7 Key Steps To Speed Up Your House Purchase
Finding the perfect house can be challenging, but once you have found it, you will likely want to speed up the property purchase and settle into your new home. However, there are many factors that might complicate matters or cause delays. For example, these may include the time it takes you to secure a mortgage, being in a property chain, or how efficient your solicitor and surveyor are. If you are selling your current property at the same time as buying a new one, you will need to get things moving even faster. Today we have compiled a list of seven key steps you can follow to make buying a home as smooth and quick as possible.
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Sort Out Your Finances
Securing a mortgage can take several weeks or more, so it’s important to start the process early. Ideally, you should have a lender’s agreement in principle about the amount they are willing to lend you prior to making an offer on a property. As a result, estate agents and sellers will see you as a serious buyer, so they will be more likely to proceed quickly when the time comes. Before exchanging contracts, you will need to have a formal mortgage offer, which means your lender will need to conduct detailed checks on your identity and finances. Therefore, you should supply them with all the information they require promptly.
Manage The Chain
A property chain occurs when one transaction depends on another, which could lead to delays and issues beyond your control. However, a bridging loan may help you speed up the property chain by covering the period between buying a new property and selling your old home. Find out more about bridging finance from Advias, who can help you obtain the best possible bridging finance terms using their in-house analysis tools. It’s also possible to learn how much you can borrow with a bridging loan by using their bridging loans calculator. This will provide you with an idea of the likely costs associated with taking out a bridging loan.
Familiarise Yourself With Terminology
There is a fair share of unfamiliar terminology you may encounter when you are buying a property. When it comes to speeding up your house purchase, the last thing you would want to do is struggle with a ton of unfamiliar words and phrases. Therefore, you should make sure you understand the key terms even before you begin your property search. Also, don’t be afraid to ask questions if there is anything you don’t understand, as this will reduce stress and confusion.
Work With A Good Solicitor
One of the most important factors in speeding up your house purchase is choosing a reputable solicitor, that you can trust. A good solicitor should be able to react quickly when issues arise so as not to cause additional stress or costs for those involved in the process. Moreover, they should be able to quickly respond to calls and emails, providing you with accurate information every time. Also, keep in mind that estate agents might earn a fee for referring you to a specific company. Therefore, it might be better to get an independent recommendation.
Communicate Effectively
Staying in regular contact with both your solicitor and estate agent is crucial to ensure you are up to speed with the house purchase. For example, it might be helpful to agree to a weekly update with all the parties involved, as this will reduce the chances of miscommunication over expectations. You should also be able to review, fill out, and sign all documents as quickly and efficiently as possible. It’s advisable to avoid sitting on any paperwork, as this can only hold up the process.
Book Your Survey Early
It’s recommended to book your survey as soon as you have had an offer accepted on a property. While a survey is not compulsory, it’s better to get one, as it can help you identify structural issues with the property. You may want to research a few different surveyors and find out how busy they are before making an offer. This way, once your offer is accepted, you can book a survey straightaway. Once you get the survey back, be sure to read everything in full and ask your surveyor about anything that doesn’t make sense.
Be Realistic
While it’s understandable that you will want to buy your new home as quickly as possible, it’s also sensible to be realistic about your expectations. It might be useful to set a target date for exchange and completion early on in the process so all parties are aware of the date you are working towards. To ensure everything is on track, you can ask your solicitor for regular updates during the buying process. You may also be able to add a clause into the contract, stating that if completion goes beyond the target date due to the fault of the seller, you will be allowed to withdraw from the purchase.
