Considering a winter house move? Or new year, new house perhaps?
It’s widely known that putting your property on the market at the beginning of the year can attract high levels of interest and help you get a head start on the competition.
And with the Bank of England predicting a continued decrease in inflation rate throughout 2024 and Nationwide reporting a fall in house prices across ALL UK regions for the first time since 2009, the next 6 months might well be the best time for many to move.
So why not get ahead of the game now? Do your research, don’t cut corners and be prepared!
Follow our 5 Top Tips below to help avoid pitfalls, manage expectations and ensure your experience is as stress-free as possible:
- Choose the right solicitor
This is an important one.
- Ask family and friends for recommendations, research online reviews, check out accreditations and testimonials, and make contact with local experienced conveyancers for quotes.
- Ask for written estimates of all costs and expenses, checking whether quotes include all disbursements (additional charges) - whilst price will always be factor, these costs can turn a seemingly cheap quote into a considerably more expensive one.
- Choose someone you like and trust, someone who communicates regularly and focusses on solutions.
- Caveat emptor
Latin for ‘Let the buyer beware’, caveat emptor still applies today in contract law principles. It means that the buyer alone is responsible for checking the quality and suitability of the property before a purchase is made.
In essence, always obtain a survey of the property before you exchange contracts – it is too late afterwards.
Your survey should constitute an inspection of the whole of the land including the dwelling, pipes, wires, drains, sewers; and internally water pipes, electrical wiring, consumer units and all gas/oil installations.
Ignore ‘caveat emptor’ at your peril - there are countless costly examples where surveys haven’t been completed at all or have been conducted after exchange of contracts - subsequent lengthy and expensive court proceedings have ultimately resulted in the buyers losing their full deposit in addition to paying court costs (see Hardy vs Griffiths {2014} EWHC 394
- Communication is key
The conveyancing process involves many steps and considerable paperwork, and there are some transactions and situations that can often create delays and/or problems along the way.
Clear and open communication is an absolutely necessity, so start as you mean to go on.
Being completely honest and upfront with your conveyancer about your circumstances will help minimise any potential delays:
- are you selling as a result of separation or divorce?
- are you in a housing chain? (i.e. is your purchase dependent on selling? If so, where are you up to in this process?)
- do you require a mortgage to purchase and if so, do you have an offer?
- do you have your deposit ready?
- do you have any imminent holidays booked that could impact on timings and decision-making?
- Prepare the paperwork
This may seem obvious but you’d be amazed how many people don’t, which can almost always cause further delays.
- Have the basics at the ready for your conveyancer – estate agents’ details, all relevant property information, your ID (e.g. passport and utility bills)… etc. Collate any other relevant documentation such as property easements, written statutory declarations, indemnity insurance…etc.
- Make sure your mortgage offer is both valid and up-to-date (and be aware of its expiry date as some expire after 6 months). If it isn’t, make it a priority. Have your deposit ready or be in a position to release it when your conveyancer needs them.
- Keep all previous records of planning permission including building regulations approval notices and especially building regulations compliance certificates. Inform your conveyancer at the outset if you’ve carried out any works on your property and ensure you have the necessary documents from the local authority or the person/company that carried it out for you e.g. damp proofing, structural assessments, electrical rewiring, roofing repairs, drainage…etc.
- Be realistic
‘How long will it take?’ is the million-dollar question!
A typical conveyancing process can take between 6 and 8 weeks, but no two processes are ever the same. And there are often unexpected issues such as new information, delays to searches, problems in the housing chain, illnesses or holidays, that crop up which affect the timescales by days or, in some instances, weeks.
In terms of general timings, particularly proposed completion dates, never assume your conveyancer can meet a commitment you have made, unless your conveyancer has expressly agreed it with you beforehand – it will only lead to stress and disappointment for both parties.
It’s important to be realistic about the conveyancing process and accept that hiccups are normal - try to stay calm, keep in touch and remain easily contactable.
Here to help
At Susan Howarth & Company, we know that moving house can be one of life’s most stressful experiences (honestly, most of us are living proof!), but the conveyancing process need not be.
Our friendly and efficient Property Department offer a wealth of knowledge and experience in both Residential Conveyancing, ensuring that you’re in safe hands and that the process is as stress-free as possible.
Our Fact Sheets help explain the full process involved in buying or selling a property, but if you have any specific questions or would like a quote, please don’t hesitate in contacting John Spittle or Lisa Harding on 01606 48777.