If you’ve ever bought a property before, you’ll know that it’s far from easy and the process can often be drawn out and complicated. However, with just a few simple steps you can help reduce the risk of things taking longer than required and get the keys to your new property as quickly as possible!
If we go right to the start of the process, then getting a mortgage in principle and speaking to a mortgage broker is the best first step you can take. Not only does it put you in a good position as you will know how much you can afford, but you will also be able to ask any questions and get their advice on the current market.
These conservations with your mortgage broker are a great opportunity to raise any concerns about things which may slow your purchase down, such as your financial circumstances. For example, issues with credit or obtaining proof as to where your deposit has come from.
Let’s now skip to the point at which you’ve put in an offer and the sellers have accepted – fantastic! Although with more documents to supply and phone calls to make, this is just the start of the process to get to completion. Typically, this stage can take around 18 weeks but it can be much less or even longer, depending on your circumstances.
You will need to go through basic checks with the estate agent to prove you are who you say you are etc. Being cooperative with the agent and fast at responding is crucial in order to stop any delays!
At the same time, you will need to contract a solicitor so asking your agent for recommendations (although you can use whoever you wish), is a good idea to help speed things along and keep the process simple. They will then conduct searches, and may need to also speak with the seller’s solicitors to ask questions. This can be time-consuming but a simple phone call to the solicitors can help gather information so you have an idea where you stand.
If you intend to have a survey done, this is a good time to do so, as there will be a while waiting around and it’s much better to get it sorted now rather than later!
Once this is completed, you will want to be in a good position to exchange contracts and complete as soon as possible so it’s a good idea to ask about deadlines for anything that you’ve got left to do and get a date for completion.
Overall, the most important factor to make the process easier is to be responsive, and fast-acting when you’re required to supply information or documents. This will make the process much easier and help you get the keys to your new home faster.
If you’ve got any questions, please get in touch.
