Selling, buying and moving home is often cited as one of the most stressful things in life; and is it any wonder when the average length of time between accepting an offer and exchanging contracts is a staggering 20 weeks?!
In this short read, Sims Williams delve in to our 40-years of professional estate agency knowledge and deliver 5 ways you can speed up the sales process and avoid potential, costly delays.
1.Budget for legal costs
It’s important to budget for the legal costs you will incur during the buying and/or selling process. These costs can include, but are not limited to, conveyancing fees, search fees, stamp duty, mortgage fees and removals costs.
An independent mortgage adviser can help you with your budget. Contact Sims Williams for details of highly-recommended independent advisers.
2.Instruct a solicitor
You will need a qualified solicitor or licensed conveyancer to progress the legal sale of your property. Get ahead of the game by instructing a solicitor to act on your behalf as soon as you decide to buy or put your property on the market.
You may already have a trusted ‘family solicitor,’ but if you’re unsure on which conveyancer to use, Sims Williams are able to recommend excellent, local conveyancing solicitors to work on your behalf.
3.Get your paperwork ready
Before being able to represent you, the estate agent selling your property and your solicitor will need you to complete anti-money laundering documents. There are also various legally-binding documents you will need to complete about the property you are selling, which are:
- The Fixtures and Fittings form outlines what is and is not included in the sale.
- The Property Information form covers issues such as boundaries, guarantees and warranties etc.
- If your property is Leasehold, you will need to complete a Leasehold Information form which provides details on the lease, maintenance charges, the landlord etc.
The forms can appear quite daunting but the sooner you complete them, the sooner your solicitor can issue a contract to your potential buyer’s solicitor which gets the ball rolling.
4.Get your finances in order
If you require a mortgage, it’s a good idea to get your finances in order as early as possible. Whether you are planning to stick with your existing lender or want to search the market for the best mortgage deal, you should try and secure an “Agreement in Principle,” so that you can understand your budget.
Sims Williams can recommend trusted local Independent Financial Advisers (IFAs), who are legally obliged to provide the most suitable advice for you. They can provide “Whole of Market” mortgage advice, including some exclusive mortgage deals not available on the High Street.
They can also obtain quotes for various insurance products from the entire market and are not affiliated with any particular company.
5.Be prepared for the mortgage application process
Being prepared means thinking ahead and getting all the documentation together that you might need. To speed up the mortgage application process, here’s what information you will need to have ready:
- Proof of Income
- Last three months’ bank statements
- If Self-Employed, SA302’s for the last three years
- Most recent P60
Last three month’s bank statements
- Two forms of ID
- Existing Mortgage Statement (if appropriate)
- Proof of Deposit
Mortgage applications can take between 10 days to three weeks to be issued. One of the benefits of using a local IFA is they will progress your mortgage application and chase things up on your behalf – avoiding any delays which could jeopardise your property chain.