We all know that the property market today is an incredibly competitive place. Finding and securing the house of your dreams can be a real struggle in such a fast paced market. To help you secure the property you’re looking for we have put together a few tips to help you speed up the process of buying your house.
1. Get your finances sorted
Sorting out a mortgage can take several weeks so it’s best to start the process as soon as possible. Before making an offer on a property it’s best to have the lender’s agreement in principle about how much they are willing to lend you. If you already have an agreement in principle this will show the seller and the estate agent that you’re a serious buyer. Having an agreement in principle also means that when the time comes you will be able to access the money you need quickly.
Another thing to consider when it comes to finances is making sure that you have all of the documentation you will need. To secure your formal mortgage your lender will need to see documentation to check your identity and finances. To make sure things are speedy in sure you know what you will need and have it to hand.
2. Find a good solicitor
Your solicitor is vital to the process of buying a house. Having a proactive and experienced solicitor can help things to move a lot quicker. Make sure that you choose a solicitor who comes highly recommended, has a good reputation and who you have great confidence in.
3. Book your surveyor as early as possible
In order to secure a mortgage for your new property you will almost certainly require a valuation on the property. This is to make sure that the property provides enough security for the loan you’re taking out. Your lender will instruct their own valuer to carry out an assessment of the property. Remember, this evaluation is for them, not for you. It is advisable to arrange your own survey to be carried out as well.
There are different kinds of surveys so take advice on which will be most appropriate for the property you are buying. A building survey is the most comprehensive report but it is also the most expensive survey. A building survey usually includes evaluation which can be very useful.
Surveyors can be booked weeks ahead to make sure that you are prepared by booking in the early stages to avoid delays. Ensure you allow time to investigate any issues that may be revealed by the survey.
4. Manage your chain
Being part of a chain can be very frustrating as progress may be slow and it may be out of your control. Buying from someone who’s chain free will eliminate these risks and should make the process of buying much quicker.
However, if you do find yourself in a chain, it is important that you understand the dependencies. Talk to your seller and their agency regularly to make sure that you are monitoring what is happening. It is important that everyone is working to the same target completion date.
5. Spot issues early
A specialist conveyancer should be able to identify any potential title problems and hopefully offer a solution to them. Nevertheless, make sure you have all the relevant information you need so that you are aware of any issues that may be affecting the property. It is also important that you tell your solicitors about any potential problems as soon as you can.
6. Speed up searches
Your solicitor will need to carry out a number of conveyancing searches before you exchange. These searches can involve local authority searches which can reveal statutory matters like planning enforcement notices and so on.
These checks can take up to 6 weeks depending on your local authority, which could cause a major delay. It could be quicker for an agent to carry out personal searches; however, not all lenders will accept personal searches.