How Can I Speed up My House Purchase
Find an agent with a good track record
Use google reviews and all the agents to get consumer feedback on agents within your area. Make sure you get on with your estate agent, and that you trust them. They will be the first point of contact for any potential buyers, so you need to make sure that they will represent you and your property well.
Sellers – instruct a solicitor as soon as you list, and buyers – as soon as your offer is accepted
Picking the right conveyancing solicitor can be like picking a needle out of the haystack. Do you rely on recommendations from family or friends or pave your own way and select one yourself? Do you go for the cheapest fees?
You can compare quotes now from conveyancing solicitors and speak to them about the process and costs so you’re ready to instruct them.
Choose a legal team using a digital platform
They can complete transactions quicker. Digital Move claims cases can be completed up to 6 weeks quicker. Look for the Digital Move logo when you search for your conveyancing firm.
Sort out your Energy Performance Certificate
Also known as an EPC this has to be included with a sale by law. It shows how energy efficient your new home is and if you moved in within the last 10 years, yours is still valid. Here’s how to check if you have one or how to get one if you still need to.
Get your paperwork in order
If it’s a leasehold, find the lease. Locate certificates showing compliance with regulations of any works done from planning permissions to FENSA certificates for window replacements. Don’t forget valid guarantees a home buyer will want to see.
Get your mortgage agreed in principle before you make an offer on a property
Many lenders and brokers are experiencing COVID related delays and mortgage choices have significantly reduced, especially for first time buyers. Avoid wasting time later down the line and start the mortgage process now.
Consider homebuyer protection insurance
In uncertain times like these, homebuyer protection insurance covers buyers for some of their legal and survey costs as well as mortgage lending fees should your purchase fall through.
Allow time for local searches
Covid-19 and now lockdown restrictions mean many local authorities are struggling to supply their own searches and also to provide access to data for personal search companies.
If you are moving within an area you know well, then “no search indemnity insurance” will cover you if one or more searches do not come through before you need to exchange. But you’ll need to check your lender would be happy to lend on that basis.
Lastly – plan for the worst case scenario
The process of moving home is an uncertain one at the best of times. If you are starting to look for properties now, you should cost in the additional stamp duty rate in the event you complete after the end of June and make sure you have a contingency to make that payment. Sellers may also want to check their buyers could afford the additional tax if this did happen. When push comes to shove, if you need to pull out of the transaction, both parties can legally do so without financial consequences before exchange of contracts. Another suggestion is to agree up front what will happen if the transaction is delayed – perhaps the buyer and seller can split the stamp duty cost if it needs to be paid.
