A beginners guide to buying a home, conveyancing and getting your key in the door in 2022
It’s August.
You’re enjoying some well deserved time off work, predictably filling the downtime by energetically scanning the online property market in search of your perfect home.
Sunshade aloft, you are thinking to yourself,
I love that one – let’s do it! But if I make an offer on this dramatically different and nicer nest, just how long will it take for me to get the keys, get settled, unpack the boxes and feel at home, title deed (virtually) in hand?
The answer is that if you make an offer now, even if you are organised, mentally, physically, and financially, the chances are you’ll be sitting pretty (eggnog in hand) by Christmas, and no sooner.
There are an estimated 500,000 people in the process of buying a property in the U.K. at the moment – sitting in limbo, somewhere between deposit down and title deed release. The reason? Pent up pandemic property demand is driving serious market traction and record levels of need for the associated conveyancing services.
“Christmas and the New Year might seem like an eternity away, but the reality of the current property situation is that the average house move in the UK is taking in excess of 150 days – 50 days longer than a comparative period in 2019,” explains Karl LeBrasse, Managing Director Sales at Stirling Ackroyd.
Extensive Deal Experience Matters
“We are looking for organised buyers and sellers. Our agents also have to be at the top of their game to make this market work and retain customer satisfaction – strategically progressing deals and negotiating next steps with different buyers on a sale so we can reach completion with speed and efficiency.”
Basic Advice for Buyers
“There are two essential first steps to every purchase. Secure a mortgage offer in principle, then, for buyers that need to sell their homes to finance the next, make sure your house is on the market and the viewing and enquiry process is progressing well.
“If you are selling to buy, there is also some benefit to selling and buying with the same estate agent as the company will have full visibility of both deals and can better balance timelines and finances to suit. To put yourself in the strongest position possible, try to secure an offer for your current property at the point you go “shopping”. This makes deal onward negotiations better, and a faster move-in date a workable reality.”
A Beginners Guide To Conveyancing
You have put in an offer and now you want to complete the sale, but becoming the new legal owner of a property requires a series of important checks and balances, legal and financial formalities. By being well prepared you can optimise the process to your advantage.
It can take anywhere between 6 and 12 weeks from the day your offer is accepted to getting all the paperwork completed and queries answered, even where there is no chain, and the following areas will help you get what you need in order. Preparation. Finance, The Offer, Completing The Sale.
Research & Find: Buying a home? You need a conveyancer. They will help negotiate the best deal and ensure all legal matters are in order. They will also explain any complex terminology so that what is happening is clear at every point of the purchase journey. Losing a deal is expensive, so it’s worth taking the time to find the right person for you.
Friends and family recommendations and references will help you find a reliable provider. Stirling Ackroyd recommends that you research many, choose three and then select the best one based on a combination of recommendations and results.
Taylor Rose MW are an independent firm of specialised conveyancing solicitors who are routinely recommended by developers and estate agents like us at Stirling Ackroyd. If you’d like more information about conveyancing or you’d like to be introduced to Taylor Rose MW please get in touch with Stirling Ackroyd today.
Buyer to Prepare & Share: Mortgage lender details; proof of your ID; specific questions you would like them to ask the seller; complete mortgage application forms; respond to solicitors’ seller queries; deliver key documents urgently; check the seller’s responses and discuss with conveyancer.
Conveyancer Will Investigate: Who owns the properties boundaries, have they had problems with neighbours, are any fixtures and fittings included? Are there any building guarantees or certificates that relate to the property? Check copies, planning permissions and building regulation certificates; does the seller own the property? Prepare a Report on Title; check local authority searches and plans for the local area; pay stamp duty tax due; arrange registration of the title in buyers name.
Questions & Answers:
When would you like to exchange contracts and complete? Can you arrange regular progress updates? Do you need an Environmental Search to check for factors such as flood risk, radon levels and local mines in the area?
The golden rule is to Ask. Ask.Ask. Never be unclear about anything!
With half a million home-sales sitting between offer and competition currently, in 2022 conveyancing delays really must be factored into your life plans as your property plans take shape, especially if you have to vacate the home you are selling to make the onbound move. For sound conveyancing advice, speak to a Sales Branch today. We can guide you through the buying process.
