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23rd October 2020
The recent post-lockdown upsurge in property market activity seemed to take the media by surprise, but we had anticipated the release of pent-up demand and made sure we were ready.
Obviously helping people buy and sell in the last few months
has meant adapting to new ways of doing things, but the results have
been fantastic. Now our clients are amongst the thousands of people up and
down the country who have had 'sold' signs put up and are waiting for the day
they can move.
Whether you're buying or selling the acceptance of an offer
is a great moment but it is only the start of the next phase of the process.
Until you've heard the magic three words 'congratulations, you've completed'
there's still a lot to do. Sometimes, for a variety of different reasons,
things can go wrong and a sale can 'fall through', so how can you make sure
that you are able to 'complete' and move on schedule?
Estate Agent Lingo
If it's your first experience of buying or selling a property there's a good chance you may not be familiar with all the expressions and terms that you'll hear over the next few weeks.
Once an offer has been accepted everyone involved will be working
towards 'exchange'. This is when surveys will have been carried out, land
searches have been done and (if you're the buyer) your solicitor is happy that
everything with the property is ok. When you reach that point, you'll agree on a
date that you'll become the legal owner, deposits will be paid, and you'll
'exchange' contracts.
It's extremely rare that a property sale will 'fall through' at this point as if a buyer changes their mind and decides that they no longer want to or can continue they will lose their deposit.
The date that you agree to become the legal owner, which for most people is also the same day that you'll move into your new home, is known as the 'completion' date. It's possible to 'exchange' and 'complete' on the same day, but for many these dates are staggered so that removal firms can be booked and lives can be planned.
A Pro-Active Estate Agent
So how do you get to 'completion'? Rated as being in the Top 3% of UK Estate Agents we know that our work isn't done until we hand over the keys. Once an offer has been accepted it's our job to ensure that things go smoothly and that a sale doesn't 'fall through'.
Where for buyers a new home can be all about location,
location, location, 'sales progression' for us is all about communication,
communication, communication.
Backlogs
Due to how busy the property market has been over the summer there are now a record number of sales waiting to go through. This means that surveyors, solicitors and the Land Registry are all dealing with more properties than usual and this is building up a backlog.
Another big factor is that (at the time of writing) the Stamp duty holiday ends in March and in order to qualify for the sometimes substantial savings buyers need to complete before it expires.
Of course, all of this comes on top of the usual problems that can arise in any property transaction, particularly those with a long chain where everyone needs to be in synch.
Solutions
Some estate agents sadly act as if their job is done once the 'sold' sign goes up, but here at Maslens we know that there is lots more work for us to do to help our clients move.
Making sure that sales progress along the 'exchange' to 'completion' process to fit a schedule is a big part of what we do. Keeping in touch with all parties is key to a smooth path to completion, and understanding how to deal with any problems that might come up can only be gained by experience.
That's another reason why 'online estate agents' or even DIY sales might seem appealing but often cause problems somewhere down the line, and in some cases this can lead to a transaction falling through entirely.
If you haven't already done so you'll need to fill out Anti Money Laundering (AML) forms and present the requisite forms of ID. There will be legal documents to sign for both parties and if you're the seller you'll need to provide your solicitor with details and information about your property. Making sure that you have all the information to hand and returning signed documents quickly can all make a huge difference to getting everything done on time. Be practical, have a good look around at all your possessions and be realistic as to whether you can hire a van and have a DIY move or if you need to book a removal firm. Many firms get booked up a long way in advance, especially during busy periods, and leaving it to the last moment to speak to them can leave you with a problem and result in delaying or even jeopardizing a move.
Success
The only way to really give yourself the best chance of having a smooth journey to 'completion' on your desired date is to make sure your estate agent is proactive right through to moving day.
We believe that our job isn't finished until the keys have changed hands, so if you'd like to find out more about how we can help you avoid common pitfalls and problems get in touch today. We'll get you moving!