Move with Us the Cambridge based business that provides a broad range of services to estate agents has issued a press release following detailed research. The research confirms that buyers and sellers who start the legal process early move on average up to nine days earlier than those who are not prepared.
According to the research, the average time taken to sell a property and be ready to exchange for those who are legally ready — having documents to hand – is 48 days, nine days quicker than those who wait to start the process once an offer has been agreed.
Whilst all good conveyancers will know this to be a truism unfortunately many clients, agents and conveyancers fail to make appropriate arrangements early enough causing stress in the home moving process.
For both sellers and buyers alike, being legally ready ensures an air of commitment and confidence. In addition to this, the less time the sales process takes to complete, the smaller the risk of the sale falling through.
Robin King, Director, Move with Us comments: “As we start to see more movement in the property market, it is essential that both buyers and sellers are legally ready to proceed with their move in order to significantly reduce the number of days it takes to be ready to exchange. By doing this early on in the process, sellers are also able to identify any potential issues and deal with them before the selling process begins. If the legal process commences as the property goes to market, this will put you ahead of the competition and ultimately give you a quicker sale.”
Unforeseen delays in the selling process can occur when owners are unable to locate their deeds and leasehold documents or have lost their marriage or death certificates. Completion of the property information forms can often be very time consuming so completing these at the earliest available opportunity will help the moving process run quickly and smoothly.
“Exchanging contracts is a key milestone when moving and once this has taken place, the buyer and seller are entered into a contract, often with a deposit payment, which significantly reduces the risk of the sale falling through.” Robin added.
“For buyers in the market, having a mortgage offer already agreed in principle is good preparation and puts you in a strong position when making an offer on a property. Being legally ready and prepared will often give you an advantage when there are others bidding on the same property. This is something that should be addressed as soon as the house hunt begins, allowing you to focus on finding your dream home, safe in the knowledge that you are already ahead of the competition.”