LATEST TWEETS
Top tips for pushing your house purchase through as quickly as possible
Six ways to speed up your house purchase
Finding the house of your dreams can be difficult, but once you have found it you will want to secure it as soon as possible. Louis Mathers, property lawyer at Parnalls Solicitors in Launceston, outlines how you can do this in six easy steps.
“I am often asked: how long does it take to buy a house?” says Louis. “Sadly, there is no definitive answer. For a straightforward transaction, six to eight weeks is typical but a number of factors may complicate matters and cause delays. However, smart buyers know that doing their homework and being prepared can speed the process up significantly.”
Get your finances sorted
Arranging a mortgage can take several weeks, so it makes sense to start the process early. It is best to have a lender’s agreement in principle about how much they would be willing to lend you, before making an offer on a property. Estate agents and sellers will then know you are a serious buyer, and that you will be able to proceed quickly when the time comes.
You will need a formal mortgage offer before exchanging contracts. Your lender will need to carry out detailed checks on your identity and finances. Supply them with all of the information they require, promptly. If they make their offer subject to certain conditions, discuss these with your conveyancer to ensure that you can satisfy them in the desired timescale.
Book your survey early
Your mortgage lender will almost certainly require a valuation of the property, to make sure it provides sufficient security for the loan. They will instruct their own valuer and usually charge you a fee. It is important to understand that this valuation is for their benefit, not yours. You should therefore arrange for your own survey or homebuyer’s report to be carried out in addition.
Take advice on which type of survey is most appropriate for the property you are buying. A building survey is the most comprehensive report on the state of the property and, although it is the most expensive type of survey, it does not usually include a valuation. A homebuyer’s report will give you detailed information about the property, but not as much as a full survey, and often includes a valuation.
Investigate the possibility of a combined valuation and survey, or condition report, with your lender. A single surveyor can then carry out both at the same time.
Surveyors can be booked up for weeks ahead. So, whichever type of survey you opt for, booking your survey at an early stage will help to avoid delays.
You should also allow yourself time to investigate any issues the survey reveals. Some problems can even be anticipated. For example, if you are buying an older property, it is more likely to have problems such as dry rot, damp or structural issues that may require further analysis. By researching a list of specialists in advance, to provide an expert report and estimate the cost of remedial work if required, you could save yourself valuable time.
Instruct a good solicitor
The estate agent will want your conveyancer’s details as soon as your offer is accepted. Your solicitor can then contact the seller’s solicitor, and get the conveyancing process started straightaway.
Using a conveyancer who is on your lender’s approved panel may save you time and money. They should be familiar with the lender’s detailed requirements, and can act for both you and the lender.
However, the most important thing is to choose a lawyer who has a good reputation and in whom you have confidence. The recent Stamp Duty Land Tax changes on additional residential properties has resulted in less cash buyers and those without a property to sell in the market resulting in longer chains and therefore greater dependency on other transactions. This has heightened the need for a good solicitor who can react quickly where issues arise so as not to break the chain causing stress and abortive costs for those involved.
A good solicitor must be able to quickly respond to calls and emails. Be wary of conveyancing outfits that charge low fees as these are often geared for high levels of transactions which inevitably affects service levels and the ability to keep you updated. They will inevitably have limited time on your transaction.
Also be wary that many estate agents earn a fee for referring to a particular firm. It is therefore best to get an independent recommendation and don’t just instruct whoever the estate agent suggests.
Identify issues early on
A specialist conveyancer should identify potential problems with the property and suggest creative solutions. For example, an application for retrospective planning permission may cure an apparent breach of planning law; alternatively, the seller may agree to arrange for an insurance policy to be taken out to guard against the risk of enforcement action being taken.
Nonetheless, obtaining the relevant information and agreeing a way forward takes time. So, if you know about any issues affecting the property, tell your solicitor as soon as possible.
Speed up those searches
Your solicitor will carry out a number of conveyancing searches, including a local authority search. This reveals certain statutory matters, like planning enforcement notices, which could affect the property.
Turnaround times vary depending upon the local authority but they can take up to six weeks and become a major source of delay. Having a proactive conveyancer will help, as they can start the process early and make the most of time-saving technologies like online search facilities.
It may be quicker for an agent to carry out the search in person, rather than the local authority officials. However, not all lenders will accept personal searches. Your solicitor can explain the options.
Manage the chain
If you are in a chain, progress may be slow because of issues beyond your control.
A chain arises where one transaction depends upon another. You can find yourself in a chain even if you are a first-time buyer. For example, your sellers may experience problems with their purchase that could affect their sale to you.
Buying from somebody who is chain-free can eliminate this risk but always check the seller’s status with the agent and ask your conveyancer to confirm this.
Circumstances may change, so make sure you also get regular updates.
If you are in a chain, it is important to understand the dependencies. Talk to your seller and their agent regularly. Monitor what is happening with any related transactions and make sure everyone is working to the same target completion date.
Good communication can keep things on track and avoid any glitches.
If you are buying or selling a house, please contact Louis in our residential property team on 01566 772375 or email mathersl@www.parnalls.com for advice on how we can help.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
Tags
Categories
MORE NEWS
Site assembly for commercial development
Meeting your conveyancing solicitor, what you need to prepare
Do I need a cohabitation agreement?
Landlords’ options for enforcing commercial tenants’ obligations
Untangling Overseas Assets
KATHERINE FLASHMAN KITSON CELEBRATING 25 YEARS AS A DIRECTOR OF PARNALLS
Do you know the difference between…
When to consider appointing a professional attorney
Should I get a cohabitation agreement?
The Need for Updating Wills
The Right to Make Noise
Ill-health pension transfer not liable for IHT
Legal Time Limits - why so important?
Would you pay a premium for a south-facing garden?
Video-witnessed wills to be made legal
New Planning Relaxation Is Not the Whole Storey
How to minimise delays in obtaining Grant of Probate
Could you benefit from the Green Homes Grant?
A SHOCK TO THE SYSTEM: new electrical safety regulations for residential tenancies
Property of Cornish residents who die without a will goes to Prince Charles
Does your lawyer progress your accident claim efficiently and provide you with a personal and professional service? Can i change solicitors for my accident claim?
What effect could the new changes to stamp duty have on property sales?
Preparing to sell your Launceston property
Staying safer in video meetings
Making Sure Your Great New Home Comes With Clean Air
Property Market Re-Opens in England
Coronavirus: Wills and Powers of Attorney FAQ
Medical Care Received Not Up to Scratch?
Had an Accident in Someone's Home?
Accident or Injury Involving a Dog?
Social Distancing No Obstacle for Parnall's Mobile Document Signing Team
Coronavirus (COVID-19) and Commercial Property Legal FAQs
Rent Charge Suspensions: Protecting Your Interests
Been Asked to Sign an Employment Settlement Agreement? Seek Advice Urgently...
Services Update: Continuity of Legal Service Provision
Advising You in Uncertain Times
Coronavirus Update
Could carelessness on social media land you in court?
Is an electronic signature on a commercial property document acceptable?
What happens when there is no health & care LPA in place
Social Media Training for Businesses
Information to gather for your probate solicitor
Gazundering, what it is and how to avoid it
Relief from forfeiture – what happens if the tenant forgets to pay the rent?
Not so safe at work - compensation for an accident at work
New organ donation law: giving you control
Running a business from home
Have nude photos of you or your teenager been posted online?
Landowners’ rights and the Electronic Communications Code
Building in your back garden
Christmas is a time for giving (and inheritance planning)
Buying the freehold of your leasehold house
Redeveloping an empty pub for commercial use
Why it takes time to obtain the Grant of Probate
Social Media: The unconscious privacy threat
Is your reputation being threatened?
Making a will after your spouse or partner has died
Interns celebrate completion of internship at solicitors
Selling your home in a flat market, some top tips
Claiming compensation for a serious road traffic accident
New Media and Communications Court list reflects surge in internet defamation claims by Laura Baglow
Has your personal information been shared without your permission?
Planning your escape to the country, what you need to consider – part 2
Government consultation on new national model for shared ownership
Choosing a partnership structure
Planning for what happens when you die by Deborah Adams
Changes to legislation could offer protection for tenants in the private rental sector
Move to the country - Part One
The risks of DIY probate
Will your septic tank still be legal in January?
The death knell for ‘kiss and tell’?
Making a will when you retire
Selling your property at auction
Not looking so good - your guide to compensation for botched non-surgical cosmetic procedures
New threshold of seriousness in defamation proceedings
Legal considerations when building a granny annex
Choosing the right person for your power of attorney
Formal Interviews - Do you need legal representation?
Privacy rights and aerial images
Trustees’ duty to give information to beneficiaries
Five problems with a leasehold property
Taking your first commercial lease
Is your organisation protected from employee social media legal risk?
Have you been targeted by negative social media posts?
Farmers be alert when being inspected
Help for House Sellers?
Don’t let your digital assets end up in a digital grave
Valuing an estate for probate
Development proposals and your local authority search
What can you do if your child is injured in a serious accident
NetRights welcomes new protection for social media users
SHOULD I GET A LAWYER FOR A SPEEDING OFFENCE?
Supreme Court recognises that social media is a “casual medium” in libel battle
Choosing the best conveyancer who is right for you
Making a will after a second or subsequent marriage
Option or promotion agreement – which is best for landowners?
Anonymous pub and restaurant online reviews leave a bad taste
Have you had an accident involving a horse?
Help to Buy – beware of some cracks in the structure
Understanding Lasting Powers of Attorney
Changes to Energy Performance Certificate for Landlords
Had a cycling accident? Your route to obtaining compensation
New year, new home: tips to sell your home in the New Year
Tax Planning for your inheritance
Hearing loss: when your employer may be liable
Buying a home for your retirement, five things you need to consider
Farmers plan to diversify after Brexit
Ministers press ahead with probate fee shake-up - reports BBC News
Botched dental treatment? You may be entitled to compensation
Why a Health and Welfare Power of Attorney is a good idea
Will the new charge on building developments in Cornwall affect you?
Energy Performance Certificates – Do They Matter?
HMRC Challenging Stamp Duty Land Tax Payments
Ben Mitchell qualifies as a solicitor
The potential implications of Brexit on employment law
Appointing a guardian for your children
Houses in multiple occupation – new rules from October 2018
New Agriculture Bill published
Will Brexit affect my pension?
Dreaming of a holiday home? Sort out the legals before putting your feet up
Lasting Power of Attorney by Deborah Adams
Settled status after Brexit by Alexis Hager
How to choose an executor to administer your estate when you die
How overage agreements can boost profits from your land
Top tips for first-time buyers
How Could Brexit Affect My Farm?
Wills & Succession in Spain by Deborah Adams
Brexit – an international and local view by Alexis Hager, Litigation
Capital gains tax - important facts for non-residents of the UK
Buying a home: the importance of making sure the seller is entitled to sell
Changing a will after someone has died: it is possible and it could save you money
Your responsibilities when you have people working in your home
Sad passing of Battle of Britain pilot who served with Parnall family member
Considerations when buying a heritage property
Disciplinary proceedings at work: guide for employers
Employers should have a disciplinary process in place, but just following this may not be enough to avoid falling foul of the law and exposing yourself to the risk of an employment tribunal claim.