This year across the country it has been noticed that transactions are taking much longer. The current average time for the sale process in the UK is around 17 weeks and the current fall through rate is around 35%.
In Wiltshire at present we have seen a decrease in the time it takes to get the local search back. On average we are seeing them return within 10 working days.
The delays we are seeing tend not to be the time taken for the searches and mortgage offer, but more related to the finite details of the property. Solicitors are less likely to take a view on specific points. We see that rules and regulations are constantly changing which need to be adhered too.
Some of the main issues which seem to slow down a sale are planning permissions with most owners not having a firm understanding of what is required, rights of ways, land and boundary discrepancies and having the correct compliance for upgrades.
SO WHAT CAN YOU DO TO SPEED UP THE PROCESS?
Its not all ‘doom and gloom’ and there are ways in which owners can speed up the sale process considerably and make things a lot smoother.
One of the best things to do is find and instruct a solicitor before receiving an offer on your home. Owners generally wait for a sale to be agreed before selecting a solicitor and this can add a substantial delay. The solicitor will then need to send out all the initial property information forms, ID verification, fixtures and fittings and having a buyer waiting while an owner is collecting quotes is time wasted in the process.
Also trying to determine potential issues which could arise and prepare your solicitor and agent early on. If you have had upgrades in your home, then do you have all the necessary permissions and guarantees? If the structure has been altered or extended, then do you have building regulations? Are there any rights of way? Is the property leasehold? If so then do you know and have all the management information?
Having as much information as you can greatly improves the speed of a sale and reduces the chances of a fall through at a later stage, when significant monies have been invested in the move.