Blog

Be Prepared!

Wednesday, October 14, 2020

If you are thinking of moving with a view to taking advantage of the current stamp duty “holiday” you need to be prepared! According to Propertymark, the average time it takes to complete on a property once an offer is accepted is 12 weeks, and with current high demand for financial services and conveyancing significantly extending this, all of a sudden the March 31st deadline doesn’t seem quite so far away, especially when you have your own property search to consider and there could be hurdles along the way. So what can you do to make the process easier and less stressful and get ahead of the game?

Deciding to sell or let your home may be the biggest decision you will ever make. By using the services of professionals with expert knowledge and legal protection, you minimise the risks involved, potentially saving a great deal of time and money. Consult our Residential Selling Guide for step by step advice and information on what is involved at each stage.

Get legally prepared. If you are selling, don’t wait until you receive an offer on your property. Select and instruct a solicitor as soon as you put your property on the market so that you can get ahead with any paperwork that is required. You will need to provide some basic information such as your mortgage roll number, and proof that you own the property. You may have to answer detailed questions about your property, its boundaries and any outstanding issues. With this information, your chosen solicitor will then act on your behalf throughout the conveyancing procedure and guide you through the process of exchanging contracts and completion when the time comes.

It is now a legal requirement for vendors to provide a valid Energy Performance Certificate (EPC) for their property before it can be sold. The EPC is made available free of charge to any prospective buyer. Your appointed agent should be able to arrange this for you as an integral part of marketing your property.

Be financially prepared. Once you know the current market value of your home you can assess your monthly finances and work out what you can afford to buy. If you require finance to be put in place, seek independent mortgage advice as soon as you start to market your property, don’t wait until it goes under offer. Find out what financial products are currently available and whether you would be eligible. Also ask what the implications would be of any interest rate changes. It is a good idea to calculate all of the costs involved in buying, selling and moving house and to factor these into your financial equations. These range from mortgage arrangement fees to stamp duty, if applicable, and furniture removal costs.

The financial and legal aspects of moving have become increasingly complex in recent years. There is a lot to consider and arrange so if you are looking to move before 31st March 2021 it is a good idea to be prepared now. We can put you in contact with trusted financial advisers and solicitors and offer detailed advice whenever you need it.

For a FREE, no obligation market appraisal and advice on where to start just call your local Frost office.