Buying a new home is a complex transaction, so it’s inevitable that getting from start to finish will take some time. The average time to complete a property purchase can be 12 weeks, however, savvy purchasers can significantly reduce the time it takes to complete by being well prepared, making the right choices, and staying in touch with the process.
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Be financially prepared
There’s no point even looking at a property if you don’t know what you can afford and you have the borrowing power to purchase your dream home. Speak to a mortgage advisor and apply for a mortgage in principle and have proof of funds available for the deposit. Once agreed you can begin your search secure in the knowledge that as long as the property meets your lender’s criteria, you’re good to go.
Make or break – the right conveyancer
Your conveyancer is the key to driving the process through in a timely manner. Choosing an organisation such as Sam Conveyancing will give you access to a full range of services from the best conveyancing solicitors available. Their approach means your specialist legal advisor can concentrate on the legal aspects while a member of the SAM team will liaise with you to make sure nothing slows down the process. A good way to minimise stress during this time is to choose a conveyancer that provides online case tracking, so you know exactly what is happening 24/7.
Property Survey – book early
Your mortgage lender will need a valuation on the proposed property purchase so to speed things up it’s a good idea to get your survey booked early. Without the survey the conveyancing process can’t be completed. Having an early survey also helps when any issues arise so you have time to resolve them without delaying the process. The Royal Institute of Chartered Surveyors explain all about home surveys.
Avoid a chain
Ideal but not always possible, purchasing a property that is not in a chain minimises delays and avoids the chain from collapsing when one party/link drops out. If you are in a chain, issues are usually beyond your control, so it’s important to maintain regular communication with the seller, estate agent, and your conveyancer to ensure the agreed completion target date is on track.
Plan and prepare
You can play your part by being ready for the final stretch. Make sure there are no issues with your credit report. If there are, try and fix them. Have all your documents to hand. Proof of address and identity along with evidence of earnings such as a recent payslip or P60p. Having your paperwork sorted will save time and stress.