Property Owners Directory Blog

Statistics released by the Land Registry yesterday are unlikely to come as a big surprise to most of us involved in the property sector. They confirm that prices will fall further, at least in the short term, and now more than ever, speed is of the essence when you want to make a transaction.

Simon Manuel of Clegg Manuel solicitors advised me that it will take it will take more than a month to reach exchange, but if you have found a good price to buy a property and your mortgage offer is in place, the purchase can be achieved within one month.

With this in mind, we’ve put together 6 tips for buying and selling fast, which will help you beat the market.

Selling fast

1. Instruct solicitors, estate agent and arrange a Home Information Pack as soon as possible. Making sure the necessary papers are in order and sending out a contract to a buyer as soon as one is found will expedite the process. If the property is leasehold, request the standard service charge management pack from the managing agents at the same time. Note that this may need updating if the sale drags on.
2. Obtain redemption statements from bank/lender. This will tell you what sale price (and possibly savings) you will need to pay off the mortgage on the property you are selling. Proceed to instruct agent.
3. Agree on a deadline for exchange. Give 2-4 weeks to ensure that the buyer is aware of the terms. Include a provision that if exchange does not happen within that period, the property will go back on the market. This is to keep the pressure on the buyer that there may be other potential buyers interested in that property.
4. Make sure the buyer’s survey or valuation of the property can take place as soon as possible. If you can’t be there, ask the agent to be available. In addition, remain in constant contact with your solicitor to ensure that enquiries are being dealt with swiftly.
5. Sign the contract in readiness for exchange.
6. Stick to completion date agreed.

Speedy purchase

1. Mortgage? Make sure you know you can get a mortgage for the purchase. Get the mortgage application processed so that you have an offer in principle as soon as possible.
2. Instruct solicitors and surveyors as soon as possible. Inform the solicitors if you are in a chain, a related sale or need a mortgage. If you need a survey, instructing the surveyor quickly and forwarding a copy of the survey to your solicitors can speed up the process.
3. Apply for local searches or other additional searches required.
4. Raise any queries with the seller’s solicitors. Do this as soon as the survey and search results come back and as soon as the contract is received from the seller’s solicitors to prevent holdup.
5. Return the signed contract to the solicitor.  Along with your deposit.
6. Agree date for exchange and completion.