Being aware of the impact that the enquiry process has on property transaction completion times can help to reduce stress and doubt for home movers.
This is according to conveyancing services provider myhomemove. With a pre-Christmas rush to complete a yearly occurrence, the firm is giving tips to avoid additional stress during the home moving process.
The biggest piece of advice is for movers to be aware that every additional enquiry raised regarding their new property can have a knock-on effect on the time it takes for the move to complete.
A third of experts surveyed by myhomemove said that frustration over completion times are often a result of movers being unaware of the time it takes for enquiries to be answered by the sellers and their lawyers.
“Homebuyer enquiries are an important part of the conveyancing process; however, buyers need to be aware that each additional set of enquiries can take a few weeks to get a reply to,” says Rob Gurney, myhomemove’s Head of Legal Practice. “An enquiry will often go through several channels before an answer is given, with a large portion of the process being outside the control of the conveyancers.”
“To ensure a smoother completion, homebuyers should ideally prioritise and proactively list the information they wish to know about the property they are buying at the outset of the transaction,” he advises.
The survey also revealed additional tips for a smoother completion:
– Buying a leasehold property will invariably take longer than a freehold purchase. Leasehold purchases involve many other parties, such as landlords and management companies. This elongates the process as information has to be sought and checked with a large number of sources, adding to planned timescales.
– Movers that have their deposit gifted to them need a letter and bank statement from the person gifting it to them, as well as written consent from their mortgage lender. Due to money laundering and anti-fraud regulations, a gifted deposit needs to be proven to be a genuine gift from the person you are receiving it from.
– Completing on a Friday will place additional stress on home movers, especially if a mortgage lender is unable to transfer the funds in time. If this is the case, completions will not happen until the next working day – the following Monday, leaving movers potentially homeless for the weekend. Alongside this, removal companies often charge a premium for Friday and weekend bookings.
– Securing a mortgage before putting in an offer, or having a ‘decision in principle’ in place helps to speed up the process. Waiting for a decision from a mortgage lender can take weeks, or even months.
Paula Higgins, Chief Executive of the HomeOwners Alliance, additionally advises that for those wishing to move by Christmas or a set date; they will need to employ all the tricks of the trade.
Cadman Homes, a family owned estate agents in Rugby have a solution! Working in partnership with a local law firm they can provide a free solution which is proven to cut down the time to exchange contracts by up to half. This is great news for those that want to sell quickly, or just want the certainty that their sale/chain will not fall through. By packaging key paperwork upfront, their lawyers will be able to dramatically reduce the time it takes to exchange. Cadman Homes also have an in house solicitor to help you with any difficult questions, forms or queries that might arise throughout the transaction.
So if you are looking to sell a property in Rugby, contact the family run team at Cadman Homes on Castle Street, or call 01788 560 905.