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Your best route to market is to prepare in advance what your costs will add up to for your specific property transaction. Formulate a realistic budget and stick to it.
Why do property transactions fail?
They fail because people want to move but they fail to plan or they negotiate too hard on price or they are surprised about the negative survey. Lots of reasons but some really are pretty basic.
Before House Hunting You Should:-
- Check your affordability and understand from the outset which Lender will provide the best interest rate using an independent Mortgage Broker
- With that knowledge visit https://www.homebuyerconveyancing.com/ and understand what your conveyancing costs will be for your sale and purchase using your potential specific lender.
- Make a note of any applicable stamp duty payments
- Try and be realistic on which areas you can afford to live in
- What will your Estate Agent costs be?
- What will your Property Survey costs be/ ( so many Surveys highlight that further investigation will be required — hence more costs)
- You will need house insurance between exchange and completion
- What will the Utility costs be per month?
- Establish Moving costs
- Formulate a Budget using key professionals.
So you now have a 10 point plan.
When you do find your next property ask the Seller what their earliest exchange date is. Make sure that when you place an offer, that is is on the provisor that it is subject to survey and that the Seller has indicated a target exchange date. This is where often Sellers and Buyers fail.
They do not formulate a realistic plan.
Conveyancer instructed. Client care letter is sent. The Client must sign terms and return before the conveyance can start. This is say 1 week
The Conveyancer must carry out ID checks.
If all is well the Conveyancer is instructed to commence conveyancing but some Buyers ask for this to be delayed until Survey results.
Instructed a Survey and getting results allow 2 week
Searches are carried out on the property allow 2 weeks.
With no chain you should be able to complete in under 8 weeks.
We have delivered exchange and completion for savvy Investors in just 10 days.
Top Tip for 2020 is to plan your move in good time.
Search out your key professionals before you actually find your property and well before offer acceptance stage.
Need help in finding a Solicitor then call 0345 463 7664
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