If you’ve never bought a house before, then property conveyancing might not even have occurred to you as a hugely time consuming step in buying a house. This in-between step from an offer on a house being accepted to contracts being exchanged can be a very frustrating and often costly time.
For the property conveyancing to take place you will need to get a solicitor, surveyor and mortgage broker sorted, and that can be quite overwhelming. Especially in the knowledge that at least a third of deals still fall through after an offer has been accepted.
However, according to property guru Phil Spencer there are three things you should avoid if you want to ensure the property conveyancing occurs without a hitch.
1. Choosing the wrong solicitor
‘You’re only really effective a buyer as your solicitor,’ explains Phil on his MoveIQ podcast. ‘You’ve done the leg work, you’ve agreed the price. That is all down to you. From here on, you can’t do much bar manage and monitor the transaction.’
Getting a solicitor who is quick and proactive is crucial for a propelling the deal forward so that you can exchange those contracts without a hitch.
If you’re not sure which solicitor to go for the Location, Location, Location presenter suggests asking for recommendations. ‘There is no harm in asking the estate agent because the estate agent will be very familiar with whose good and whose quick,’ he says.
2. Being scared off by the surveyor’s report
You will need to get a survey done so that you and the bank can assess the property. However, Phil points out that the survey will only flag up issues with the property such as damp and cracks, not its good points.
‘People do get a bit scared, thinking oh my god it’s falling down,’ he explains on his podcast. ‘It can really help people when they’ve got the survey in their hand to talk to the surveyor on the phone.’
‘The chances are the surveyor will be a lot more open and honest in a conversation over the phone,’ he adds. So if you want to ask any questions such as ‘what do you think?’ or even: ‘Would you buy it’ this is your chance to get an expert opinion.
If you do choose not to go with the house, in the end, making sure it is for the right reasons.
3. Failing to chase things up
There is a limit to the amount of chasing up you will be able to do. If the other side isn’t ready to exchange contracts there is nothing you can do.
However, Phil still suggests chasing things up as much as you can. ‘I want to know at every stage, who is waiting for who and where everything’s got to,’ he explains.
‘There are lots of things that need to happen before you exchange contracts. It’s a process you can speed up,’ he adds.
You might find yourself still waiting on other people, but at least you will know you have done everything possible to make sure the deal on your dream home goes through.
Will you be following Phil’s advice?