The housing market has picked up pace significantly since March when the UK came out of lockdown 2. However, an increase in people on the move has led to the length of time between offer and completion increasing. In the UK, it typically takes about 12 weeks from having an offer accepted to complete a house purchase. But sometimes it can take much longer – In our most recent case… 7 months!
You’re not going to be able to wave a magic wand and suddenly cut the conveyancing time in half. Still, if you make sure you’re providing the correct info from the outset, you're quick to communicate, and you’re making the right selection with solicitors, it all helps get rid of the wasted weeks that can easily creep in.
The pre-exchange period is known to be the part of the process most prone to delays. It’s at this point where you can expect a lot of back and forth between solicitors, agents and mortgage advisors—especially if you’re part of a chain.
TIMINGS & DEADLINES
Be firm with what you want. This isn’t a cue to be unrealistic and demand a 4-week sale, but by agreeing on a realistic target date for an exchange, everyone has a set deadline to work towards and this should give the process more impetus and structure. If one side or both sides aren’t in a rush to move, build in some extra time between exchange and completion rather than being too flexible with the exchange date.
You may be able to add a clause into the contract that says if completion goes beyond the deadline due to the fault of the seller, that you (the buyer) can either withdraw from the transaction or that the purchase price is reduced accordingly.
Picking a solicitor who can work for your lender will mean that part of the legal work will not need to be outsourced to another firm. Outsourcing this work can often cause delays.
THE SOLICITOR
These guys really do hold all the power. Finding a good conveyancing solicitor will make all the difference to how quickly your purchase completes. Ask around your family and friends and on local social media for recommendations. You really need to find a firm that wants to represent its clients, not one where you just become another docket on their desk.
Get quotes from several solicitors before making a decision. You can speed things up by choosing a solicitor who can also act for your chosen mortgage lender. A solicitor can only do this if they are on your lender’s panel of approved solicitors.
Picking a solicitor who can work for your lender will mean that part of the legal work will not need to be outsourced to another firm. Outsourcing this work can often cause delays.
SURVEYS
Don’t mess about with this one; get it booked at the earliest opportunity. With so many house sales underway as we escape from lockdowns, the demand simply outweighs the supply. If you’re going to be doing this more than once, find a firm you can strike up a relationship with. Show them you’ll put more business their way if they perform swiftly and efficiently, which in turn will incentive them to move swiftly and efficiently!
You can research recommended surveyors and get an idea of how busy they are in advance of making an offer – then, once your offer is accepted, you can book the survey straight away.
These are just a few simple bits of advice that can really make a difference. At GF residential & Property we’re always looking for properties to purchase. If you’re looking for a fast and efficient buyer of a home, we may be able to help! Our current areas of interest are South Wales, Shropshire and the West Midlands. If you would like to speak with us, then please drop us a call on 02382444293 or email on info@gf-rp.co.uk
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