Date Published 19 November 2020
Although March 31st 2021 sounds a long way off, the sheer volume of buyers and sellers taking advantage of the stamp duty holiday means that delays will be inevitable.
Rightmove estimates that there are 650,000 sales going through in the UK right now, 67 per cent more than in November last year.
Speaking to local solicitors and conveyancers this week we know there is a backlog in arranging mortgages, valuations and conveyancing, which may hinder a move before the stamp duty holiday expires.
Estate agents and solicitors need to manage buyers and sellers expectations and offer realistic advice so clients can at least put themselves in the best possible position to get their deal across the line by the end of March.
Our thoughts are:
Be as fully prepared as possible in terms of your mortgage, surveyor, any finances is imperative.
A long property chain inevitably slows matters down. Chain free or brand new homes tend to go through the process faster.
Make friends with your estate agent! They will know which solicitors drag their heels and which don't. Finding a pro active solicitor is key. Noonan Property Services only work with the best in our town and can recommend one or two that stand out from the rest.
Keeping in regular contact with both your agent and solicitor is crucial, so make sure you have a good relationship and clear communication throughout the sales process. The smoothest transactions are those where everyone is working together.
Get all your documentation ready: proof of identity, wage slips (or audited accounts if you are free lance or self employed) and bank statements.
Apply for a mortgage immediately, even if you don't have a property in mind yet. Getting a mortgage offer in principle means you are as ready as you can be.
Get offers tied up promptly to allow time for finance, surveys and conveyancing to be complete, a process that can take up to 12 weeks at the best of times.
Getting ahead with your sellers' pack will also help with the process.
We offer a 'property clinic' open to buyers. sellers, landlords and tenants to answer any questions or concerns you might have whether you are a client of ours or not, our advice is available to all.
Simply call us on 01480 573109