This Article will hopefully provide you with some tips and suggestions to bear in mind throughout your conveyancing process:
Hints and Tips for a Stress Free Move
Congratulations, your offer has been accepted you are now on the roller coaster!
Once your offer has been accepted you should try to insist the vendors take the property off the market. Be wary of sellers who refuse and continue marketing their property as, should a higher offer be put forward, they will be tempted to take it. It could prove expensive should they pull out after you have incurred the initial expense of having a survey carried out and obtained a mortgage offer on the property and there will be little that you can do to recover your costs. It’s not much fun being “gazumped”!
Paperwork and Communication
Around one third of property sales fall through before contracts are exchanged as people get cold feet, or just fed up of waiting. Make sure you are not just another statistic; keep things on track by ensuring that your paperwork is completed as quickly as possible. As solicitors we can only push the conveyancing transaction along once we have the paperwork in our hands to deal with it so get it straight back to us.
Completing your mortgage application form is usually the first step. The conveyancing will be delayed if your mortgage application is slow so keep on top of your mortgage lender. Complete your paperwork with them quickly.
Your chosen lender will generally offer you several different types of survey and you will need to consider seriously whether you wish to have a full structural survey carried out. The standard mortgage valuation is not a guarantee that the property is in good condition; it is merely an indication of its value relative to your mortgage. If it is an old property or looks to be in poor condition you should pay the extra and ask for a fuller survey.
A homebuyers’ report or a full structural survey will give you detailed information about the condition of the property; the sellers are under no legal obligation to reveal any defect in the property to you themselves. So buyer beware!
Always budget for the cost of more than one survey as the results may require you to initiate further specialist inspections of the property.
Don’t forget keep your Conveyancing Solicitor informed about any developments. You do not wish to be presented with a bill should the transaction fall through simply because you forgot to tell your Solicitor that you no longer wish to proceed.
2. Exchange
Having received the results of your survey, and provided that your application has checked out, your mortgage lender should soon be in a position to issue you with a formal offer.
Once the contract has been agreed and signed by both parties and all enquiries that we have raised have been answered by the vendors solicitors to our satisfaction, you will then be in a position to exchange contracts with your vendor. This is the point of “no return” as once contracts have been exchanged it is almost impossible to go back.
Once contracts are exchanged, you will need to insure the property that you are buying. Make sure that your household insurance company knows that you are moving; your buildings insurance will need to cover your new home right away.
3.Completion – The best part!
You should consider suitable dates for completion. Of course between both parties solicitors we will need to agree a date which is suitable for everyone. You will need to have more than one in mind as if there is a long chain it may be difficult.
On the day the solicitors have to transfer monies between banks by all those in the chain and it can often be afternoon before you can collect the keys to your new home. Wait for our call to confirm that all is OK before you set off, as you do not want to be sleeping in your removal van! A good solicitor will always do their best to keep you updated as we know you are sat in your van!!!
4. Few extras
Before you move check that your new home has enough telephone lines. You may want to book the installation of a new line or additional extensions in advance.
Pack a box of essentials to include: kettle, tea bags, coffee, milk, toilet paper, screwdriver, and light bulbs. It is also a good idea to have a secure box with essential documentation in, plus keys to the new property!
Keep some blankets or old sheets available to put down to protect carpets if it is wet on moving day.
The essential services
Arrange for professional disconnection of any gas appliances you are taking.
If you are moving out of an area, then remember to de-register with Doctor, Dentist, and Optician.
Cancel standing orders with the bank that relate to your old home.
Arrange to have meters read at new property. Previous householder could have had them read a few days earlier!
Don’t become a social outcast
Remember to let your friends and family know your new address.
Arrange for post to be forwarded. Royal Mail will do this for a charge; you will need to pick up a form at your local post office.
Checks and double checks
Don’t forget these important people:
Gas
Electricity
Water
Phone
Council Tax Office – both from and to
Bank/Building Societies
Credit Card Company
Rental Company (TV etc)
TV Licence Authority
DVLA
Doctor
Dentist
Optician
Employer
Friend/relatives
Life Assurance Company / Pension provider
Insurance Company
Post Office
Break out the bubbly
Finally, we suggest that you sit down in your new kitchen, open a bottle of champagne and put your feet up, as it will soon be time to start unpacking all those boxes!!
Finally….
We are Solicitors and Estate Agents based in Leyland and therefore can help smooth the whole moving home and conveyancing process. Because we know the legal conveyancing process inside and out we can help you avoid the pitfalls and delays you tend to find when moving home. Ask to speak to Alex our senior conveyancer on 01772 426532.
