Buying or selling a home has never been a completely straightforward process, but residential property transactions are becoming increasingly complex.

Building safety, leasehold reform, lender requirements, planning issues, estate management arrangements and increasingly detailed due diligence all mean that transaction should not simply be regarded as an administrative process.

The Government itself has recognised that the current home-moving process needs improvement. Its Home Buying and Selling Reform Roadmap states that transactions currently take around 120 days on average from offer to completion and that around one in three transactions fall through.

One of the Government’s key objectives is therefore to make more information available at the beginning of a transaction so that potential problems can be identified earlier.

That is something experienced property solicitors have been advocating for years.

Spotting problems before they become problems

Many of the issues that delay transactions are entirely predictable.

A lease may contain provisions that are unacceptable to a mortgage lender. Alterations may have been carried out without the necessary consents. A management company may not have been properly constituted. There may be restrictions on the title which prevent registration of the buyer without additional documentation.

For flats, the position can be even more complicated. Service charges, major works, building safety, ground rent and the remaining lease term can all affect both the buyer and their lender.

None of these issues necessarily prevents a property being sold. The difficulty arises when they are discovered three months into the transaction rather than before the property is marketed.

Getting sale ready

For sellers, instructing a solicitor early can make a significant difference.

Title documents can be reviewed, leasehold information obtained and potential defects identified while the property is being marketed.

For leasehold properties in particular, obtaining the management information at an early stage can avoid one of the most common sources of delay.

The Government’s reform programme is moving in precisely this direction, with greater emphasis on comprehensive upfront property information and digital sales packs.

Experience matters

There is inevitably pressure on costs when moving home and it can be tempting to select a residential real estate solicitor simply by comparing quotes.

However, the true value of a good property solicitor is not simply their ability to process a transaction. It is their ability to recognise an issue, understand whether it really matters and find a practical solution.

In a property market where transactions remain vulnerable to delay and chains can collapse, that experience can make a significant difference.

My advice to anyone thinking about selling is simple: speak to your solicitor before you find your buyer, not afterwards.

A little preparation at the beginning of a transaction can save a considerable amount of time and frustration later.

 

Interested in finding out more? Contact our Residential Real Estate Team here.