.jpg "How to buy a home in Guernsey - here's what you need to know")
If you’re hoping to move to Guernsey then first and foremost it’s important to be aware of the island's two-tier housing system and the distinction between its ‘Local Market’ and ‘Open Market’ properties.
Once you know the type of property you can buy the process of purchasing a home is relatively straightforward. But there are still one or two differences from buying a home in the UK.
1. FIND A HOUSE
When you have found a property you wish to buy and you have the funds in place to buy it, you can make an offer through the estate agent which will be subject to the Standard Conditions of Sale.
2. INSTRUCT AN ADVOCATE
Buying property in Guernsey is part of a complex legal process and you will need an advocate to act on your behalf. They carry out work similar to a solicitor in the UK and your agent can usually recommend someone if you don’t have a preferred choice. Once you have found and instructed your advocate they will complete the title checks and advise you through the process. Your advocate will check the property has the necessary rights and is not burdened by any unreasonable obligations. They will also report on the outcome of a site visit and review any matters arising from the Conditions of Sale.
3. BOOK A SURVEY
As in the UK, if you need a mortgage the lender will require – and arrange for – a valuation from a surveyor. Depending on the type of property you are purchasing you may wish to have a more in-depth report, or indeed none at all.
4. SIGN UP
Signing the Conditions of Sale makes the deal binding. This is usually done well in advance of the completion date to allow time for the logistics of the move. If you sign up conditionally – for example if you’re waiting on the outcome of a survey or any legal matters – you will be asked to agree a date after which the contract becomes unconditional. This is called the Operative Date.
When you sign the Conditions of Sale you will usually be expected to pay a 10 per cent deposit. If, before the Operative Date has passed, you decide to withdraw from the purchase you will be entitled to claim back your deposit.
5 . COMPLETION
In order to complete the transaction you – or a representative – will need to attend the Contracts Court (known locally as the conveyancing court). The court sits twice a week with proceedings overseen by a Jurat Lieutenant Bailiff and two other Jurats. Both the buyer and seller simply have to appear before the court and agree the sale or purchase of the property (as the case may be). If you are unable to attend in person you can sign a Power of Attorney to allow someone else – such as your advocate – to represent you. Once this is complete the property is legally yours and you can collect the keys.
Further information
Contact Savills Guernsey
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