At mio, it is our mission to help agents speed up the property transaction to complete more sales and provide their clients with the best customer experience possible throughout the entire journey.
We recognise that there are many factors that can slow a transaction down that are out of agents’ control, however there are a number of actions agents can take to help the process run more smoothly and prevent delays.
Here are some of our top tips to help speed up the transaction process at every stage:
At the Offer Stage
Investing some extra time to prepare your vendors and help them understand the property transaction process will ultimately help make the whole process run a lot smoother. It also helps buyers to organise themselves with all the necessary information and documents they’ll need.
Tip 1: Prepare the buyer
At this stage, you can avoid unnecessary delays if the buyer can evidence proof and source of funds as early as possible rather than at a later stage close to exchange. So, we recommend prompting your buyers for this sooner rather than later.
The Conveyancing Stage
During this stage, a conveyancer will be appointed by the vendor who will be asked to complete a number of legal forms and provide information, such as ID and AML checks. The Conveyancing stage is known to take the longest and, frustratingly, agents have no control over this. This stage is in the hands of the conveyancers and is naturally a timely process.
Tip 2: Get the conveyancers involved early
If your vendor knows which conveyancer they intend to instruct, it is a great idea to get all legal forms sent over to the conveyancer whilst you’re still marketing the property. In this way, you allow more time for the conveyancers to deal with the forms, creating less stress for all parties and speeding up the process.
The Mortgage Valuation
At this stage, a mortgage valuation will be instructed by the mortgage lender, either via an Automated Valuation Model, desktop or physical property inspection. Mortgages tend to take a while to be approved since they involve a huge number of checks and information processing.
Tip 3: Don’t forget about building insurance
We recommend using this time effectively and preparing your buyers for the next step. Consider asking your vendor whether they have previously experienced issues with obtaining building insurance. If they have, find out why. You can use this information to alert your buyers so they can make a headstart on getting quotes as soon as the mortgage valuation or Home Condition Report has been completed.
This is especially important since if a mortgage is being taken to purchase the property, insurance must be in place upon exchange. Buyers can delay the process by failing to find property insurance in time.
Exchange of contracts is the final stage of the process before completion, where the buyer’s solicitor will prepare a draft transfer document for approval by the seller’s solicitor. In usual circumstances, after the date of completion, the buyers of residential homes costing over £125,000 have 14 days to pay Stamp Duty. If they fail to do so, they could face penalties.
Tip 4: Stamp Duty Fees – Educate yourself and your clients
As an Estate Agent, it‘s up to you to educate your clients and help them through to the very end of the process. We recommend that you keep yourself up to speed with any updates relating to the current Stamp Duty holiday and ensure you can give your clients the most up to date information. The Stamp Duty Holiday is currently due to end 31st March 2021. To find out more please visit the Government website page: https://www.gov.uk/stamp-duty-land-tax
Speed up the property transaction with mio, the market leading sales progression software for property professionals. With mio, it’s easy to be transparent with your clients and keep them in the loop with instant chat messaging and milestone reminders. With better visibility across the chain, you can deal with issues before they arise, saving you time and reducing fall-through rates.
Want to speed up the property transaction and decrease sale times?
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