Thinking of selling, or have you just secured your dream home? Read our tips to a smooth sale, in these unusual times.
Activity in the housing market has quickly increased in the last couple of months which, in turn, has also impacted all of the associated elements of the house moving industry. When a sale is made, it isn’t just agents and solicitors involved, down the line there are also mortgage providers, solicitors, removal firms and cleaning businesses.
What delays are happening?
We have discovered that local authority searches have in some cases increased from 5-10 working days to between 20-30 working days. Likewise, as of October 2020 mortgage offers are reportedly taking between 4-8 weeks instead of 2-4 weeks, a significant increase.
Thanks to the total sum of these delays, from the time an offer is accepted to completing the sale, property transactions can now take between 14-18 weeks, instead of 10-12 weeks.
There are steps which you can take to ensure that the sale not help up from your side.
- Once we have received your instructions we can instruct one of our recommended law firms at the very outset, enabling you to complete all paperwork ahead of securing a buyer, saving 2-3 weeks.
- We can advise and help collate your property paperwork, such as property warranties and pass these directly to your law firm. This step will save you time as there should be fewer enquiries from your buyer.
- Be aware of leasehold delays – request a copy of your lease and accounts/management packs prior to finding a buyer.
- An offer has been accepted on your next home? Congratulations! Now you must ensure that all of your paperwork, ID and any other documentation is quickly completed and the funds for your searches are ready.
- We suggest that you arrange to complete your mortgage application as soon as your offer has been accepted to submit your application as early as possible and secure the best possible mortgage rate.