SO, I wanted to cover some different ways to speed up the property selling process…
In the UK the average transaction can be anything from 6 weeks to 18 weeks or even longer in some cased! That’s anything from 42 days…
In the USA some properties sell in as little as 30 days! … so what can you do to help speed things up?
Well I thought the best person to speak to in a Licenced Conveyancer which I have been working closely with since the day Nest opened their doors….
When I asked Charlotte Still “what details can a seller provide to help speed up the selling process”…. Charlotte raised the following points which I will try and explain..
1 – Planning or building regulations documentation.
The building regulation documents will be for any work completed at the property, be it small or large alterations, extensions, conversions and are principally aimed at heath and safety but also include things like energy conservation.
Minor work like decoration and finishes are not covered within these documents, the building regulation has evolved over several years with the aim of creating a required standard or building.
The planning documentation will be linked to any planning permission you may/may not of had approved.
2 – FENSA / CORGI / Electrical certificates.
FENSA – this is linked to windows and doors within the property, this document should have been supplied on installation but there are ways to obtain a copy providing there is a valid document.
CORGI – this is linked to gas works, any gas installations, boiler installations or similar.
Electrical certificates / EICR / Electrical installation condition report – this is a certificate provided by a qualified electrician, they will test all circuits within the property ensuring the installation is safe and up to standard/regulations. These usually last 10 years however its advisable to do them more often.
3 – Up to date service reports.
This is linked to boilers or anything else within the property which may need servicing. Its always worth servicing your boiler prior to selling to ensure it is working fine, especially if your selling at the end of summer once the heating hasn’t been on for months…
It will also help during the selling process as it’s a good selling factor to information potential purchasers of. Think of it as a service on a car. A car that is regularly services has been well looked after and maintained. Whereby one who hasn’t had a service completed for 10 years ‘could’ have underlying issues which could run into thousands.
4 – any concerns or information that was provided when you first purchased the property.
Sometimes this can be hard, especially if you bought the property a long, long time ago. However, think back to when you bought the property, was there any concerns? Any questions whereby the answer wasn’t completely satisfactory? Anything that a buyer may ask and you haven’t got the answer? Its worth thinking about this and gaining any documentation which may help and support any concerns should you have them.
5 – for a leasehold or freehold with a managing Company
This can cause HUGE delays within the process, in these situations there is a ‘pack’ that is required to supply to the purchasers. This consists of various documents which their legal representative will need to go through. It has been known for a solicitor to be waiting weeks if not months for this ‘pack’ so its always wise to contact the leaseholder/managing company prior to selling and requesting this pack to ensure you have it for a purchaser, this will, without a doubt save some time.
6 – Complete all the forms upon marketing the property.
This is my personal favourite. After being in the business for years ive seen it time and time again when it comes to the point of agreeing a sale and the seller then drops the bomb “I have chosen a solicitor yet”…
Before you go on the market get some quotes, remember the cheapest isn’t always the best! – pick the company you want to use and request the “sellers pack / questionnaire” and the same for your purchase.
Complete this documentation along with all the paperwork mentioned above, and keep it to one side, you shouldn’t incur any solicitor at this point. However, once you have a buyer in place then drop the pack to the solicitor to start work… the way to look at is it this way…
Once you have agreed a sale, the agent will send out a sales memo, normally second class, so internal processing of this information and people selecting conveyancers can easily take – 7 days.
The agent will then send the sales memo to your solicitor normally 2nd class so it will take 3 – 5 days for them to receive it.
Then 1 – 2 days for them to process that letter and it to arrive at the correct solicitor/conveyancer.
They will then send the pack out, again normally 2nd class – 3-5 days.
You will then receive the paperwork, complete and return it, this is down to the vendor, so we will stop at this point.
This meaning, by requesting and completing this sooner you could be anything around 18 days ahead… that’s 2 and ½ weeks! Which is a huge difference! ….
So there is 6 simple things you can do to save time on your conveyancing/sale process. Of course, this starts with selecting the right agent however a solicitor/conveyancer can make a huge difference (we will cover this in another article).
If you have any further questions, please feel free to give me a call!