The Purchasing Process

Buying the Property

In this, penultimate lesson, we will be looking at the sales process, itself.

The process of buying a property is driven, first-and-foremost, by conveyancing solicitors and most of it goes on behind the scenes.

But it is helpful, for investors, to know what is going on, when it comes to conveyancing, which is, ultimately, the legal process, underpinning the process of buying a house. 

For a breakdown of the stages that make up the conveyancing process we recommend this article:

• https://www.home.co.uk/guides/buying/convey2.htm

The conveyancing process can be slow but there are things you can do, as an investor, to speed it up.

And speeding it up can be important. The last thing you want is to have a property sale fall through because your solicitors are taking too long.

Things to think about, include:

1. Solicitors like to send letters – Phone them to make sure you understand what is happening and if there is anything yoy can do to help them.
2. Always keep in touch with your vendor.
3. Give your solicitor a target date to aim for (an average sale takes 8-12 weeks to complete).

The truth is, If you are on top of everything, you can shave 3-6 weeks from the sales process.

Don’t get overwhelmed, as with all things, there’s a learning curve involved in mastering the art of speeding up a sale.

And that’s why having the right team around can help you.

Surveys

If you’re buying with cash, rather than with a mortgage, then you should still consider a survey.

You still want to ensure that the property has been valued, correctly. 

There are different types of surveys, to consider, depending on the situation.

A survey can help minimise your risks by:

• Helping you value the property, correctly
• Saving you money, spotting any significant issues with the property, early on.