Buying and selling property is commonly regarded as a time-consuming and stressful experience. Anyone who has been through the process before knows this. But what if it could be made easier?
We spoke with Colin Bethell, Head of Conveyancing at Pabla & Pabla Solicitors, and asked for his advice on streamlining property transactions. In his 15+ years of experience, he’s facilitated thousands of home moves. Here is his expert advice to anyone moving home:
Speak with your solicitor early doors
First things first – Conveyancing can be complex. It involves multiple stages playing out over variable timeframes.
To simplify the process and avoid delays, speak with your solicitor and get a clear understanding of these stages as soon as possible. You should ask:
• How long is the onboarding process, and what information do you need?
• What is a realistic timeframe for the full process, and what can affect the timeline as it progresses?
• What searches will need to be conducted, and how long will they take?
Arrange funds and surveys as soon as possible
Property transactions can, and unfortunately sometimes do, fall through. This is the last thing you want after you’ve invested time and energy into the Conveyancing process. Two of the most common reasons for transactions falling through are buyers failing to secure funds/a mortgage, and adverse findings arising from a building survey. Accordingly, reduce your risk of wasted efforts by arranging both as soon as you can.
Order searches at the “right” time
If you are the buyer, then you get to decide when to order searches. The best time to launch searches, arguably, is right after the seller has sent their contract pack. This ensures that the land being searched matches the land being purchased (discrepancies are surprisingly common) and clearly indicates the seller’s intent to commit to the transaction. This timing reduces your risk of spending money on a purchase that falls through, but is early enough in the process to not delay your completion date.
If possible, don’t wed yourself to a particular timeframe
Several things can delay a transaction beyond you and your solicitor’s control. Essentially, the bigger the “chain” you’re involved in, the more likely that someone in that chain will encounter an unexpected delay, which then delays everyone else. The other buyers/sellers might have difficulty obtaining their mortgage offer, they may have ordered their surveys late, or they could simply want a different completion date than you. Whilst you should always ask your solicitor for a realistic timeframe at the outset, you can save yourself stress down the line by accepting early on that timeframes may change.
Clarify your financial arrangements with your solicitor
Every financial arrangement for buying property works slightly differently. Your solicitor will have to make different arrangements depending on how you are funding the purchase (e.g. if you have a Lifetime ISA or Help To Buy ISA).
Each has different “rules” and different timeframes. The best way to prevent avoidable delays is to inform your solicitor how you intend to finance the transaction early on in the process. They can then advise you on what steps should be taken and when.
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