THINKING OF MOVING THIS AUTUMN? WHY NOW IS THE TIME TO GET PREPARED

August may traditionally be one of the quieter months for the property market, but for anyone hoping to buy or sell a home this autumn, it can be a valuable opportunity to get ahead.

As most people know, moving home takes time. While every transaction is different, conveyancing alone will typically take around 12 to 16 weeks from an offer being accepted to completion, and more complex transactions can take considerably longer. Factor in the time it takes to market a property, find a buyer, and agree a sale, and the entire process can easily run to five or six months.

So, while Christmas might still feel a long way off, in property terms it really isn’t. For buyers and sellers thinking about making a move later this year, there is plenty that can be done now to make the process smoother when the right buyer or property comes along.

A market with plenty of choice

The property market this summer has been relatively subdued. Rightmove’s latest figures show the average asking price of a newly listed property fell by 1% in July to £372,359, a larger fall than the 0.2% typically recorded at this time of year.

Buyers also continue to have plenty of choice, with the number of homes for sale remaining close to a 12-year high.

For sellers, that means being realistic about price and making sure their property is ready to compete when activity picks up again after the summer holidays. For buyers, greater choice can provide an opportunity to take their time and find the right property rather than feeling pressured into making a decision.

However, whether you are buying or selling, one of the biggest mistakes is assuming that the legal process only needs to be thought about once an offer has been accepted.

Sellers can do much more before they find a buyer

A lot of the information your conveyancer will eventually need can be gathered before a property even goes under offer.

If you are planning to sell this autumn, instructing a conveyancer early gives you an opportunity to complete the initial paperwork and identity checks and start getting the legal side of the transaction in order.

It is also worth locating documents relating to the property now. If you have extended or altered your home, for example, your lawyer may need planning permissions, building regulation approvals, or guarantees. If windows have been replaced, there may be FENSA certificates. Other work could have warranties or supporting paperwork that a buyer’s lawyer will want to see. Discovering that something is missing when a buyer is already waiting for answers can add unnecessary time to a transaction. Finding out now gives you a chance to address it.

Leasehold property sellers should be particularly prepared. Information will usually be required from the freeholder or managing agent, including details of service charges and other management information, and obtaining this can sometimes take time. Starting the conversation early can prevent weeks being lost further down the line.

Buyers can also get prepared

Preparation is not only important for sellers. If you intend to buy this autumn, getting your finances and paperwork in order now means you can move quickly when you find the right property.

That includes speaking to a mortgage adviser or lender and understanding how much you can realistically borrow in the current market, but buyers should also think about the information their lawyer will require.

Lawyers have strict legal obligations to verify a client’s identity and establish where the money being used for a property purchase has come from. Anti-money laundering (AML) and source of funds checks are an essential part of the conveyancing process. There is also something termed source of wealth. Your lawyers will need to know how you accumulated the money being used to purchase, be that from the sale of property or assets, bonus, savings, etc.; wherever it comes from will need detailing.

If your deposit has been built up through straightforward savings, providing the evidence may be relatively simple. If money is coming from the sale of investments or another property, a gifted deposit, inheritance, or overseas funds, additional documentation is likely to be required.

Already moving? August can require a little patience

Of course, thousands of people are already part-way through a transaction this August. If yours appears to be moving more slowly than you expected, it does not necessarily mean something has gone wrong.

A property transaction involves far more people than just the buyer, seller, and their lawyers. Estate agents, mortgage lenders, brokers, surveyors, local authorities, and, in leasehold transactions, managing agents and freeholders can all be involved. If there is a chain, that circle becomes even wider.

During August, annual leave across all of those organisations can inevitably make coordinating responses and agreeing dates more difficult.

There are also many elements of a transaction that simply take time. Searches need to be returned, mortgage requirements satisfied, titles investigated, and enquiries answered. An issue raised by a survey may need further investigation, while something identified on the title could require information from a third party.

The important distinction is between a transaction that has stalled and one where work is continuing but you are waiting for another party. Your conveyancer should be able to explain what remains outstanding and what is being done to progress it.

Hoping to move before Christmas? Start now

This is perhaps the most important point for anyone considering an autumn move.

A 12 to 16-week conveyancing timeframe takes us from August well into November or December, and that is from the point at which a sale has already been agreed. It does not include the time it takes a seller to find a buyer or a buyer to find the right property.

There are never any guarantees about how quickly an individual transaction will complete, and buyers and sellers should be cautious about building their plans around a particular completion date until contracts have been exchanged. Even apparently straightforward transactions can encounter an unexpected enquiry or delay elsewhere in the chain. So, if you are hoping to be in your new home before Christmas, the recommendation is to start now.

We would always encourage buyers and sellers to involve their conveyancer as early as possible. Having your identification completed, finances understood, and paperwork ready cannot prevent every potential hold-up, particularly where a transaction relies on third parties or a chain.

What it does mean is that when you find the right buyer or have an offer accepted on the right home, you are ready to get moving.

August may be a quieter period for the property market, but it does not need to be dead time. If an autumn move is on your mind, using the next few weeks to prepare could make a significant difference to how smoothly your transaction progresses.

How PCS Legal Can Help

To learn more about how we can support your upcoming move, explore our full range of residential conveyancing services.

Planning your budget? Use our online conveyancing estimate calculator for a transparent estimate of costs, or get in touch with our team directly at quotes@pcslegal.co.uk / 01268 590003.