a Survey is not a legal requirement, because of the Buyer Beware rule if you find something wrong with the property after completion, you’re stuck with fixing it yourself.

At Fidler & Pepper Solicitors we have our own search company so we can run the searches quickly alongside our conveyancing which makes the process much easier.

Get in touch – we can help or provide you with a quote

Take a look at our website if you would like a conveyancing quote, need more information or want to see our  frequently asked questions. If you would like to speak to one of our experienced team please call 01623 45 11 11.

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