ASK448: How do I avoid New Build scams? PLUS: Do I really need a solicitor?

When buying off-plan properties, it's crucial to ensure you're dealing with a trustworthy developer. Due diligence is key. This can involve researching the developer's reputation, checking for previous projects, reading reviews, and verifying their financial stability. It's also wise to understand the legal framework surrounding the purchase and possibly consult with a solicitor before making a commitment. Avoid rushing into any decisions, and take the time to gather all necessary information to safeguard your investment. Remember, being cautious and informed can help you avoid scams and ensure you're making a sound investment in the property market.

Investing in off-plan properties can be risky, especially when heavily advertised. Look out for high deposit demands, often between 25-50%, as they can indicate poor protection and risky deals. Always conduct your own due diligence, even when working with trustworthy agents, and be cautious of recommended solicitors. A safer approach is to consider properties with only a 10% deposit that comes with strong protection. These steps can help you avoid potential pitfalls in property investment.

When dealing with mortgages for your limited company, hiring a solicitor is essential. They ensure that you understand the risks since the lender usually requires independent legal advice. You may not need the small print read out loud, but it is necessary because it protects your personal interests as a director. Although it can feel tedious, and you might pay a fee, it's part of the property transaction process. Nowadays, services are available online where you can receive this advice efficiently, rather than meeting in person. It's wise to find a solicitor who is not connected to your main purchase transaction for this. As the market has matured, obtaining this advice has become easier and more accessible, often done conveniently via platforms like Zoom, making it less of a hassle.

In the world of legal services, clients often face unexpected costs because solicitors may need to verify each other's work, which can lead to additional charges. Although such checks are not required for personal benefit, they are essential for satisfying lenders. This complex situation highlights the importance of recognizing that legal processes often involve multiple layers of review, each potentially incurring extra fees. Clients should remain aware of these practices to better understand their total expenses during transactions. Ultimately, it's vital to plan for these costs when engaging legal services, as they contribute to the overall experience of buying or selling property. Engaging in thorough communication with solicitors can help clarify what fees may arise and ensure clients are prepared for any extra charges, making property transactions smoother and less surprising. Proactive awareness is key to navigating the complexities of legal costs effectively.