With restrictions looming along with the deadline for the stamp duty holiday ending in March next year, many people want to get moving as soon as possible. Although much of the selling and buying process is out of your control, there are some things you can do to mitigate delays.
Get your paperwork in order as early as you can – instructing a solicitor at the point of putting your home on the market is key. Complete all property forms and supply everything you will need further down the line including building warrants, building regulation certificates, energy performance certificate, title deeds and any warranties or guarantees. This can save time trying to get hold of the right documentation.
Buying a home
Find a solicitor that has capacity – your mortgage broker will be able to assist you with this. As soon as you have found a property to purchase, ask them to organise any surveys and searches that are required.
Organise your mortgage
Using a mortgage broker can save a huge amount of time as they are aware of which lender offers the best rate and will know not only which mortgage provider offers the best deal but what their timeframe is likely to be. Going to a single mortgage provider can be limiting and cost you money in the long run. By talking to a broker at the start of the process – even before you’ve made an offer – can save up to 2/3 weeks. A mortgage broker can also find out your chances of your application being accepted. Make sure you have all the documentation required, this is something your mortgage broker can advise on. This could include payslips, documentation for self-employed mortgages, bank statements, evidence of any benefits, proof of address and identity, tax returns, company accounts, upcoming tax calculations, details of overtime and bonuses, proof of funds and details of the deposit and where it has come from. The great thing about a mortgage broker is that they can tell you in advance what will be required and help you to prevent any delays.
Something that seems to be potentially causing delays at present is that given the recent pandemic, lenders are asking self-employed applicants for 2019-20 tax calculations so doing your tax return early can be sensible and save up to a month in the mortgage processing time.
Understand your buying chain
The shorter the chain, the lower the risk of delays or even sales falling through. Ask your estate agent to assess how prepared and serious your prospective buyers are and whether they have the relevant documentation and a mortgage in principle. It may be more beneficial to take a lower offer from a buyer that has everything in order than face delays and miss out on any savings.
First time buyers obtaining a mortgage can cause lengthy delays as some lenders have withdrawn low lending of late, so chains are more secure if they first time buyer has a mortgage in principle.
Talk to us at The Mortgage Hub if you are concerned about the time it could take to buy or sell your home and secure a mortgage.