The actual sales process is taking longer and longer due to many factors including the shortage of Licensed Conveyancers. Many have been leaving the industry and not so many have been choosing it as a career path. Conveyancers have been under immense pressure during the last couple of years due to Covid and the Stamp Duty Holiday. Working long hours, mostly from home, and more recently from taking all their accumulated holidays before they run out. Often under-appreciated and over-worked and occasionally verbally abused by clients, who are also stressed and feeling under pressure when Conveyancers are in fact, working on their behalf and protecting them and their finances from making what could be a terrible blunder.
How can you help speed things up?
Once you have decided you are moving, get in touch with some local solicitors and obtain some quotes for selling your home. Make your decision about who you want to use and instruct them.
They will send you a ‘Welcome Pack/Client Care Pack’. This includes a breakdown of the firm’s fees, the Terms and Conditions of Business, a request for proof of identity and address and probably, a request for monies to be held ‘on account’. They will not start doing any work for you until they are in receipt of these.
You will be sent Essential Law Society forms for completing including:
The Property Information form (TA6) – This includes questions about boundaries, disputes and complaints, notices and proposals (about nearby land and buildings), alterations you have made to your property including planning permissions and building regulations, guarantees and warranties that you have for the property, what insurance you have on the property, environmental matters, rights you have i.e. access rights or shared use, parking arrangements, charges i.e. management fees, who lives at the property currently, what services are connected i.e. gas, electric, sewerage etc. and who supplies those services.
The Leasehold Information form (TA7) if you don’t own the Freehold, or possibly The Commonhold Information form (TA9).
A Fixtures and Fittings Form (TA10) to detail what is included in the sale.
All of the above information is used, along with Land Registry documentation to create the Draft Contract that will be sent to your buyer’s solicitor.
By getting all of this in order, prior to putting your home on the market or before you receive an offer means that not only can you shorten the process by a week or two, you will not be under pressure trying to find time to complete all the forms or dig out information you need. That way your solicitor will be prepared and ready to send the Draft Contract to your Buyer’s solicitor immediately you accept an offer.
If you are selling an inherited or probate property, it is best to get this sorted prior to marketing too as this can add 6 – 8 weeks to the process and potential buyers may not be willing to wait.
If your land is being divided and you are not selling the whole of what is registered with the Land Registry, then you would be well advised to speak to your solicitor in advance as again, the Land Registry Office can take weeks to sort it out.
If you have taken Equity Release from your home, you will also need to speak to your solicitor as not all will deal with these properties due to their Company Business Insurance Policies and you may have to find another solicitor who will.
Why would you want to speed up the process is quite simple. The longer the transaction takes to come to a conclusion, the greater the chance that something could go wrong. i.e. the buyer or the buyer’s buyer (if they have one) pulls out due to delay or any other reason.
I hope this helps, but if I can be of further assistance, just give me a call on 01757 709955.