Helpful Tips for Residential Transactions


Buyers

  1.  Organise your finances. Speak to a broker as soon as possible in order to obtain a mortgage in principle. Never make an offer for a property without having one in place first. Once your offer is accepted, submit the mortgage application as soon as possible and be prompt with any requests for further information by the lender.
  2. Arrange a survey as soon as possible. It is not mandatory for a survey to be conducted when purchasing a property, however, this is a large investment you are making and you want to avoid future complications. Only a survey will identify any problems with the physical condition of the property which may need remedying. Additionally, if a survey reveals significant issues which will make you want to renegotiate the level of your offer, it is better to do so at the start of a transaction rather than on the cusp of exchange.
  3. Hire a great specialised solicitor. Just like everything in life, you get what you pay for. Going for the cheapest initial option is not necessarily the best, and could cost you more time and money. The average timescale for a transaction is estimated at 8-10 weeks, however, a high-performing conveyancer can get your transaction to the point of exchange far quicker. Be sure to conduct thorough research before deciding which conveyancer to instruct to handle your matter. Seek the opinions of professionals in the field such as estate agents and brokers as they communicate with conveyancers on a daily basis and will be able to filter out the great ones that stand out. (This can also apply to sellers).

Sellers

  1. If you are selling a leasehold property, obtain the management pack from your landlord/managing agents as soon as possible. Many sellers wait for their conveyancer to request the management pack, however if you decide to be pro-active and obtain it yourself from the start, you can potentially cut out weeks of delay in a transaction. 
  2. Review the protocol forms with a fine-tooth comb. Sellers are required to provide certain forms which provide information about the property and this forms part of the contract pack sent to buyer’s conveyancers. In order to reduce the number of enquiries raised, make sure you answer all questions and enclose any supporting documents that are required.
  3. Respond promptly to any requests of information or documents from your conveyancer. There will be a reason why your conveyancer needs a certain piece of information or a document so the quicker you can send it to them, the quicker they can conclude your transaction