A failed house purchase isn’t just disappointing, but it can have huge repercussions both financially and practically. There are many reasons a property transaction may fall through, and research suggests 1 in 3 house sales do. However, there are also things you can do to make the process smoother.
1. Understand the process
If you understand the process of purchasing a house, you will be in a much better position to make decisions, provide the right documentation at the right time and respond to any queries. We have created a step-by-step guide to buying a home (www.spiresolicitors.co.uk/app/uploads/2023/02/Property-Purchase-Guide-min-compressed-4.pdf ), and a step-by-step guide to selling a home. (www.spiresolicitors.co.uk/app/uploads/2023/02/Property-Sale-Guide-min-compressed.pdf)
There are many essential documents you will need to provide when selling or purchasing a house and it is a good idea to get these ready so you can provide them quickly when they are needed.
The first documents you will need to provide when selling or buying is ID and proof of address. This will usually be in the form of a photo ID (passport or driver’s licence) and proof of address with a utility bill or bank statement dated within the last three months.
There are more documents required when selling a property, such as evidence of planning permission if you have had an extension or other building work, Building Regulations completion certificates if certain alterations have been made, relevant guarantee/warranty certificates, up-to-date boiler checks, FENSA certificates for new windows. You must also have an Energy Performance Certificate in place for the property.
It can take time to gather these documents, so begin collecting these early on.
If you are buying a property and require a mortgage, we recommend getting in touch with a mortgage advisor before making an offer on a property. This will help you to know exactly what you can afford. It is also important to set aside a sum of money to cover the additional costs such as solicitors’ fees, search fees and stamp duty.
4. Considering selling before you buy
It can be tricky to time a house sale and purchase so that you don’t need to find interim accommodation or are left paying for two properties. However, there are more benefits of selling before you buy. Although you may need to find temporary accommodation if your buyer isn’t willing to wait for you to find a property, you will be only paying for one set of bills. You will also be in a better position when it comes to making an offer on a property with no chain involved, making you a more attractive buyer.
If you are buying a new build, you may be able to arrange with the developer to part exchange your current property for the new property.
Conveyancing can be a long and complex process. It is vital that you choose an expert accredited conveyancing solicitors firm to ensure everything is done in a timely and efficient manner. Spire Solicitors LLP’s efficient and friendly conveyancing team will guide you through all stages of your property transaction from start to finish. We will always be on hand to answer any queries you may have relating to the process and pride ourselves on keeping you informed every step of the way. The service we offer is personal and professional and backed up by the latest technology.
If you would like any more information on the sale or purchase of a property, or need a quote, please contact Spire Solicitors LLP on 01362 692424.