The main difference between a house cash offer compared to the more traditional route is that the house buyer does not have to go through the tedious process of applying for or arranging a mortgage. Cash buyers still have to meet with the seller’s solicitors to go over various legal matters, but do not have to suffer through the multitude of checks that are mandatory when applying for a mortgage. The only legal document that will need to be produced is a bank statement showing evidence of the funds needed to purchase the house.
It is still essential that cash buyers arrange for a conveyancer to perform searches and to have a property survey performed to make sure there are no major issues. The searches and conveyancer will provide more information about the property and any issues it may have. Issues such as: the presence of contaminated land, risk of flood, and any subsidence problems that need to be attended to.
A property survey gives you information about the condition of the house and its cash value. Some properties are available as cash-only purchases due to extensive damage; property surveys will detail these damages and state which repairs need to be performed and estimate their costs. Any structural concerns, dampness, subsidence and other issues will be investigated. The resulting survey report may give you a foundation on which to try and negotiate a lower price, or may in fact dissuade you from purchasing.
