Moving home involves a number of people, documents and decisions coming together. Some parts of the process depend on third parties or other people in the chain, so no buyer, seller or solicitor can control every timescale.
There are, however, useful steps that buyers and sellers can take early. Being prepared will not remove every possible delay, but it can prevent straightforward matters from holding up the transaction and make it easier to deal with questions when they arise. The best time to start is often before an offer has been accepted.
Instruct your solicitor at an early stage
Sellers do not have to wait until they have accepted an offer to choose a solicitor and begin preparing. Buyers can also identify the legal team they intend to use while viewing properties or arranging their mortgage. Your solicitor will need to complete identification, anti-money laundering and other initial checks before substantive work can begin. Providing the requested information promptly means the file can be ready when the transaction starts to move. Early contact is also an opportunity to mention anything unusual about the property or your circumstances. A gifted deposit, money from abroad, unequal shares held on trust, shared ownership arrangement, leasehold property or linked sale and purchase may require additional information, so it helps if your solicitor knows about it from the outset.
What sellers can prepare
A seller will usually be asked to complete detailed forms about the property and the items included in the sale. Understanding what is needed and gathering the relevant information early can help the draft contract papers reach the buyer’s solicitor sooner and reduce the need to search for documents later. Useful paperwork may include planning permissions and building regulations approvals for alterations, guarantees, certificates for replacement windows or electrical work, details of any solar panels and information about boundaries, shared access or private drainage. If a document cannot be found, tell your solicitor rather than guessing or leaving the question until later.
Leasehold sales often require information from the freeholder or managing agent about service charges, insurance and management of the building. Requesting the management information at an early stage may help, as it depends on a third party and can take time to arrive. Management information does come at a cost, and the information will become outdated, so there is a balance to be struck.
Clear and accurate information matters. If the buyer’s solicitor needs to clarify an incomplete answer, the resulting enquiries can add time that might otherwise have been avoided.
What buyers can prepare
Buyers can help by organising their finances and responding quickly to requests about identification and the source of their funds. If money is being provided by a family member, or is coming from an investment, inheritance or property sale, let your solicitor know early so they can explain what evidence will be needed. Regulations demand that your solicitor investigates the source of your funds, which can involve evidencing movement of those funds between bank accounts over years prior. This is also true of money coming from relatives so they should be prepared to share old statements evidencing the source of the gift. Where a mortgage is required, submitting the application and providing information requested by the lender promptly can help the formal offer progress. Buyers should also decide what survey they want and arrange it in good time. Though carried out by a surveyor, a lender’s valuation is for the benefit of the lender only and is not a substitute for a survey that considers the property’s condition for the buyer.
Think about what matters to you before legal enquiries are raised. If you plan to extend the property, work from home or rely on a particular parking or access arrangement, tell your solicitor. They can then consider whether the title, searches or seller’s replies address your plans and concerns.
Why searches, surveys and enquiries all matter
Searches, surveys and legal enquiries do different jobs. Searches provide information from organisations such as the local authority and water company. A survey considers the physical condition of the property. Legal enquiries allow the buyer’s solicitor to clarify the title, the seller’s
information and anything revealed by the documents or searches.
Questions do not necessarily indicate that something is wrong. They are part of making sure the buyer understands the property and any rights, restrictions or obligations that come with it before contracts are exchanged.
Responding quickly is helpful, but a complete answer is more useful than a fast answer that creates further questions. Your solicitor can explain what information is needed and why it matters.
Some timings will remain outside your control
Even a well-prepared transaction may depend on a mortgage lender, local authority, freeholder, managing agent or another buyer and seller in the chain. If one transaction is not ready, the others may have to wait before a completion date can be agreed.
Good communication cannot remove those dependencies, but it can make the position clearer.
Reply promptly, tell your solicitor about planned holidays or important dates and raise concerns early. Until contracts are exchanged, treat proposed moving dates as provisional and avoid arrangements that cannot be changed.
Experienced support from the beginning
Moving home will always involve some uncertainty, but early preparation gives your legal team the best opportunity to identify what is needed, answer questions and keep the transaction progressing.
At Heringtons, our residential property lawyers support buyers and sellers from instruction through to completion. You will work with an experienced legal team that understands your transaction, explains what is outstanding and keeps you informed as matters progress.
If you are buying or selling a home and would like to discuss how we can help, please contact our Residential Property team on 0800 001 4543.