Buyers and sellers: here’s how you can speed up your home move

The property market is continuing to flourish as consumers turn to take advantage of the temporary cut to stamp duty, but delays will mean some face an anxious wait.

Before the pandemic, house purchases were taking as long as 20 weeks to undergo, and movers are actually facing further delays as a result of improvement in demand because the market reopened.

With this in your mind, a group of property professionals has gathered so that they can streamline the home-buying process, with the aim of speeding up moves and preventing sales from falling through.

Here, Which? explains the simple steps consumers may take to have their move ahead track.

Industry group pledges to speed up house moves

The Home Buying and Selling Group (HBSG), comprising leading auctions, property solicitors, house surveyors and removalists, has published a pledge to assist movers in Britain progress their moves and navigate delays.

The HBSG pledge aims to help individuals gather the data required for property transactions faster, giving consumers (as well as their solicitors) greater time to resolve any issues, and assist in preventing sales falling through.

The pledge includes promises from agents, conveyancers, mortgage brokers, surveyors and valuers, as well as advice for home movers on which they are able to do to help.

Earlier this year, the HBSG produced the state assistance with reopening the home market following the COVID-19 lockdown and the federal government has welcomed its latest move.

Christopher Pincher, Housing Minister, said: ‘I Iook toward seeing [the pledge] deliver a smoother and much more efficient experience for anyone looking to buy or sell their house.’

The HBSG provides the following tips for consumers.

Tips for buyers: how to speed up your move

1. Get the mortgage sorted

Arranging a mortgage may be one of the most time-consuming aspects of purchasing a home, especially at any given time when brokers and lenders are inundated with applications.

The HSBG says buyers should get yourself a decision in principle from a lender prior to making a deal.

Having a decision in principle will give clarity how much you may be in a position to borrow and estate agents might ask to see yours if you’re rivaling other buyers within the same property.

2. Appoint a conveyancer or solicitor

The legal process of moving home (conveyancing) may cause frustration for consumers, but there are some things you can do to help accelerate the procedure.

The HBSG advises that buyers instruct a solicitor before they create an offer on a house, rather than after their offer is accepted.

Solicitors can’t start focus on the purchase until they’ve conducted anti-money laundering checks, so by instructing (hiring) one earlier and providing the required ID information you can get in front of the game.

3. Complete the paperwork

The seller’s estate agent plays a key role in the early stages of the sale.

The agent must complete a disclosure about the property under Consumer Protection from Unfair Trading Regulations, which must then be distributed to your conveyancer.

If you’re buying with a mortgage, you’ll need to ensure this disclosure is forwarded to your mortgage broker.

4. Arrange your survey quickly

Getting a property survey is a must when purchasing a property. It'll uncover any major difficulties with the house, including those who might require you to definitely renegotiate or reconsider diving in. The earlier you can find out about any problems, the greater.

The HBSG says you need to instruct a surveyor quickly and get them to recommend which degree of survey the home requires.

For example, older homes may need a full building survey, which assesses the whole structure of the property, while a mid-range survey may suffice for any newer home.

Once you have the survey report, you need to give a copy to your conveyancer.

Tips for sellers: how you can ensure your sale goes smoothly

1. Instruct your conveyancer or solicitor early

The HSBG recommends you instruct a conveyancer or property solicitor before, or simultaneously as putting your property available on the market.

As with buyers, sellers will have to provide ID information to assist with anti-money laundering checks.

It’s also helpful to get together key documents the conveyancer will need and people who might be highly relevant to a potential buyer.

These may include any deeds and notices, and leasehold information for example lease details, and ground rent and repair charge statements.

2. Complete the property information form

When selling a home, you’ll need to fill out a house information form, in which you’ll have to answer a series of questions about the property to the better of your knowledge.

These include information on any notices or proposals involving the council, any alterations designed to the property, any disputes or complaints and key documentation for example certificates for renovations including upvc double glazing, damp proofing and electrical work.

The agent will even require this information to accomplish the customer Defense against Unfair Regulations documentation.

3. Assess any possible issues

The sooner you identify any issues that could reduce the sale, the better.

For example, when the property was bought using Assistance to Buy, you’ll need to have a valuation done so you are able to remove the equity loan based on the property’s current value.

You can ask your conveyancer to examine the information you’ve provided and inform you of any problems that might be resolved in an early stage.

How to safeguard yourself against fraud

Property transactions are often a target for fraudsters and scammers, who look to exploit the transfer of cash throughout the conveyancing process.

The HBSG says if you want to send money to your lawyer, it is best to ensure you’ve received bank details in a secure manner, such as by post on headed notepaper, by hand or using a secure portal. Emails are not regarded as secure.

You should transfer a nominal sum first and check it has arrived safely in the solicitor’s account before sending any tremendous amount of money.

The HSBG says lawyers will rarely change their accounts, so if you’re asked to send money to a new account you can examine by calling your conveyancer on a published number a treadmill you've used before.

If you attempt to transfer money and get a warning out of your bank the account name is incorrect, make sure with your solicitor before making the transfer.