There is little in life that is more frustrating than wanting to move home but being unable to do so due to delays and chain collapses. By following these top five tips, you will be well positioned to avoid delays in your property sale or purchase transaction.
Tip 1 – Be prepared.
Ensure that you have a mortgage agreed in principle so that you do not waste time looking at properties that are outside your price range. When your offer is accepted on a property, you know that you will be able to secure and afford a mortgage on it.
Conveyancing solicitors have a very important role in the property purchase process so ensure that you select one who will be able to start work as soon as your offer is accepted and with whom you can easily communicate. Often, licenced conveyancers such as Sam Conveyancing will have greater capacity than a high street solicitor who will also be handling a number of other legal cases, aside from property matters.
Tip 2 – Process paperwork quickly.
Buying and selling property requires a lot of communication and paperwork. Ensure that your solicitor is provided with all of the paperwork that they require (such as proof of identification and funds) at the earliest opportunity to allow them to commence work.
Failure to supply your solicitor with the information and evidence that they require will introduce unavoidable delays into the process. Sellers should ensure that their property title deeds are provided to their conveyancer when requested.
Tip 3 – Be honest.
Honesty is always the best policy and this is especially true when buying or selling houses. It is essential that you declare the source of funds used to purchase the property, especially if the deposit has been provided as a gift, as it is likely that this information will also be required to secure a mortgage.
If a seller is unable to provide information relating to the property, for example, evidence of underpinning, flooding or subsidence, they should declare that they do not have this information, and the solicitors will advise their clients as to whether they wish to proceed with suitable insurance or whether they wish to withdraw from the sale.
Tip 4 – Supply all necessary certificates.
Sellers can simplify a property transaction by supplying their solicitor with evidence of the property’s EPC, and any work carried out within the last 20 years, such as new doors or windows, an updated central heating system or any electrical rewiring to certify that the work that has been conducted is compliant with current building regulations.
Handing this information over at the earliest opportunity will allow the conveyancers to proceed with fewer queries.
Tip 5 – Get the survey booked.
Good surveyors are in high demand, so booking a survey as soon as your offer is accepted is a wise move. It will allow the buyer to negotiate on their offer if work is identified that will require rectification as well as enable the solicitors to proceed more efficiently, as they will not be forced to pause work pending the results of the survey.
By following these five top tips, you stand a good chance of accelerating your property transaction timescales.
