Welcome back to Cambridge Property Views
Last month we introduced our series on “Fixing Frustrations” with an overview of the frustrations experienced by users of estate agents in Cambridge. This week we begin our deep delve and tips on how to minimise each of these frustrations as we tackle –Delays
Just as you feel things are beginning they stop…so frustrating! What is your experience of delays or indeed speedy transactions. Let us know.
A large part of the frustrations around delays is that they are out of our control, we feel helpless to action progress. When we feel we have no control or autonomy over a situation and are relying on the diligence of others it can breed impatience and annoyance.
One way to ease such frustration is to understand where the delay is and why it is occurring. A good agent is priceless here as they communicate and push on your behalf to expedite the process. A good agent will source and inform you of the cause of delay and advise if you can do anything to help speed the process from your end.
Let’s look at some common causes of delay and what can be done to help speed things up in each case.
- Delays in getting started
Identification, eligibility, initial funds and instruction paperwork are required from both sides to get things started. Whether renting, letting, buying or selling -a reputable agent will have systems to not only request but chase such information and talk to you about how to prepare well, collating all necessary information so that you can be quick out of the blocks. If letting or buying it is advisable to “get all your ducks in a row” prior to making an offer so as to avoid disappointment.
- Delays in mortgage valuation and or waiting for a survey report
If you are selling your property your agent should advise that you will need to be as flexible as possible in order to grant access as soon as possible for such visits to take place. The sooner the visit takes place the sooner the report can be completed.
- Acquiring leasehold packs from managing agents
If the transaction involves a leasehold, the buyer or buyer’s solicitor will request detailed information from the seller regarding the management of the freehold block containing the leasehold property. This information is often supplied in an information pack complied by the managing agents who act on behalf of the freeholder. This can take some time. It is therefore prudent for this to be requested at the outset and a good agent will push for a deadline to be requested at the time fees are paid for this service. Although there is a lot of information , managing agents are used to being requested for such packs and therefore should have systems in place , including likely timelines, to collate and present the information legally required.
- Inaccurate mortgage application information.
Delays are sometimes caused by such inaccurate information being given resulting in new offers deemed necessary by very busy lenders. This can be especially frustrating within the micro climate of the Cambridge property market which attracts a lot of interest in the majority of properties and especially in an economic climate wherein a subsequent mortgage offer from the same lender just a few weeks later may not necessarily match your original offer.
It is thus vital to get information correct and have a mortgage offer ready to go prior to making an offer.
Information can be inaccurate due to omissions such as not providing clear sources of funds to be used or declaring gifted deposits, which your solicitor or conveyancer may require in order to contact the person(s) gifting the funds for evidence of source of said deposit funds for the lender. If this is not done at the outset it can cause additional delays.
Most reputable agents will not entertain an offer unless you are in a position to proceed meaning you already have a current (un-expired) mortgage offer and deposit funds in place.
- Slow and or Incomplete responses to buyer’s enquiries.
This is a common frustration experienced in a high percentage of transactions but one that can be easily minimised by a good solicitor / conveyancer and or agent who will chase the parties involved in this legal process. To expedite the process from your end be prompt full and accurate. If you are selling a good agent will advise you to have in mind/collect evidence before hand and be able to advise you of the most likely of questions that will arise.
- Delays from others within a chain.
Another common frustration felt by most people who have bought or sold a property. The cause may be deliberate as others within the chain may have different timescales; or merely due to overstretched agents/conveyancers not having the time to educate/push the parties in the chain to understand the reason for delay and work a solution. However long or short the chain it can only move as fast as its slowest link. A good agent, solicitor/conveyancer will identify this link and push for deadlines.
- Signing Delays
Due to personal /public holidays, signing incorrectly, or an acrimonious relationship between joint owners/sellers/landlords perhaps, all of which can be mitigated with prior knowledge. It is the responsibility/duty of a diligent conveyancer and agents where applicable to ascertain preferred timescales of a transaction and work backwards from there identifying any such hurdles. Incorrect signing of course is easily avoided by clear instructions.
We hope this delve into delays has helped. We would be very interested to hear about your experiences.