Moving home should be an exciting time, but it can also be stressful. It can be a period of uncertainty and disruption that many find difficult.
As you will be making a big financial commitment, it is important that you make the right choices.
Follow the tips below to help avoid problems in the initial stages, manage expectations and remain as stress-free as possible.
Choose the right lawyer
Ask family and friends for recommendations and try to find a solicitor who quotes for all charges up front. This should include stamp duty, searches, Land Registry fees and VAT. This will ensure you know exactly how much you may need to pay from the start and worries about costs can be avoided.
Paperwork
Your lawyer will need information from you. This will include information about the property together with evidence of your ID, i.e. passport and utility bills. Ensure this is readily available.
Your deposit funds should be available by exchange of contracts, ensure that you can access them quickly. Contact a mortgage broker/provider to submit an application to your preferred lender (if required) at an early stage.
Consider the property carefully
Take advice on surveys and consider the type you will require. All lenders provide a valuation, but this is not a full structural survey and cannot be relied upon. The onus lies with the buyer to ensure that they are happy with the condition of the property and any works that have been carried out. This includes works to the gas and electrics that will not be covered by any survey report.
Don’t underestimate timescales
A common question asked is ‘How long will the transaction take?”. Some transactions can take longer than others, particularly with leasehold properties. Delays in receipt of paperwork from you, draft Contracts from the seller’s solicitors, delayed searches and/or mortgage offers can add additional time to the transaction.
Try to manage your expectations and consult your solicitor before agreeing dates with any other parties. The process can be frustrating, try to ensure that you develop a good relationship with your solicitor and provide them with all the information they request as quickly as possible. They will be as keen as you to complete your move expeditiously.
Unfortunately, delays can occur when waiting for information from third parties but please remember your solicitor is on your side and should be all you need to ensure you have a stress-free experience, despite any problems that are encountered along the way.
Hopefully, by following this advice your transaction will get off to a good start.
If you would like further advice or help please contact, head of residential, Sue Elias.
