‘Caveat emptor’ is a common phrase used in the conveyancing world and it is the Latin phrase meaning “let the buyer beware”.
Broken down, this means it is the buyers responsibility to ensure the house they are purchasing is suitable for them and is in good condition. This means that you are to purchase the property sold as seen and it is your responsibility to arrange a survey of the property (including arranging an inspection of the services at the property by a qualified person). This is important because we do not carry out a physical inspection of the property and you will inherit any problems (structural or otherwise) following exchange of contracts.
If you are purchasing the property with the aid of mortgage finance, your mortgage lender will arrange a valuation report as part of the application process. However, the valuation has been carried out to ensure the property provides adequate security for the loan and it is for the mortgage lenders’ use only and should not be relied upon by you when deciding to proceed with the purchase.
If you have any queries, please contact Jessica on 01482 974474 or email jessica.bennett@jameslegal.co.uk.
