Over the past three years, the speed of sale has been a frequently discussed topic amongst buyers, sellers, estate agents and conveyancing brokers alike, although over the latter half of 2022 the reasons for this urgency have changed dramatically.
Initially, it was a matter of completing sales before breaks on stamp duty expired, then the next step was to complete before house prices increased to a point where they became out of reach.
More recently, however, cost of living pressures and increases to both the general bank rate and the average mortgage rate for both two-year and five-year mortgage packages have incentivised many buyers who have made an offer to want it completed as soon as possible to ensure their agreement in principle does not expire.
Whilst there are so many different parts to a sale that it is impossible for a buyer or a seller to individually manage all of them, there are steps that can be taken to help complete the sale as expediently as possible.
Complete Everything On Your End
For buyers and sellers alike there are several forms to fill in and documentation to prepare for the satisfaction of conveyancers, lenders and estate agents alike.
In terms of documentation, you need three months’ worth of payslips or an SA302 form if you are self-employed, bank statements and proof of identity such as a driving license or passport.
Getting all of this together as soon as possible helps to speed up several stages of conveyancing, and also helps keep everyone involved happy.
Keep In Touch
Be mindful of the deadline for your mortgage offer and keep in regular contact with your solicitor and estate agent, which will help keep the wheels moving on an application and help you see exactly what is missing and what is causing any delays.
Be Mindful Of Chains
A property chain is one of the most common causes for sale delays and purchases falling through, as the buyer’s ability to purchase a house depends on their ability to sell another.
This means that the buyer needs to keep track of this sale as well and ensure they are doing everything possible to complete and close it as quickly as possible.
Alternatively, they could sell to a house-buying company or use a short-term financing option such as a bridge loan, but the former often requires selling at well below market value and the latter comes with considerable risk.
