Why Oh Why?!
“What do you mean why oh why?” I said to my colleague, Chloe. “Why does it take such along time for a sale to go through once it is agreed?” she asked.
I thought long and hard before replying, I could have had a rant about solicitors, surveyors, mortgagees, chains and everyone else involved in what has become the most convoluted method of selling residential property you could think of. I could have said that when I started in the business over 40 years ago, we used to put at the bottom of our sales memoranda “Contracts to be exchanged within 28 days of receipt of working papers” and for the most part they were!
However, I decided that it would be more helpful to look at how we as Estate agents can help speed up the process and achieve what ultimately every buyer and seller wants, which is to move in to their new home. Rightmove statistics for last year show that in England and Wales it takes an average of 53 days to secure a buyer and a further 111 days to progress that buyer to completion! That is a grand total of 164 days nearly SIX MONTHS! No wonder buying and selling a property is one of the most stressful things in life!
So, how can we make a difference and help speed up the process? In Keswick we are fortunate to be in a beautiful Lake District location where buyers outnumber sellers and a high proportion of buyers are cash purchasers. This means that we have few Chains to deal with, if there is a chain involved it is imperative that this is thoroughly investigated at the outset as this can often be a cause of delays.
There are a few things that sellers and buyers can do at the beginning and before the sale is agreed which will help the process along:
Sellers: Make sure that your solicitor has all the paperwork returned to them immediately upon receipt, the forms can be daunting but we can help and advise. All guarantees and certificates should be included along with your ID. Fully answer the questions as anything not completed will be queried later.
Buyers: Make sure that you instruct your solicitor, put them in funds for searches and request that they put these in hand immediately, Local searches can take 2 to 3 weeks so the sooner they are submitted the sooner they will be back! If you are having a mortgage do not delay putting the application in and try to get the surveyor instructed as soon as possible.
Now it is over to us, we will ensure that the channels of communication are kept open and that everyone involved is doing what they are meant to be doing. This is what a good Estate Agent does, arranging the sale is only the beginning!
I once said to my wife who is a Commercial Property Lawyer “Do you know Residential Conveyancing is a relatively simple process made complicated by lawyers!” I have since changed my mind and have come to the conclusion that the system of buying and selling houses in this country is no longer fit for purpose but if ALL parties can work together then it is possible to achieve a much quicker turn around. If we all work together then I am sure we can return to the days of the 28-day exchange of contracts!
Peter Baker – Senior Sales Negotiator at PFK Estate Agency, Keswick.
I thought long and hard before replying, I could have had a rant about solicitors, surveyors, mortgagees, chains and everyone else involved in what has become the most convoluted method of selling residential property you could think of. I could have said that when I started in the business over 40 years ago, we used to put at the bottom of our sales memoranda “Contracts to be exchanged within 28 days of receipt of working papers” and for the most part they were!
However, I decided that it would be more helpful to look at how we as Estate agents can help speed up the process and achieve what ultimately every buyer and seller wants, which is to move in to their new home. Rightmove statistics for last year show that in England and Wales it takes an average of 53 days to secure a buyer and a further 111 days to progress that buyer to completion! That is a grand total of 164 days nearly SIX MONTHS! No wonder buying and selling a property is one of the most stressful things in life!
So, how can we make a difference and help speed up the process? In Keswick we are fortunate to be in a beautiful Lake District location where buyers outnumber sellers and a high proportion of buyers are cash purchasers. This means that we have few Chains to deal with, if there is a chain involved it is imperative that this is thoroughly investigated at the outset as this can often be a cause of delays.
There are a few things that sellers and buyers can do at the beginning and before the sale is agreed which will help the process along:
Sellers: Make sure that your solicitor has all the paperwork returned to them immediately upon receipt, the forms can be daunting but we can help and advise. All guarantees and certificates should be included along with your ID. Fully answer the questions as anything not completed will be queried later.
Buyers: Make sure that you instruct your solicitor, put them in funds for searches and request that they put these in hand immediately, Local searches can take 2 to 3 weeks so the sooner they are submitted the sooner they will be back! If you are having a mortgage do not delay putting the application in and try to get the surveyor instructed as soon as possible.
Now it is over to us, we will ensure that the channels of communication are kept open and that everyone involved is doing what they are meant to be doing. This is what a good Estate Agent does, arranging the sale is only the beginning!
I once said to my wife who is a Commercial Property Lawyer “Do you know Residential Conveyancing is a relatively simple process made complicated by lawyers!” I have since changed my mind and have come to the conclusion that the system of buying and selling houses in this country is no longer fit for purpose but if ALL parties can work together then it is possible to achieve a much quicker turn around. If we all work together then I am sure we can return to the days of the 28-day exchange of contracts!
Peter Baker – Senior Sales Negotiator at PFK Estate Agency, Keswick.
Stay Informed
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
Comments