A useful guide to help you tick all the boxes to get you ready for moving home.
There is a lot to consider when thinking of moving home so we have put together 5 steps to help you get started.
The UK property market has changed dramatically over the last year or so and it has become clear that the 'traditional' house selling process is now generally accepted as no longer fit for purpose.
The legal process is hindered by too little information being gathered by sellers at the start of marketing. All sectors of the property market are now asking for more up front information to help speed up transaction times, reduce stress and minimise the number of sales falling through. Given that failed transaction levels have hit a 35% average in England and Wales something clearly needs to be done. By Comparison, where more up front information is provided in Scotland, the rate of failed transactions is far lower at just 11%.
Following these simple steps will help Home Movers 'Get Legally Prepared' by completing as much of the paperwork as possible even before finding a buyer. This helps eliminate many of the issues that can arise during the transaction before they become a problem and potentially put your sale at risk.
Be prepared to identify yourself
Everyone that you engage with is going to need to know who you are. It is best practice for businesses to complete Identification and Anti Money Laundering Checks (ID/AML) so don't be surprised.
We are fans of Credas Technologies as it enables clients to complete the ID/AML checks remotely via an App. If the business that you are engaging with need an alternative solution to 'in person' visits, ask them to get in contact us.
Instruct an Estate Agent
Find an Estate Agent to work with you. If you have not already done so, get a market appraisal from a reputable firm, so that you can find out what buyers they have registered for a property like yours.
By getting a few appraisals from a number of agents in your area you will be able to decide which price to market your home at, and which agent you feel most comfortable working with.
BEWARE of the agent that over inflates the price simply to win your instruction. The extra time on the market may backfire on you and your abilities to achieve a good price.
Order Your Searches
Get the Local Authority Search, Drainage & Water and Environmental reports ordered.
These will alert you to any issues that might adversely affect your selling price or potentially delay your sale transaction. They will also enable your buyer to confirm a firm offer based on facts where you have shared some of the pertinent details. Your buyers can probably satisfy their Mortgage Lenders requirements as well as providing vital information to their conveyancer at the very start of the transaction.
To order the correct pack of Searches, please enter your Postcode into the Hazard Checker at the bottom of this page.
Use Discount Code GetLegallyPrepared-5 to get a 5% discount on your entire order.
Access and complete your Legal Protocol Forms
Complete your Legal Protocol Forms without the need to print, as editable versions are available to download below. Invariably Home Movers do not have access to these forms until after they have instructed a Conveyancer to act for them. We provide them here for anyone wishing to get started.
Gather all useful documents such as boiler service agreements and double glazing guarantees etc. and keep them somewhere safe with your completed protocol forms, as they will all be needed when you instruct a conveyancer to act for you.
Only complete if selling a leasehold property
Instruct a Conveyancer
Consider instructing a conveyancer to act for you.
There are thousands of great Conveyancers ready, willing and able to help you, be careful to choose one that has a good reputation and don’t just shop on price. Be sure to tell them that you have already bought your Searches!
Your chosen Estate Agent may well have a good recommendation for a firm that they work with locally. Just be mindful about the agents motives for suggesting a conveyancer to you. Is their recommendation based on a referral fee or a genuine desire to match you up with a firm able to deliver great conveyancing and excellent customer service? Ask the conveyancer to check your Title and to look out for issues that might arise in the sale rather than waiting to see if the buyer spots something - it turns you from a potential seller into a legally prepared seller and may save you thousands of pounds in fall through costs.
It will really matter when it comes to progressing your legal transaction.