The London property market is hitting the news daily for its financial buoyancy. Whilst it may be good news if you are planning to sell a property, it can be incredibly stressful when you are looking to buy.
Let’s take a look at the immediate area – Teddington.
The number of smaller family sized properties in this area is minimal. Therefore, competition is fierce when one comes on the market.
With Richmond borough being high on the school league tables, a lot of families naturally want to move here but with that comes the stress of needing their address in place for the timing of the school application.
These two issues, exacerbated by the sales behaviour that can arise when an erratic property market raises, the all important concern every buyer / seller needs to be aware of:
Timing is everything
Delays can cause problems. The longer a sales transaction goes on, the more uncertainty it may cause.
For sellers, if the process is taking too long, the value of their property may increase and they can be tempted to pull out of the sale and put it on the market again in a couple of months’ time – knowing they can substantially raise the price.
For buyers, with so few properties on the market and so many people going for each property, they can often find themselves in a situation of having to do a sealed bid. This is an immense pressure in itself and if you win the bid – you don’t want to lose it through delays.
What are the most common delays during a sale?
The biggest disruptors through our experience are the people involved in the transaction process.
For example with leaseholds, getting freeholders or management companies to answer questions can often cause delays as it’s not a priority for them – they are in no rush to respond.
Another common delay is where the seller has done property improvements but not kept the paperwork, such as building regulation certificates. It is always worth querying with the agent when you make an offer if the necessary paperwork is at hand.
And unfortunately – slow conveyancers. Delays are inevitably caused if they are not prompt at either getting back to you, or the conveyancer they are having to transact with for the purchase or sale of a property.
How can you avoid delays?
It is largely down to the professionalism of the conveyancer you choose and you flagging up any areas of concern (paperwork) that may cause a delay right at the beginning.
We are in quite a unique position at Parsonage & Co as our sister company Clay & Co are licenced conveyancers. Ordinarily, you can’t have the same firm acting for the buyer and the seller. We have permission to act for the buyer whilst Clay & Co can act for the seller. If there’s a problem with your sale or purchase we can act promptly as we are in the same building – this minimises any prospect of delays.
We can offer fixed fee conveyancing. Whilst most of the transaction is completed via email, being a local firm based in Teddington, you can pop in to ask a question anytime. You know who you are talking to.
If you are planning to buy or sell anytime soon, feel welcome to call us on 020 8614 4560 to discuss your situation and get a quotation.Parsonage & Co