Buying a home seems like a waiting game. It takes time to decide to do it and then there’s the process of finding the right property.
But that’s only the start. It then seems to take forever to get the keys in your hands and the removals men delivering your stuff.
There are ways you can speed it up, beginning as soon as you think of selling your own home. Back in the day, the Home Information Packs was mooted but they failed. We now do something similar, the PIQ property questionnaire, but it relies on information from you.
Whatever you can find, such as utility bills, any warranties for replacement windows (and their FENSA compliance certificates), conservatories, boilers, and any other equipment being sold with the house, should be collated so they are there as soon as requested by your estate agent as they are needed ahead of marketing the property.
Similar information will be requested at the enquiry stage when the buyers’ solicitors send a questionnaire to be completed. When that comes, be sure to answer accurately because omissions, especially deliberate ones, could see a claim against you. If you’re not sure, tick the “Don’t know” box!
The need for speed has come more sharply into focus since mortgage rates began rising. Mortgage offers are time limited, frequently around four months, and it only takes one snag to delay the process long enough to see the offer expire. You can speed things up and possibly save a couple of weeks by instructing your solicitor straight away to get on with local searches while the mortgage offer is being assessed. Pay up front if requested – but make sure your conveyancer deducts the sum from the end bill!
When your solicitor gets back to you, the package of documents can sometimes be daunting just by size alone. But don’t put it aside because it’s complicated, go through the detail carefully. If you have trouble understanding it, ask your estate agent to help.
Should the worst happen and your mortgage offer expires, resulting in a new but smaller offer, or the valuer downgrades what the house is notionally worth so the lender reduces the loan size, an increasing problem as valuers protect their public liability cover, don't ignore the problem and hope it will go away. Contact the agents you are selling and buying through and see what can be done to keep the chain together. Others involved may be in same position so if everyone adjusts their figures nothing should be lost. No matter how busy you are with life, keep on top and keep in touch!
Colin Shairp,
Director, Fine and Country Southern Hampshire