Buying your first home is an exciting time and those who take the plunge this time of year will inevitably hope to be installed in their new pad in time for Christmas. With the average property transaction taking three to four months to complete, there’s a good chance that your wish will be granted, but in a process with so many moving parts it pays not to be complacent. Stephen Ward, Director of Strategy and External Relations at the Council for Licensed Conveyancers, guides you through the homebuying process.
From property searches and surveys uncovering unexpected issues to sellers stalling if there are problems further up the chain, delays can and do happen, so preparation is key.
Follow our guide to making sure your sale goes through as smoothly and swiftly as possible, and that you give yourself the very best chance of ringing in the new year in your new home.
Choosing your conveyancer
Prospective buyers are always urged to shop around to find the right conveyancer for their needs.
Consumer research unsurprisingly shows that most of us are likely to go with a personal recommendation, or the firm with the best reviews, but crucially you should also check that they are regulated. This will offer you some protection in the unlikely event that anything does go wrong.
Conveyancers who are regulated by us should have our secure badge displayed in a prominent position on their homepage which, when clicked on, will take you through to our own website for confirmation. They should be transparent about their fees and provide you with a full breakdown of these at the outset.
You should also take care to choose a conveyancer who is experienced in dealing with the type of property you intend to buy and who will keep you updated and in a way that suits you, whether that’s online, on the phone or in person.
Getting your paperwork in order
Many people mistakenly believe that you should find a property first before instructing a conveyancer, but it pays to be prepared. Having your legal expert already on standby means they will be able to start the work necessary to transfer ownership straight away.
A common cause of delay in the homebuying process is when parties don’t have the paperwork required in order to prove that they are who they say they are and where their money is coming from. This includes a valid form of identification such as a driving licence or passport, utility bills as proof of address, and pay slips and bank statements as proof of funds as well as a mortgage agreement in principle.
Many conveyancers also now offer digital ID checks, using biometric and cryptographic technology to verify your identity, and it is worth taking advantage of this if you are able as it does save time.
Managing expectations
Even if you do everything right, there may still be factors outside of your control that result in unexpected delays such as, for example, issues with the property you’re buying or other parties in the chain.
While a huge amount of work is going on behind the scenes to improve the homebuying and selling process, research shows that around a third of all transactions unfortunately still fall through. It is disappointing if this happens, but it is also important to be patient and make sure you have all the details with which to make an informed decision.
New homes aren’t always for life, but neither are they just for Christmas so it’s better to wait than to rush into possibly the biggest purchase you will ever make that you may later live to regret.
For more information and to find a list of CLC-regulated conveyancers in your area,visit clc-uk.org
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
