May 20, 2025 • 15 mins
Merryn Somerset Webb and John Stepek conclude their mini-series on UK housing with an overview of lesser-known issues that can arise during the home-buying process. The aim of this episode is to help homebuyers learn the things they didn’t know they didn’t know. Webb and Stepek are joined by Anthony Emmerson, director of London mortgage brokers Trinity Financial.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:19):
Welcome to Maren Talks Your Money, the personal finance edition
of Meron Talks Money and these bonus podcasts we talk
about the best strategies for making the most of your money.
I'm Maren Zumset Web and with me senior reporter and
author of the Money Distilled newsletter, which is brilliant. Do
sign up. John Steppeck Hi, John, Hi, ma'am right. We
are doing a housing series at the moment and we
(00:40):
have got a really great guest on today. We are
speaking with Anthony Emerson. Anthony is the director of mortgage
brokers Trinity Financial, London based firm specializes in bespoke mortgage
advice and Anthony is here today telling us all the
things that they don't tell you about buying your first home. Hi, Anthony,
thanks for joining us today.
Speaker 1 (00:59):
Hi, and thank you for having me.
Speaker 2 (01:01):
Okay, so here I am. I'm a young person. I've
been thinking about buying my own home forever. I enjoyed
saying I'm a young person. That hasn't happened for a while,
but you know there was a day. So here I am.
I'm a young person. I've been saving up I've built
up a deposit. I've been you know, nagging my grandparents.
My parents, They've all handed over a couple of grand
here or there. I've finally got enough. I know what
(01:22):
I'm looking for. I've been dragged around the place by
a state agent. Possibly I should have used a buying agent,
but there'd be a different podcast. And I've found the
place I want. I'm pretty excited. What happens now.
Speaker 1 (01:34):
Now is the time that you really have to start
drilling down and deciding on exactly what mortgage product you
want to do, exactly what kind of loan size you
want to take. I think too many people, when they're
focusing on trying to go and buy a house, focus
on all of the costs up friends, and they try
and find out how much they can borrow, how much
(01:54):
that would cost, which is fine, but they should use
that as just a guide, and then once they find
the that they want, that's the point at which they
need to have a conversation with their mortgage broker or
if they've gone to a bank, direct their bank to
sort of say, well, what is your plans with this house,
what do you want to do with it? How much
money do you want to spend on it. Let's look
at your deposit. Can we borrow a little bit more
(02:16):
and hold back some of your deposit to facilitate those works?
What kind of rate do you want to have? Because
until you know the property you want to buy, you
don't know what you want to do with it, and
you also don't know how you'd like to finance it
and do work, etc. So it's at this point now
when you found a house that you want to buy,
that you will now know more about it and you
(02:37):
can make a better choice as to the products and
the mortgage that you take out.
Speaker 2 (02:41):
Yeah, there are also a lot of costs that people
don't necessarily think of when they're looking for a house.
They think, oh, you know, I've got a deposit of
thirty thousand pounds, the house cost two hundred thousand pounds, etc.
Look at it like that, and they're not necessarily taking
into account how much they're going to have to pay
in stamp duty, how much their survey is going to
cost them, what they're paying the estate agent. These other
things that are cash costs right.
Speaker 1 (03:02):
There are I mean, you've got to pay your conveyancer
to do all their searchers and to do the conveyancing process.
The surveyor needs to be paid for to at least
have a basic mortgage survey. A lot of the times nowadays,
the lenders are trying to give you a free survey
as a bit of an incentive to take up their
policy rather than somebody else's. But if you want to
(03:25):
have a more detailed server or need even have eyes
on the survey that the bank conducts themselves, you need
to facilitate some sort of money for that. Now, there
are generally three types of survey levels. You've got a
basic mortgage survey, you've got your home buyer survey, and
you've got a full structural survey. To do a full
structural survey and only really advocate that on a house
(03:47):
where it's a freehold house where you own the entire property,
because there's no point in doing a full structural survey
on a flat because the surveyor won't have access to
all of the other points of the property to be
able to do the inspection. That can only inspect within
the walls of your property and maybe the communal errors
and maybe do a visual from outside. So I think
(04:08):
if you're buying a flat, nothing more than a hound
by a survey would probably be recommended.
Speaker 3 (04:14):
Do you think surveys are worth it? Because I've bought
a few homes in my lifetime, and what I have
found is that even the best surveys miss lots of things,
and there's also absolutely no comeback whatsoever as far as
(04:34):
I can see from the stuff being missed. And then
most occasions have been better off getting a friend who
was a builder. They come around, kick the tires, make
sure it wasn't subsiding into the street, and then just
go ahead with the basic kind of mortgage survey. Is
that a typical experience because it looked to be like
a waste of a couple of grand.
Speaker 1 (04:55):
It can be, to be honest with you, because the
survey reports are incredibly caveated to say, maybe I couldn't
see all of the subfloor, so therefore I'm not entirely
sure as to whether or not there was dry rot
or any of those things that they might not have seen.
And it's incredibly hard to fully inspect a property where
you don't have access visually or otherwise without drilling holes
(05:18):
and sending down cameras, et cetera. To be able to
do all of those things but there are quite a
few people who don't have the skills or indeed the
knowledge to be able to walk around at property and
spot issues. We do property day in and day out.
We've come across everything under the sun. If I walked
into a property, I'd have a very higher educated viewers
(05:40):
to exactly what those problems might be than your first
time buyer who's never ever done that sort of thing before.
So the survey could give you a little bit of
a guide as to where problem areas might lie, but
further investigation is always needed. So they would say, the
electrics look like they are quite dated, should probably get
(06:00):
an electrical inspection done. The plumbing looks like that there
might be some issues. You should probably have a drain
inspection done. There's areas of timber and damp. You should
probably have a timber and damp specialist come and do it.
So the value won't give you a cost and a
guarantee that is the problem and this is how much
a cost to fix because they don't provide that service.
(06:21):
So they always recommend you to go and have more
investigation with those specialists to be able to know is
it worth it to certain people? Yes, because of the
fact that if you don't know what you're looking at,
and you walk in and you go buy a property
and you find out that the electrics are shot and
the plumbing's not up to scratch, it could cost you
a significant amount of money and you might have had
(06:43):
that flagged. Yes, they missed some things, but I think
that's just a human problem. And also certain properties don't
allow you to inspect all areas.
Speaker 2 (06:52):
What's your view on the idea of getting a mortgage
and principle first before you actually hunt down the house,
so that when you get to that today, the seller
knows that your genuine in these areas, I.
Speaker 1 (07:01):
Think it's definitely worth doing. I think if you're going
to go down the road of trying to buy yourself
a house, surround yourself with the right people, get yourself
a broker, get yourself a solicitor that we'll be able
to help and advise you on it, and then do
all the fundamentals first so that you have no surprises
coming down the track. You know, speak to the broker,
(07:23):
lay out all of your information so that you know
how much you can borrow. You know where some of
the problem points might be in the way that you're
paid and the structure of your bonuses. We have problems
with people believing they can borrow when they're getting restricted
stock units as part of their bonus package. Finding out
too late that you can't actually use that might mean
that you've wasted all that time and effort searching for
(07:45):
a property that you can't fundamentally affward. So then we
always suggest that people check their own credit report, get
a copy of that to be able to provide to
the broker to say, these are all the debts that
I've got, because that credit reference agency is what the
lender is looking at, so there's any surprises on that
the lender is going to be able to see them,
and then go and get yourself in agreement and principle
(08:06):
for generally the highest possible purchase price that you could
afford giving your income in your deposit situation. At least
then you know where your ceiling is and you can
come in and find the property that is underneath that,
and you should then have no surprises. The agreement and
principle is always done with one lender, in particular the
lender that will probably give you the highest possible loan amount.
But when you find the property you want to buy.
(08:28):
That's the point at which you will know more about
how you want to structure that loan. How much money
might do you want to hold back from your deposit
to maybe do a bathroom refurbishment because the property needs it.
Whereas being able to borrow that money at the outset
and hold back some of your deposit to facilitate that
work might be worth you doing. Now, that might mean
(08:49):
you change leaning to value, and it might mean that
you change product, but it might be worthwhile for you
to do that because you can enjoy the house more.
And then we'll advise on people to be able to
sort of get that agreement principle, find your property product
that you want to be put into, and then we
start the application again. It might be the agreement prints
with that lender in particular. Then the full application, survey,
(09:12):
mortgage offer over to the solicitor to push to get
you to the point of exchange where you finally have
some knowledge that you've secured that house or flat.
Speaker 3 (09:23):
What should you expect during that process? So you agree
a price, you get to your mortgage done, you get
to exchange. What happens next.
Speaker 1 (09:34):
So once you've reached exchange you generally confirm with your
solicitor your solictor LEO is worth the vendor solicitor, and
between the two of them you agree an exchange date
a completion date from the point of exchange. Now, if
you're in a chain where there are a number of
different properties all linked together, you buying the first time
(09:56):
buyer generally is the first step in that chain, and
then after so that every other house moves on the
same day, everyone in that chain needs to be able
to agree the completion date, unless, of course, one of
those people are willing to sell the house and move
into rented accommodation or go live with family, or whatever
it might be. Once everyone's finalized that date, you agree
(10:17):
it your exchange, You pay your five ten percent over
to your solicitor, and you are then at the point
where you've secured that property up until the point of exchange.
The vendor or you could walk away with no redress
to the other party after exchange, there are penalties if
you walk away for whatever reason. From a mortgage point
(10:38):
of view, you just need to make sure your mortgage
offer is still valid until after the point of completion
is expected to happen.
Speaker 3 (10:46):
And typically Howlong's an author are valid for on.
Speaker 1 (10:49):
A purchase or a remortgage. A new mortgage offer is
generally valued for six months, but when you get given
the offer, there will be a date on that offer
that will state the valid period of that offer. And
it's something that just definitely needs to be put in
everyone's diary.
Speaker 2 (11:05):
So before the actual exchanges was horror stories all over
the place on both sides about being dizumed, gazunders etc.
So someone who's been through this process over and over,
you've got any tips for us on how to avoid
that kind of nasty surprise and the negotiation process.
Speaker 1 (11:20):
Unfortunately, there is no real way of stopping the gazumping gazundering.
It's very very poorly taken by all parties other than
the vendor because they're generally getting more money. But if
somebody has made a viewing on a house and the
vendors even allowing viewings to continue, it's a sale market
(11:41):
where if somebody comes in and offers you a higher price,
you can by all means take that price. It is
a problem with the UK buying system because it takes
so long. There could be massive shifts in the economic
stability of the country between the points of agreeing a
sale and actually completing. So that process allows for renegotiations
(12:02):
to happen, but their renegotiations happen for different reasons. You
could find a property that you have your inspection done
on it, and you find out that there is a
problem with the roof, and therefore you might want to
get some more detail on that, and you might want
to renegotiate the price because of the fact that the
roof has got some issues. Up until the point of exchange.
All of that sort of stuff can happen, and there
(12:24):
also might be a change in your circumstances, right because
a person might lose their job in between, not be
able to afford it, and they might want to pull out.
So it works both ways. But gazumping is not a
pleasant experience for anyone involved.
Speaker 3 (12:39):
No, I mean, just to be clear. And Scotland the
system is different, so again you're locked in a much
earlier period. But what's talk about the system in England
and wheels here. But yeah, from that, so we get
exchange and then we get completion and you move in
and that shoe. You're happy, everything's done. Is there anything
else in the process that you'd like to highlights being
(13:01):
an area things often fall through or mistakes are made.
Speaker 1 (13:05):
I think one of the difficulties is when you buying
in a long chain, you reliant on a number of
different third parties to all agree, and to get human
beings to agree is difficult with lesser numbers, but when
you get a lot of people involved, it can be
rather tricky to get that done. One of the things
that we see a problem with is land registry delays,
(13:26):
slowing things down. When somebody has bought a house, some
land registry delays or up to a year two years long.
So if somebody bought a house cash, has renovated it
and is trying to sell it within a six month period,
it's highly unlikely that it would even be properly registered
on land registry. That could cause a problem. If somebody
has carried out extensive works to the property, have they
(13:50):
got the right permissions? Have they got the right warranties?
Those things are sometimes overlooked by people who have just
decided while I'm doing the renovation myself, therefore these things
aren't applicable to me. But when you come to sell
the property, that person wants some sort of sureties that
things were done right and then you have the right
warranties in place, and that can cause extra costs because
(14:12):
they might need to go and get a retrospective warranty.
Extra delays, extra costs for you as a buyer because
your solicitor and now has to do these extra pieces
of work. So they're not huge sort of things, but
there are little niggling problems that can protrap that sort
of completion period.
Speaker 3 (14:32):
Great well, thanks Gaing I and I really appreciate your team,
and I think hopefully I should give them everyone a
bit of view of the painful process of buying a housset.
It doesn't have to be painful, you'll tell us that.
Speaker 2 (14:49):
Thanks for listening to this week's Maren Talk to Your Money.
If you like us show, rate review, and subscribe wherever
you listen to podcasts. Also be sure to follow me
and John on extraor Twitter at Marinus w and John
unders Sport stepech. This episode was produced by Summersidi and
morosesandam sound designed by Blake Maples. Special thanks of course
to Anthony Emerson. Questions and comments on this show and
all our shows are always welcome. Our show email ismerinmoney
(15:13):
at Bloomberg dot Net.
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:19):
Welcome to Maren Talks Your Money, the personal finance edition
of Meron Talks Money and these bonus podcasts we talk
about the best strategies for making the most of your money.
I'm Maren Zumset Web and with me senior reporter and
author of the Money Distilled newsletter, which is brilliant. Do
sign up. John Steppeck Hi, John, Hi, ma'am right. We
are doing a housing series at the moment and we
(00:40):
have got a really great guest on today. We are
speaking with Anthony Emerson. Anthony is the director of mortgage
brokers Trinity Financial, London based firm specializes in bespoke mortgage
advice and Anthony is here today telling us all the
things that they don't tell you about buying your first home. Hi, Anthony,
thanks for joining us today.
Speaker 1 (00:59):
Hi, and thank you for having me.
Speaker 2 (01:01):
Okay, so here I am. I'm a young person. I've
been thinking about buying my own home forever. I enjoyed
saying I'm a young person. That hasn't happened for a while,
but you know there was a day. So here I am.
I'm a young person. I've been saving up I've built
up a deposit. I've been you know, nagging my grandparents.
My parents, They've all handed over a couple of grand
here or there. I've finally got enough. I know what
(01:22):
I'm looking for. I've been dragged around the place by
a state agent. Possibly I should have used a buying agent,
but there'd be a different podcast. And I've found the
place I want. I'm pretty excited. What happens now.
Speaker 1 (01:34):
Now is the time that you really have to start
drilling down and deciding on exactly what mortgage product you
want to do, exactly what kind of loan size you
want to take. I think too many people, when they're
focusing on trying to go and buy a house, focus
on all of the costs up friends, and they try
and find out how much they can borrow, how much
(01:54):
that would cost, which is fine, but they should use
that as just a guide, and then once they find
the that they want, that's the point at which they
need to have a conversation with their mortgage broker or
if they've gone to a bank, direct their bank to
sort of say, well, what is your plans with this house,
what do you want to do with it? How much
money do you want to spend on it. Let's look
at your deposit. Can we borrow a little bit more
(02:16):
and hold back some of your deposit to facilitate those works?
What kind of rate do you want to have? Because
until you know the property you want to buy, you
don't know what you want to do with it, and
you also don't know how you'd like to finance it
and do work, etc. So it's at this point now
when you found a house that you want to buy,
that you will now know more about it and you
(02:37):
can make a better choice as to the products and
the mortgage that you take out.
Speaker 2 (02:41):
Yeah, there are also a lot of costs that people
don't necessarily think of when they're looking for a house.
They think, oh, you know, I've got a deposit of
thirty thousand pounds, the house cost two hundred thousand pounds, etc.
Look at it like that, and they're not necessarily taking
into account how much they're going to have to pay
in stamp duty, how much their survey is going to
cost them, what they're paying the estate agent. These other
things that are cash costs right.
Speaker 1 (03:02):
There are I mean, you've got to pay your conveyancer
to do all their searchers and to do the conveyancing process.
The surveyor needs to be paid for to at least
have a basic mortgage survey. A lot of the times nowadays,
the lenders are trying to give you a free survey
as a bit of an incentive to take up their
policy rather than somebody else's. But if you want to
(03:25):
have a more detailed server or need even have eyes
on the survey that the bank conducts themselves, you need
to facilitate some sort of money for that. Now, there
are generally three types of survey levels. You've got a
basic mortgage survey, you've got your home buyer survey, and
you've got a full structural survey. To do a full
structural survey and only really advocate that on a house
(03:47):
where it's a freehold house where you own the entire property,
because there's no point in doing a full structural survey
on a flat because the surveyor won't have access to
all of the other points of the property to be
able to do the inspection. That can only inspect within
the walls of your property and maybe the communal errors
and maybe do a visual from outside. So I think
(04:08):
if you're buying a flat, nothing more than a hound
by a survey would probably be recommended.
Speaker 3 (04:14):
Do you think surveys are worth it? Because I've bought
a few homes in my lifetime, and what I have
found is that even the best surveys miss lots of things,
and there's also absolutely no comeback whatsoever as far as
(04:34):
I can see from the stuff being missed. And then
most occasions have been better off getting a friend who
was a builder. They come around, kick the tires, make
sure it wasn't subsiding into the street, and then just
go ahead with the basic kind of mortgage survey. Is
that a typical experience because it looked to be like
a waste of a couple of grand.
Speaker 1 (04:55):
It can be, to be honest with you, because the
survey reports are incredibly caveated to say, maybe I couldn't
see all of the subfloor, so therefore I'm not entirely
sure as to whether or not there was dry rot
or any of those things that they might not have seen.
And it's incredibly hard to fully inspect a property where
you don't have access visually or otherwise without drilling holes
(05:18):
and sending down cameras, et cetera. To be able to
do all of those things but there are quite a
few people who don't have the skills or indeed the
knowledge to be able to walk around at property and
spot issues. We do property day in and day out.
We've come across everything under the sun. If I walked
into a property, I'd have a very higher educated viewers
(05:40):
to exactly what those problems might be than your first
time buyer who's never ever done that sort of thing before.
So the survey could give you a little bit of
a guide as to where problem areas might lie, but
further investigation is always needed. So they would say, the
electrics look like they are quite dated, should probably get
(06:00):
an electrical inspection done. The plumbing looks like that there
might be some issues. You should probably have a drain
inspection done. There's areas of timber and damp. You should
probably have a timber and damp specialist come and do it.
So the value won't give you a cost and a
guarantee that is the problem and this is how much
a cost to fix because they don't provide that service.
(06:21):
So they always recommend you to go and have more
investigation with those specialists to be able to know is
it worth it to certain people? Yes, because of the
fact that if you don't know what you're looking at,
and you walk in and you go buy a property
and you find out that the electrics are shot and
the plumbing's not up to scratch, it could cost you
a significant amount of money and you might have had
(06:43):
that flagged. Yes, they missed some things, but I think
that's just a human problem. And also certain properties don't
allow you to inspect all areas.
Speaker 2 (06:52):
What's your view on the idea of getting a mortgage
and principle first before you actually hunt down the house,
so that when you get to that today, the seller
knows that your genuine in these areas, I.
Speaker 1 (07:01):
Think it's definitely worth doing. I think if you're going
to go down the road of trying to buy yourself
a house, surround yourself with the right people, get yourself
a broker, get yourself a solicitor that we'll be able
to help and advise you on it, and then do
all the fundamentals first so that you have no surprises
coming down the track. You know, speak to the broker,
(07:23):
lay out all of your information so that you know
how much you can borrow. You know where some of
the problem points might be in the way that you're
paid and the structure of your bonuses. We have problems
with people believing they can borrow when they're getting restricted
stock units as part of their bonus package. Finding out
too late that you can't actually use that might mean
that you've wasted all that time and effort searching for
(07:45):
a property that you can't fundamentally affward. So then we
always suggest that people check their own credit report, get
a copy of that to be able to provide to
the broker to say, these are all the debts that
I've got, because that credit reference agency is what the
lender is looking at, so there's any surprises on that
the lender is going to be able to see them,
and then go and get yourself in agreement and principle
(08:06):
for generally the highest possible purchase price that you could
afford giving your income in your deposit situation. At least
then you know where your ceiling is and you can
come in and find the property that is underneath that,
and you should then have no surprises. The agreement and
principle is always done with one lender, in particular the
lender that will probably give you the highest possible loan amount.
But when you find the property you want to buy.
(08:28):
That's the point at which you will know more about
how you want to structure that loan. How much money
might do you want to hold back from your deposit
to maybe do a bathroom refurbishment because the property needs it.
Whereas being able to borrow that money at the outset
and hold back some of your deposit to facilitate that
work might be worth you doing. Now, that might mean
(08:49):
you change leaning to value, and it might mean that
you change product, but it might be worthwhile for you
to do that because you can enjoy the house more.
And then we'll advise on people to be able to
sort of get that agreement principle, find your property product
that you want to be put into, and then we
start the application again. It might be the agreement prints
with that lender in particular. Then the full application, survey,
(09:12):
mortgage offer over to the solicitor to push to get
you to the point of exchange where you finally have
some knowledge that you've secured that house or flat.
Speaker 3 (09:23):
What should you expect during that process? So you agree
a price, you get to your mortgage done, you get
to exchange. What happens next.
Speaker 1 (09:34):
So once you've reached exchange you generally confirm with your
solicitor your solictor LEO is worth the vendor solicitor, and
between the two of them you agree an exchange date
a completion date from the point of exchange. Now, if
you're in a chain where there are a number of
different properties all linked together, you buying the first time
(09:56):
buyer generally is the first step in that chain, and
then after so that every other house moves on the
same day, everyone in that chain needs to be able
to agree the completion date, unless, of course, one of
those people are willing to sell the house and move
into rented accommodation or go live with family, or whatever
it might be. Once everyone's finalized that date, you agree
(10:17):
it your exchange, You pay your five ten percent over
to your solicitor, and you are then at the point
where you've secured that property up until the point of exchange.
The vendor or you could walk away with no redress
to the other party after exchange, there are penalties if
you walk away for whatever reason. From a mortgage point
(10:38):
of view, you just need to make sure your mortgage
offer is still valid until after the point of completion
is expected to happen.
Speaker 3 (10:46):
And typically Howlong's an author are valid for on.
Speaker 1 (10:49):
A purchase or a remortgage. A new mortgage offer is
generally valued for six months, but when you get given
the offer, there will be a date on that offer
that will state the valid period of that offer. And
it's something that just definitely needs to be put in
everyone's diary.
Speaker 2 (11:05):
So before the actual exchanges was horror stories all over
the place on both sides about being dizumed, gazunders etc.
So someone who's been through this process over and over,
you've got any tips for us on how to avoid
that kind of nasty surprise and the negotiation process.
Speaker 1 (11:20):
Unfortunately, there is no real way of stopping the gazumping gazundering.
It's very very poorly taken by all parties other than
the vendor because they're generally getting more money. But if
somebody has made a viewing on a house and the
vendors even allowing viewings to continue, it's a sale market
(11:41):
where if somebody comes in and offers you a higher price,
you can by all means take that price. It is
a problem with the UK buying system because it takes
so long. There could be massive shifts in the economic
stability of the country between the points of agreeing a
sale and actually completing. So that process allows for renegotiations
(12:02):
to happen, but their renegotiations happen for different reasons. You
could find a property that you have your inspection done
on it, and you find out that there is a
problem with the roof, and therefore you might want to
get some more detail on that, and you might want
to renegotiate the price because of the fact that the
roof has got some issues. Up until the point of exchange.
All of that sort of stuff can happen, and there
(12:24):
also might be a change in your circumstances, right because
a person might lose their job in between, not be
able to afford it, and they might want to pull out.
So it works both ways. But gazumping is not a
pleasant experience for anyone involved.
Speaker 3 (12:39):
No, I mean, just to be clear. And Scotland the
system is different, so again you're locked in a much
earlier period. But what's talk about the system in England
and wheels here. But yeah, from that, so we get
exchange and then we get completion and you move in
and that shoe. You're happy, everything's done. Is there anything
else in the process that you'd like to highlights being
(13:01):
an area things often fall through or mistakes are made.
Speaker 1 (13:05):
I think one of the difficulties is when you buying
in a long chain, you reliant on a number of
different third parties to all agree, and to get human
beings to agree is difficult with lesser numbers, but when
you get a lot of people involved, it can be
rather tricky to get that done. One of the things
that we see a problem with is land registry delays,
(13:26):
slowing things down. When somebody has bought a house, some
land registry delays or up to a year two years long.
So if somebody bought a house cash, has renovated it
and is trying to sell it within a six month period,
it's highly unlikely that it would even be properly registered
on land registry. That could cause a problem. If somebody
has carried out extensive works to the property, have they
(13:50):
got the right permissions? Have they got the right warranties?
Those things are sometimes overlooked by people who have just
decided while I'm doing the renovation myself, therefore these things
aren't applicable to me. But when you come to sell
the property, that person wants some sort of sureties that
things were done right and then you have the right
warranties in place, and that can cause extra costs because
(14:12):
they might need to go and get a retrospective warranty.
Extra delays, extra costs for you as a buyer because
your solicitor and now has to do these extra pieces
of work. So they're not huge sort of things, but
there are little niggling problems that can protrap that sort
of completion period.
Speaker 3 (14:32):
Great well, thanks Gaing I and I really appreciate your team,
and I think hopefully I should give them everyone a
bit of view of the painful process of buying a housset.
It doesn't have to be painful, you'll tell us that.
Speaker 2 (14:49):
Thanks for listening to this week's Maren Talk to Your Money.
If you like us show, rate review, and subscribe wherever
you listen to podcasts. Also be sure to follow me
and John on extraor Twitter at Marinus w and John
unders Sport stepech. This episode was produced by Summersidi and
morosesandam sound designed by Blake Maples. Special thanks of course
to Anthony Emerson. Questions and comments on this show and
all our shows are always welcome. Our show email ismerinmoney
(15:13):
at Bloomberg dot Net.
Host
Merryn Somerset Webb
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