Advice for a cash buyer

[DanFmDorking]

I’m in the fortunate position of being able to buy a flat for cash.
Does anyone have any advice for a cash buyer?
What should I look out for?
What should I be careful about?
Is there anything I should / should not do?
‘owt else?
Thanks - Dan

As a cash buyer you are not obliged to get the searches or survey etc. But you should.
Other than that, there isn't anything different. Even buying with cash can mean a long process, but it does eliminate a layer or two of possible delays.
I always buy with cash. I haven't found it to be a particular advantage, though if buying in a hot market it might be as you can proceed.

@Livingintheclouds - understood - many thanks

You’ll be able to buy cash buyer only flats such as ones with non standard construction, or cladding issues.

Personally, I would not do so as you will be limiting yourself on sale / potentially have to deal with issues whilst there.

Cladding cladding cladding is the big issue at the moment.

You could take advantage of lower lease flats as you can then extend and increase value (and buy with discount as they ar not mortgageable if 80 years or less, but even under a 100 banks not keen) - but as investors buy these, there is not many on the market - used to be a lot more! Obviously to do this, make sure you find out who the freeholder is, if they are abroad or 'unknown' best not to bother!

Always get a survey. We have bought properties for cash so there is no obligation for the usual Building Society survey.
Even though full surveys will point out the obvious it’s reassuring to have one.

Don't skimp on searches to save money now - think about any future buyer when you come to sell. Make sure the property will be sale-able and mortgage-able in the future.

Being a cash buyer actually worked against us in some cases where the vendor was only interested in the £££ and not the position of the buyer.
As a cash buyer you have your budget and that's that. People with large deposits & high incomes could just keep upping the £££ so houses were going over asking by up to 20%
When it's your actual cash, it has more value to you than sticking a bit extra on the monthly mortgage repayments
That's here though.
The market has been insane.
In the end, we did manage to get a house but still had to go over asking by 6%

Make sure your cash is actually available so you don't suddenly realise at exchange that you can't withdraw for X number of days and will hold up the chain...

As PP said.....cladding, cladding, cladding! We’re in the same position currently buying a flat for my husbands son and the flat we’ve offered on (in a large converted house) you wouldn’t even have thought would have cladding. So glad we looked round the back, because there’s a 3 storey extension which is clad! It doesn’t affect our purchase but the last thing we want to do is buy his son a flat that’s going to be a potential nightmare to see down the line.

Engage your conveyancing solicitor before you make an offer so that they have completed their Anti Money Laundering due diligence by the time you offer. The Memorandum of Sale issued by the EA when the vendor accepts the sale may stipulate a time frame for putting parts of the purchase process in place.

Your solicitor will ask for evidence as to where your money has come from.