Given a choice most people want to sell and purchase quickly with as little stress as possible. So when time is of the essence what can you do to speed up the process? We got our team together to pick their top 6 pinch points that, if avoided, will speed up your sale and purchase process.
Selling fast pinch point 1 – Do you have the correct ID?
Whatever your financial position you are going to need to have your ID ready. To sell a home fast, you need to make sure that your solicitor, estate agent and legal adviser have the necessary proof of identification to begin processing your sale quickly. In a paperless world, we often forget that there are times when printed documents are needed. Don’t be the reason that your fast sale slows down at the first hurdle. Have the following documents organised and easily available:
– Passport
– Photocard driving license (Did you know that the paper counterpart was abolished in 2015?)
– Proof of address (Recent utility bill or bank statement)
Selling fast pinch point 2 – Do you have a registered title?
Your ownership of the land is recorded with the Land Registry, providing you with a state-backed registration. Checking in advance that your property has registered title is the first check that your Legal Adviser will conduct. However, don’t worry if you find that you have a non-registered title, it’s not an issue, but it can slow down what could be a fast sale.
Selling fast pinch point 3 – Do you have a right to sell?
There are times when selling fast is vital to help clear debts and to let people move on with their lives. To get things off to a good start seek confirmation that you have the legal right to sell a property. For example, Probate that has not yet been granted can slow matters, Power of Attorney is fine so long as the correct paperwork is in place, and remember that Matrimonial sales require both parties to instruct the Estate Agent & Legal Adviser.
Selling fast pinch point 4 – Is your legal adviser ready?
How many times have you heard a friend complaining about the speed of a solicitor? Although we can’t influence the caseload of any solicitor, you can instruct your Legal Adviser and prepare the funds for Searches early. Thankfully Solicitors are governed by protocols that protect all parties when buying and selling. However, these protocols can cause a fast home sale to stutter. Since letter writing, I.D checks, and transferring of funds all take time. If your solicitor is ready and waiting with funds and ID all the better. Also, don’t be afraid to ask, Solicitors won’t do anything until you instruct them to.
Selling fast pinch point 5 – Did you have help to buy?
Selling a home fast requires accurate personal and household information to be made available to all parties. If you are using a help to buy mortgage/ISA, make it clear to everyone from the outset. Equally, if you used Help To Buy to purchase the property you are selling there will be additional paperwork and probably a formal valuation required. Looking for this information ahead of time will increase the speed of your sale and make the process less stressful for you.
Selling fast pinch point 6 – How is your deposit funded?
If you’re lucky enough to have a gifted deposit, then that’s fantastic, but make sure everyone is aware upfront and that you have the appropriate paperwork in place for the Mortgage Adviser/Legal Adviser. As some lenders may view your deposit differently if they know that a parent provided part of it since affordability is key to a successful mortgage application. So expect a lender to check that your finances stack up. But don’t worry, in 2017 34% of first-time buyers had help from their families. Being honest about your finances upfront will reduce your stress and help you sell faster.
