Almost a third of property sales fall through, one of the main reasons is delays in the conveyancing process. Around two-thirds of ‘fall-throughs’ are preventable, and many can be avoided simply by speeding up the process and having the right people by your side.  If you’re looking at moving soon then follow these tips to help reduce the chance of the sale falling through.

Buying a property

• Sort out your finances as early as possible – Find which lender and mortgage product you’d like to apply for before you properly start your property search.  Ask your lender for a “Decision in Principle”.  the DIP will get the important credit check and affordability checks out of the way, confirm how much the lender will lend you and tell you how much you can afford.
• Ensure your solicitor can act for your mortgage lender – Once your offer has been accepted, ensure your solicitor can act for your chosen mortgage lender. Not all solicitors can act for all lenders, the solicitor can only act if they belong to the lender’s panel of approved solicitors. By making sure they’re on the panel early you’ll miss major delays and potential additional costs.
• Choose a  proactive solicitor – At Gowings we take pride in our proactive, efficient Residential Conveyancing service. We’re proud to be a part of the Conveyancing Quality Scheme and have been working in Residential Conveyancing for over 10 years.
• Communicate regularly with your agent – Your agent’s interest is very much aligned to yours as a home buyer since they only get paid if the sale goes through, keep them up to date with everything and there’s more chance of the sale going through quicker.
• Get your valuation survey/building survey kicked off ASAP – If the survey uncovers costly defects you’ll want to negotiate a lower selling price, so the sooner you uncover the true value of the property the better.
• Communication is key – Unless absolutely needed, print documents off and sign them at home the same day, waiting for paper copies to arrive in the post can cause unnecessary delays that start to add up. CC all parties into all email communication.

Selling a property

• Start the legal process as soon as possible – Starting early will ensure information is collated as soon as possible after you put your property on the market, preventing delays once you find a buyer.
• Collect up to date certificates, warranties and documents – Get up-to-date gas & electrical safety certificates, building regulation/planning permission and any warranties collated ASAP. The buyer and their solicitor will want to know as much as possible about the property and having the documents on hand before you market the property will speed up any delays in finding/sending them over.
• Be prepared for renegotiations –  Renegotiations are common especially when defects are found during surveys. Work out your bottom line so you’re ready if the buyer tries to renegotiate during the conveyancing process.
• Pick a “good” time to sell – Some data shows that Spring is the best time to sell.
• Pick the right buyer – A cash buyer will be able to complete faster usually, and a chain-free buyer doesn’t need to sell a property before completing. If speed is a factor, the highest offer is sometimes not necessarily the best choice.

Read more about our specialist Conveyancing Solicitors or call us on 01772 251287.