Save Time When Buying Residential Property

Date Added 05.07.17

There are a number of issues that can cause delays when Buying Residential Property and you can help to assist a smooth transaction by following these pointers to save time when buying residential property:

Funding

Before you start to look for a property think about how you are going to fund the purchase, whether by mortgage, cash or the Government Help to Buy scheme. If you are purchasing with a mortgage, shop around to find the best deal and ensure that you meet the affordability requirements of the Lender and that you can borrow the amount you require. A buyer with finances in order is more attractive than somebody who has yet to organise how to fund the purchase.

The Estate Agents and Conveyancer will ask a buyer to provide source of funds information at the outset to ensure the purchase can progress and also to comply with Money Laundering Regulations. In addition, a mortgage offer being issued is sometimes a delaying factor and if you can obtain an ‘offer in principle’ prior to looking for a property this will help to speed things up. Please ensure you are within your budget to save disappointment when looking for your new property.

If you are selling your existing property you may be able to port your mortgage to the new property, this is a good idea if you are within a fixed rate period which will save you an early repayment charge with the lender. Talk to your financial adviser in good time about all the options available to you.

Some buyers may qualify for the Government Help to Buy scheme. Further details can be obtained from www.helptobuy.gov.uk

Legalities

You need to instruct a Conveyancer to act on your behalf in the purchase, the Conveyancer will deal with all the legal aspects of the purchase which includes, but not limited to: checking contract papers to ensure the legal title to the property is a good and sound investment, applying for searches and checking search results, reporting on mortgages, checking source of funds information, reporting to you on the property, exchanging contracts, completing the purchase and registering your legal title at the Land Registry after completion.

The sooner you instruct a Conveyancer, the sooner the transaction can commence. The Conveyancer will keep you updated throughout and explain matters to you to ensure that you are kept up to date with progress and make you aware of any matters that may arise during the course of the transaction.

Survey

Whilst Lenders will instruct a valuation survey, this is for their own benefit to ensure the property is worth what they are lending on it and it will pick up any major items that need further investigation. You are advised to have a more detailed survey such as a HomeBuyers Survey. Here the Surveyor will carry out a more thorough inspection of the property and produce a report to you so that you are aware, before committing to purchase the property, of any items of high expenditure that you had not budgeted for. Again, this report should be obtained as soon as possible.

Removals

Do not book your removal company until your Conveyancer confirms exchange of contracts has taken place, often removal companies will ask for a deposit which you will subsequently lose if exchange has not taken place and the completion date is not fixed.

The biggest tip to save you time – use a law firm that has a dedicated conveyancing department.

Talk to Tollers for all your conveyancing needs call 01604 258533.

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