How does it feel when you finally accept an offer on your home? After all the work preparing to sell your property, it may seem like the end of a long journey.
It’s the same when you are buying a property after spending months – or even years – searching for your ideal investment or new home. When your offer is accepted, you may feel that you can relax and look forward to the future.
In fact, once an agreement has been reached between buyer and seller, the property journey is far from over. The legal process of buying or selling your home, known as conveyancing, is usually between 12 and 16 weeks.
But if you are unlucky, it can take much longer, explains the Fine & Country estate agents in Winchester. Here are ways you can avoid possible delays in your home moving process.
Why do conveyancing delays happen?
When buying or selling your property, delays can occur for a number of reasons, often because there are legal complexities to be dealt with. For instance, the property could be part of a divorce case or a probate procedure, or there may be issues with the leasehold.
More often than not, however, conveyancing delays are simply down to slow responses between the parties involved. With some careful preparation, you can avoid unnecessary delays and hit the ground running.
1. Sort out your mortgage offer
If your property purchase depends on a mortgage, do your research before you begin your home search. Find out how much you can expect to borrow, then secure a mortgage agreement in principle. Once your offer has been accepted, you can go on to complete your full mortgage application with no delays.
2. Instruct a solicitor early on
One way to speed things up is to engage a conveyancing solicitor before you have made (or accepted) an offer. Under anti-money laundering laws, your conveyancer must carry out identity checks before any money changes hands. Getting these checks done early leaves your solicitor free to move quickly once you have reached an agreement on the sale or purchase.
3. Prepare the paperwork
Sellers are required to submit information about their property and provide the relevant documentation. This includes documents relating to renovations, such as FENSA certificates for replaced windows. You'll also be asked to note any past disputes or complaints affecting the property on a property information form. The faster you can get this done, the better.
4. Speed up the survey
The survey is one of the key considerations when you are buying property, so don’t leave it until the last minute to book a surveyor. A bad report could result in further price negotiations or even force you to abandon the purchase altogether, so timing is everything.
5. Estate agent updates
As the sale/purchase progresses, your estate agent should stay in touch with all the parties involved in the transaction to make sure everything is running smoothly. Always ensure that the estate agent you instruct has a dedicated sales progression team who will provide regular updates.
Are you thinking of buying or selling a property? Why not contact our local estate agents in Winchester and share your plans?