Whether you are a new buyer on the property market, or someone willing to sell your property, real estate transactions can be quite hectic. There are so many things to take care of, and so many boxes to tick off.
All this in itself is quite time-consuming and requires a lot of patience to go through. In the UK, it takes about 12 weeks to 6 months to complete a property transaction, therefore time is of the essence.
Delays in property transactions are something that no one wants to go through. It is quite undesirable in this respect because most of the issues which cause hold-ups are small ones, which were not detected before due to oversight.
To avoid delays of any such nature, both the buyer and seller must take a proactive approach. We bring to you five handy tips for you, to be able to avoid unnecessary delays and blocks in your property transactions.
It can be confusing for buyers and sellers to navigate across the property market and find the best option for them. It all comes down to careful planning and precious advice you can get.
If you are based in and around Dulwich, you can opt for estate agents in Dulwich to help you out with your property deals.
5 Tips To Avoid Delays In Your Property Transactions
For Sellers
Find a Solicitor And Legal Team As Soon As Possible.
You need not wait for a buyer to approach you to contract a solicitor. The policy of ‘no move, no fee’ is adopted by many solicitors, which does away with any speculative cost.
There are many aspects of the legal formalities which can be taken care of even without a buyer approaching you. Once you get these issues out of the way, you will save a lot of time on the processing of the whole transaction.
Conduct a Property Inspection. To establish the exact condition of a house put on the market, property inspections are the best option. This helps agents to provide an accurate valuation of the property and aids further negotiations between buyer and seller.
Make sure to hire a good property surveyor to ensure a higher chance of finding out problem areas quickly. Not only will this help to fast-track any repairs, but will also provide an accurate value to your home, and a lot of bargaining with the client can be spared later on.
Get A Contract Drawn Out Beforehand. As mentioned before, you can start some legal formalities and paperwork before even finding a buyer. You can chart out a tentative contract for your property with your solicitor and real estate agents.
This will give you a headstart, and sellers might prefer your property due to its higher legal curb appeal.
Take Care Of Any Repairs Which You Can Manage. Once the property evaluation is conducted and you find any problem areas, you can start with the repairs.
Complete The Property Forms Diligently. The standard property transaction forms need to be addressed early on when selling property, thus, it would be good if you start early.
This paperwork can be quite lengthy and you will have to constantly consult your solicitor for this. Completing them early will make sure that you will be able to send the initial contract papers to the buyer’s solicitors on time.
For Buyers
Look For Properties With Drawn Out Contracts. Find Properties that already have contracts ready, as this will help speed up solicitors. This also shows that the sellers are also committed to a smooth and quick transaction in the sale.
Getting a contract drawn out is quite a time-consuming process, undertaken by the owner, solicitor, and estate agents. It evaluates various things like flood risk searches, local authority, and planning.
If the property already contracts ready, then it will take weeks off the whole process of the sale.
Avoid Property Chains. A property chain is created when three or more buyers and sellers of property come into contact, thus complicating the procedure of the sale. This ensues in multiple people having to exchange contracts on the same day, to hand over the property.
Avoiding this is of paramount importance, and it is advised that you buy fresh, first-time-listed properties with no interfering parties. Thus, you will save a lot of time and effort, and the transaction will be more seamless.
Keep Up With Your Mortgage Application. Sort out the process of applying for a mortgage before you even set out to buy property.
For this, you can get a ‘mortgage in principle before even starting your search. If you add this to your application to the seller, there is a higher chance you will get a callback, because it will prove that you are a serious buyer.
Book A Property Survey Quickly. Once you get your property application accepted, book the property survey straightaway. This will help to do away with any unnecessary delay in the process of buying the house.
If the seller has already had a property inspection done on the property, that is good. If not, you will have to look around to find any issues in any part of the property which need to be fixed.
Arrange For The Deposit Money On TIme. This is another crucial point to take care of. You must have the deposit amount ready before you decide to go ahead with the purchase. It can range anywhere from 5-10% of the property’s price.
Arrange this amount as quickly as you can, to not cause any delays on your part.
On An Ending Note
If you are a potential buyer or a seller and are looking to make a major property transaction, this article provides some of the major tenets you must focus on. All of these will help you to avoid delays in the real estate market.
With any financial and property transactions, there come many things which you need to legally sort out. We advise you to consult professionals with experience in the property market and make good use of their recommendations.
A good real estate agent will suggest houses for you from the cream-of-the-crop, thus, helping you find your ideal home! Thus, do consider hiring a good legal advisor and property agency to be able to navigate your property transactions smoothly and efficiently!