August 14, 2013 | Posted in:Conveyancing
If you are under time restraints when buying a property you will want to find a legal company that offers fast conveyancing. It may be that the seller has put in some conditions and you will get penalties or lose the sale if it does not exchange in a certain time scale. You might just want to purchase the property fast as you need to move in quickly. What ever the reason is the below guide will help you enable you to buy a property fast and smoothly.
What can you do to ensure your purchase goes smoothly?
It is very difficult to predict how long a conveyancing transaction will complete from the outset. The average purchase takes 8 to 12 weeks. However, the process can be fraught with problems and delays, sometimes dragging on for over a year. While much of the process is out of your hands, particularly if your purchase is part of a chain. There are some things that you can do as a buyer to speed the process up. This will make sure everything goes as smoothly as possible.
Throughout the conveyancing transaction, you will be responsible for filling out and submitting various documents. It is always a good idea to do this a soon as possible. When you instruct your solicitor, you will be sent an instruction pack. This will contain a confirmation of instruction letter that you will need to sign, as well as forms for you to fill out with your personal information. You should fill these out as soon as you receive them, even if you have not found a property to purchase. This way, everything will be ready to go when you do find a property and your solicitor will have all your details registered on their system. Along with this pack, you should also send certified identification, so that you solicitor can carry out the required checks with regards to this.
When you have found a property and had an offer accepted, the seller’s solicitor will draw up a sale contract and send this to your solicitor. Once the contract has been received, your solicitor will raise enquiries regarding details contained in the Contract, the Seller’s Property Information Form (SPIF), and the Fixtures, Fittings and Contents form. You will be provided with a copy of these enquiries and asked if you have anything further to add. Replying to this promptly can really speed things up, as it often takes quite some time for the sellers and their solicitors to answer the queries. The sooner the enquiries are sent, the sooner you can expect to get replies.
This is particularly important for leasehold properties, where a second set of enquiries must also be raised with the management company or freeholder in charge of the whole building. Many people experience difficulties in obtaining quick responses from these sources, so again – the earlier in the process the queries are raised, the better.
Search results can take some time to come back from the various authorities responsible for providing them. You are in charge of when the property lawyer can submit a request for the searches. Some people prefer to wait until they have had a survey done and received a mortgage offer, as the survey report or mortgage requirements can specify that particular searches need to be carried out on top of the more usual ones. If you want to speed up the process though, you can ask for searches to be submitted as soon as you instruct your conveyancing solicitor and before the survey report or mortgage offer has been produced. There are several searches that need to be carried out on every property, so getting these started early can give proceedings a real boost. Be aware that you will most likely need to pay for searches up front, so make sure you have the funds available to do so.
The best possible way to maximise the chances of a purchase going through quickly, is to be a cash buyer. This means that you pay for the property using you own funds and do not require a mortgage. As a cash buyer, you cut out the need to wait for documents from the mortgage lender and have control over what searches and surveys are required. Unfortunately, this is not a feasible option for most people.
Buying with a Mortgage
Mortgage lenders are the main culprits when it comes to causing delays to conveyancing transactions. It is necessary for them to provide a written mortgage offer to your solicitor and arrange for a survey to be done. A common problem is that time taken for mortgage lenders to send a postal copy of the mortgage offer to the buyer’s solicitor. Until this document has been received and checked by your solicitor, exchange of contracts cannot go ahead.
If you require a mortgage to purchase the property, there are some steps you can take to minimise the risk of delays. The first is to organise your finances early on in the conveyancing process. Research the mortgage products that are likely to be available. Then approach lenders to get a mortgage offered in principle, while still searching for a property. This should mean that much of the underwriting work has already been done when you find a house you wish to purchase and a mortgage offer can be produced relatively quickly.
You should also request that your mortgage lender uses fax or email to send documents to your conveyancing solicitor. While they still may need a postal copy before exchange, they can use the email or fax to look over the details and make sure that everything is in order.
Fast House Conveyancing
If you follow the above you should be able to make sure of a speedy completion. Obviously there are two parties involved in any sale so it all depends on both acting swiftly. By using our fast house conveyancing companies we have on our books you will save money and time. All the processes are carried out online so you do not have the take time off work to visit your solicitor. It speeds up the process by carrying out all the work online and you can track your case instantly.