Buying & Selling Property: Tips for a Smooth Transaction
Buying and selling property can be one of the most stressful journeys we embark upon, and with property transaction times being at an all-time high, an average timescale of anywhere from 8 weeks to a huge 16 weeks, it’s no wonder sellers and buyers alike can find the process drawn out, frustrating and extremely tough.
Timeframes from a sale being agreed through to the day of completion can, of course, be affected by and depend on the various complexities of a transaction, many of which are, frustratingly, somewhat outside of the seller’s, buyer’s or Conveyancer’s control. Reliance on third parties, such as management companies or lenders, or indeed the length of a chain can all be factors that hinder the smoothness and length of time a sale can take.
However, here at GoodLaw, we’ve put together some useful tips which you can control, in order to help you ensure you’ve done all you can to help keep the timeframe and stress to a minimum.
Instruct in Advance
Being ‘ahead of the game’ can be critical in helping to speed up your transaction. By instructing your chosen Conveyancer or property Solicitor ahead of agreeing your sale or purchase and receiving the documentation you’ll need to complete, you can ensure that as soon as you’ve found your buyer or property, your Conveyancer can initiate the first step of the conveyancing process without delay. They can issue the Draft Contract Pack to your buyer’s solicitor or request this from your seller’s solicitor.
When selling a property, it can take time to thoroughly complete the initial documentation required such as the Property Information Form (TA6) and Fixtures and Fittings Form (TA10). Completing these in advance can help to ensure you have sufficient time to calmly gather information and any all-important documents you’ve filed away without the pressure of knowing that a buyer is eagerly awaiting your responses
By providing your Conveyancer with all documentation and certificates you hold initially – such as planning permission, building control completion certificates, boiler service records and any guarantees (just to name a few!) – this helps to avoid further enquiries being raised by your buyer’s solicitor, thus helping to reduce the timeframes.
Choosing Your Conveyancer
Crucially, instructing ahead of time can help you to ensure you can take your time to choose the best Conveyancer for you. It can be tempting to choose the firm who charge the cheapest fee, after all, they all do the same don’t they?
A proactive, communicative and customer-service driven Conveyancer can be worth their weight in gold in order to guide you through the process and ensure your sale completes as quickly and smoothly as possible.
Selling and buying a property encompasses many processes and, inevitably, questions. Being safe in the knowledge that your queries and any communication will be dealt with promptly, thoroughly and with care is – in our opinion – top of the agenda and key in ensuring an efficient conveyancing experience.
Personal recommendations are fantastic, as you have the peace of mind that an exceptional service has been provided. However, we also suggest casting your eyes over reviews, as this provides great reassurance of the service being received, straight from the horse’s mouth!
Mortgages affect sales and purchases alike.
If you are selling a property and have a mortgage to repay, it is important for you to check that you will have sufficient sale proceeds/funds to enable you to repay your mortgage in full on completion.
If you require a mortgage in order to purchase your new home, we suggest that you speak to a mortgage broker before finding your property. This is to ensure you are fully briefed about your options and budget, enabling you to confidently make an offer on any potential new home you find, avoiding last minute hurdles.
Viewing a Property and Survey
When viewing your potential new home and imagining it as your own, it’s an extremely exciting prospect! In fact, it can be so exciting that it becomes all too easy to miss important issues. Issues that may affect your decision to purchase the property or how much you are willing to pay after factoring in remedial works required and/or costs involved as a result.
We recommend that you take time when you are viewing, and indeed do so more than once, not excluding that all important visit prior to exchanging contracts so to ensure you are happy with the state of the property.
However, arguably more crucial than this is to ensure you arrange a survey. Engaging a qualified surveyor will help to identity any potential issues that you may not have spotted on your viewing, or that indeed may not be apparent, that you may need to iron out before you’re in a position to exchange contracts. Arranging a survey as early as possible and being in receipt of the report can help save last minute panics. This will ensure any queries, adjustments in price and repairs required are dealt with swiftly and do not impact on the timeframes.
Review Information Carefully
When purchasing a property, inevitably you will receive large amounts of information from your Conveyancer throughout the process and, whilst a good Conveyancer will helpfully highlight any important points, you can help to potentially speed up the transaction by raising any of your own queries at the earliest opportunity.
This gives the seller and their solicitor ample time to answer and for you to ensure you are satisfied with all the information you have received, avoiding last minute delays.
Whether you’re selling or buying, you may require a removal company in order to get you moved. In order to avoid last-minute stress attempting to find a firm, we suggest that you speak to several companies in advance in order to get a feel for their service and receive their quotes.
Hopefully, when you’re ready to exchange, one of these will be available on your chosen completion date!
For more general information around the process, feel free to also check out our conveyancing FAQs!
GoodLaw: Experienced Conveyancing Solicitors
Here at GoodLaw, we pride ourselves on the excellent, professional and helpful service we provide to our clients. Whilst we recognise moving home is seldom stress free, we are grateful to be part of our client’s’ journeys, whatever the reason for the sale or purchase and we work hard to make it as seamless as possible.
Please do take some time to read the lovely reviews our clients have taken time and we hope to be lucky enough to assist you with your future move!