Non-event budget for the UK property market

Recent reports suggest that demand for property is back to pre-coronavirus pandemic levels although there is a serious backlog of completions. This is expected to take some time to rectify but in the meantime sellers can start planning for the future. Did you know there are numerous ways in which you can avoid delays as and when you find a buyer? Appointing a solicitor We live in an era where many solicitors will work on a no move, no fee basis. As a consequence, there is nothing stopping you getting an array of legal paperwork completed before you find a seller. Paperwork such as:- • Initial setup • Money-laundering • Identification documents Why wait until you find a seller before going through this tedious paperwork? Start now! Addressing potential legal issues If you put yourself in the shoes of a potential buyer, what kind of questions would you ask? You may enquire about Issues such as:- • Planning permission for an extension • Access over surrounding properties • Garden boundaries These are just a few of the potential legal questions you will be asked by buyers when you eventually find one. The fact that the market is very competitive means that if your property is reasonably priced there is no reason why you can’t get things moving fairly quickly. So, in the meantime answer the questions you would ask as a buyer and have the paperwork/proof ready. Missing documentation Whether looking at title deeds, safety certificates, building regulations or any other type of documentation relating to your property, if this is missing it can take time to replace. Again, why wait until you have found a potential buyer before breaking through all of your old boxes only to find important documentation is missing. At the end of the day, if you keep your property on the market in the longer term you will need this documentation at some point. Better to start now and be ready to move when a buyer does emerge. Questions from your solicitor Whoever you appoint as your solicitor when selling a property, you can bet your bottom dollar they will have a variety of questions. Many of these questions can be answered before you even begin discussions with a buyer. It is also worth remembering that many solicitors will be in demand as the market moves back to some kind of “normality”. Therefore, if you can appoint a solicitor now on a no move, no fee basis, they will appreciate it and so will potential buyers. Thinking ahead Once you decide to sell your property it is worth going through the exact paperwork you require, common questions asked by buyers as well as gathering an intimate knowledge of the sales process itself. Imagine, you find a buyer willing to pay near your asking price and they are a cash buyer. Perfect! What if they need to move quickly? What if they have other potential properties to look at? If you are a proactive seller this could well put you one step ahead of the competition. You need to strike while the iron is hot and get that money in the bank as soon as you can!


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