Top Tips To Speed Up Your House Purchase

The summertime and school holidays can be a busy time of year in conveyancing.  Clients want to ensure they have moved into their purchase property before the start of the new academic term and/or complete their property purchase during their annual vacation.

What Impacts the Duration of the Purchase Transaction?

There are several things which may impact the duration of the purchase transaction. Is there a chain? Are you purchasing with a mortgage? Are you receiving a gifted deposit? Are you buying a leasehold property?  Having said that, a buyer can help to avoid potential delays by knowing as much about the standard conveyancing process as possible.

What is a chain and will it impact the length of my transaction?

A chain is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase.   House chains are quite common but they can add to the delay of the transaction.  This is because rather than just waiting for the related sale to confirm they are ready to exchange, your conveyancer will be waiting for the entire chain to confirm they are ready to exchange contracts.
Tip: Make sure your estate agent is proactive early on to get the details of the chain confirmed between all parties, with details of any complicated transactions or delayed completion dates known as soon as possible

I am purchasing with a mortgage, will this delay my transaction?

Mortgage providers have a notorious reputation in conveyancing of delaying the transaction. Your mortgage application will go through various departments before you receive your final offer.
Tip: Communicate any timescale you are working towards directly with you broker or lender, and ensure you have secured your finance early on in the transaction.  This is particularly important when you are purchasing in a chain.

I am purchasing with the benefit of a gifted deposit from a family member.

Inform your lender (if purchasing with a mortgage) and your conveyancer at the earliest possible opportunity.  You should make sure your conveyancer is aware of any additional factors at the beginning of the transaction which will aid a smooth transaction.
Tip: Have the family member provide a letter confirming the gift as soon as possible to both your broker and conveyancer to prevent any delay later on

I am purchasing a leasehold property will this take longer?

Undoubtedly yes.  A leasehold transaction is more complicated due to the addition of a third party being the managing agent or landlord.   The seller will need to pay for a leasehold property pack and this will be sent on to your conveyancer for review.
Tip: Make sure the leasehold pack is paid for and requested early on in the transaction.

Clients always ask if there is anything that they can do to speed up this process.  Here are few general tips to help you:

•    Once your offer has been accepted ensure the estate agent sends the particulars promptly.  The conveyancer needs these in order to open the file fully.
•    Communicate with the estate agent and your conveyancer any holiday dates early on in the transaction.  This will enable your conveyancer to send you anything that requires a signature before you leave.
•    Complete the initial paperwork and return to your conveyancer promptly.
•    Your conveyancer will require your certified identification, signed terms and conditions and initial money on account before they can begin work on your purchase.
•    Get the searches on a purchase paid for and ordered as soon as the conveyancer receives draft contracts
•    If you have any specific enquiries about the property make sure you advise your conveyancer of these.  They will be able to raise these upon receipt of the draft contract papers with the buyer’s solicitor along with their initial enquiries.
•    Once the enquiries have been dealt with your conveyancer will send a report on your purchase.  This will contain the numerous important documents for signature.  Make sure you sign these and return them to your conveyancer promptly.

For further information please contact Chantal Frindall or Karl Post at Dean Wilson on 01273 249200.