Some 84% of people leave it until the last minute to contact a solicitor with instructions to sell their home and this leads to longer transaction times and a larger number of sales falling through, according to estate agents Move with Us.
Its survey, which was conducted among independent estate agents from Move with Us’ partner network, found that 84% of their customers instruct a solicitor once an offer has been accepted on a property rather than when they put their house on the market or when they first start looking to buy.
Sellers that are legally prepared much earlier on in the transaction, instructing a solicitor when they first list their property for sale, move on average up to 11 days faster. Instructing a solicitor early also helps to lower the risk of the buyer or seller pulling out of the sale.
In addition to this, 85% of estate agents in the network estimate that the Help to Buy scheme will increase sales in their region by up to 30%. Therefore, ensuring that transaction times are kept to a minimum is particularly pertinent in today’s improving property market as higher numbers of sales are already putting extra pressure on timescales which may be compounded by the Help to Buy scheme.
‘The property market is quickly gathering pace and it is likely that there will be more buyers than sellers on the market this year. With such increased competition, being legally prepared early puts buyers in a good position by being able to stand out from the competition and demonstrate that they are a serious, motivated and reliable contender,’ said Robin King, director at Move with Us.
‘There are lots of steps that home owners can take to speed up their move and reduce the chances of their sale falling through. This is particularly important in the current market as larger volumes of files for solicitors to work on are naturally increasing transaction times as they try to keep up with demand,’ he explained.
‘Services such as Navigator, a new online conveyancing system, have been designed specifically to speed up the moving process by getting customers legally prepared early in the transaction. Customers should look into new technology such as this to make moving home faster and simpler,’ he added.
The figures are based on an analysis of just over 1,000 completed conveyancing files by Move with Us from 01 Jan to 23 September 2013. The results show the average time from sold subject to contract to exchange across the panel reduced by 11 days for customers using Navigator.
