The following Property practice note Produced in partnership with Rachel Oliphant of Pinsent Masons provides comprehensive and up to date legal information covering:
Due diligence (the process by which information about the proposed purchase is collated and assessed by the buyer's advisers) enables the buyer to make informed decisions about the property that it is proposing to buy. The due diligence will reveal if there are any potential risks which the buyer will be exposed to and the buyer can then decide how to minimise these risks. This may be by:
an adjustment to the price
warranties from the seller in the missives
title indemnity insurance to cover the risk
corrective conveyancing or an application to the Lands Tribunal to vary or remove title conditions, or
not proceeding with the purchase
The buyer's solicitor's first step is to find out as much as possible about the proposed transaction by reviewing the heads of terms, speaking to their client to find out what the client's plans are for the property (what they want to use it for) and if they have any particular concerns about the property.
where the property is located and if it is in an urban or rural location (this affects the issues arising and mapping requirements)
if there are any tenants in occupation
what type of property it is (office/retail/industrial/residential etc)
what the current use of the property is
when it was constructed (if less than 12 years
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