Buying a home without proper advice has always been beset with potential pitfalls. In the competitive market in which we find ourselves, the value of expert support cannot be underestimated.
The simple fact is that if you get things wrong, you will pay the price financially. So it’s important to have someone in your corner who can see the bigger picture.
Changes to property purchasing brought about by Covid-19 are not just those in terms of virtual viewings and safety measures. The post-lockdown market is intense - and it can become all too easy for buyers to get carried away.
One of the key pieces of advice that we give to clients currently is to rein themselves in when it comes to competitive closing dates. It can be easy to get swept along with the excitement of a purchase and fail to recognise the that prices cannot continue to rise in the way in which we have seen since the summer - properties are often selling for significant premiums at closing dates.
There are delicate balances to be struck and a good property lawyer will earn their corn by tilting the odds of success in favour of their client - or, indeed, in realising where to draw the line. That comes from analysing and understanding the complexities of the market.
Sometimes that insight is around prices, but often it’s about trends, including how buyers are using ‘subject to sale’ clauses on their own homes in deals. Most purchasers are buying first - subject to sale - rather than selling then buying, meaning they, in turn, need efficient, effective marketing of their current property.
In such a strong and competitive market, the objectivity and knowledge of an experienced adviser can be invaluable.