As with buying a main residence, the process of conveyancing will oversee the legal elements of the sale including the transfer of monies, searches with the local authority and the transfer of deeds.
So the process of choosing a solicitor or licensed conveyancer should be made with due care and attention. When buying a holiday home for letting there are a couple of areas to pay special attention.
Timing – the purchase is usually not part of a chain and therefore not dependant on the sale of another property to go through as part of the new acquisition. This can ease the stress of ensuring that particular actions happen on particular days within the process. The only note to make is considering the time of year that you are buying, and any approaching busy periods for bookings. For example if a purchase is delayed into July and August, important booking income could be missed. Even if the purchase was completed on July 1st, there is still a risk of empty peak weeks due to the shortened time available to generating these bookings. So the process of appointing a solicitor, consider the timeline of when the property will be available to a) make bookings on and b) welcome guests. Are there key dates such as Easter or Spring Bank Holiday coming up?
Local searches – look out for any planning and developments in the area. If neighbours are planning improvements to their property such as an extension of loft conversion, this may affect the view from your holiday home or privacy in the garden. Building work may disrupt your guests stay or access to the property leading to complaints if they are not made aware of work when they book or before they arrive.
Choosing a solicitor or qualified conveyancer
The internet has, with many professions, changed the conveyancing industry. So what are the options?
The family solicitor – known and used before. The downside may be a lack of local knowledge where the holiday home is located – the level of local insight required may or may not be an issue.
A solicitor local to the holiday home. The pros and cons are the reverse of above; the solicitor will not be known to you, but will have a better knowledge of the area and the property you are buying. Ask locally for advice on who to use – the estate agents are a good starting point for recommendations.
The final alternative is to use one of the new breed of web-based conveyancing services. These are typically cheaper so it is worth researching them in more detail via the web; for example finding reviews from previous clients and establishing a few key elements of their service such as having a named contact at the company who will be carrying out the conveyancing and what charges are you liable for if the sale falls through. If the purchase is not time sensitive, and because there is no chain involved in buying a second home, this option be suitable to some buyers.
