How to reduce time to completion?

Connoisseurus_Rex

We've had an offer accepted and have one eye on the stamp duty changes from April 1st* so I'm wondering what advice you all might have for speeding the process along? Obviously I can't control every factor, but for example what questions can we ask potential conveyancers to try and gauge if they're likely to move quickly, what should we be asking the vendors to confirm? 

We're first time buyers, purchasing a chain-free & unoccupied freehold property where probate has already been granted.


*We've already budgeted for the increase and know it's unlikely we complete before then, it's more about giving ourselves a chance

TheJP

I would say based on your current position it would be near impossible to complete before the deadline. There are many factors that are outside of your control that can take weeks even months to find a solution to. You also dont want to rush the process and miss something that could turn out more costly than the SDLT, remember its your due diligence to ensure the property has no issues etc.

daveyjp

Renegotiate the price of the property to take account of the increase, as completion before 1st April will be very remote.

  If SD was reducing you can guarantee the agent would take it into account and increase the asking price.

subjecttocontract

Here are the things I do to speed completion. Some will apply, some wont.
* Select your conveyancing solicitor carefully. Most are overworked and dealing with many properties at the same time. Estate agents know the ones to use or avoid based on prior experience of dealing with them.
* Most solicitors have a fast track system where you pay a little more and get a dedicated person who you can contact 24/7. Pay the extra, it's worth it.
* Get all your paperwork, finance etc organised and in place well before it's needed.
* Answer queries promptly.

saajan_12

I wouldn't say its impossible at all. My first flat went from offer to completion in 5-6 weeks, similar position of chain free both sides and a freeholder / management co to boot, right before a tax rule change so if anything volumes were high trying to beat the change. 

Conveyancers wise, choose a local solicitor where you can drop in for documents and there's less being stuck in a queue. 
Decide what surveys you want and get those going in parallel to the searches, rather than sequencing them. 

Connoisseurus_Rex

daveyjp said:

Renegotiate the price of the property to take account of the increase, as completion before 1st April will be very remote.

  If SD was reducing you can guarantee the agent would take it into account and increase the asking price.

Don't get me wrong, I'd love to but the offer was made with full knowledge of the coming increase. Feels a bit different to say, reducing the offer by X because of something that wasn't apparent during the viewing.

BungalowBel

Last year we sold an unoccupied and unencumbered flat to a first time buyer, so no chain at either end.  The conveyancing took six months.

Just warning you!

Connoisseurus_Rex

BungalowBel said:

Last year we sold an unoccupied and unencumbered flat to a first time buyer, so no chain at either end.  The conveyancing took six months.

Just warning you!

Ouch. I mean in that scenario the SDLT changes are long gone so I feel like it would hurt less than completing <7 days after the changes. Waiting 6 months would be more disruptive in terms of giving notice to our landlord and probably ending up homeless

ciderboy2009

OP, your biggest problem is going to be that there are already going to be a large number of sales being pushed to complete before 1st April that are more advanced than you are.

Completion in 6 weeks is unlikely in quiet times.  At the moment I would say that it's likely to be impossible.

Hoenir

ciderboy2009 said:

OP, your biggest problem is going to be that there are already going to be a large number of sales being pushed to complete before 1st April that are more advanced than you are.

Second this. Pipes only have so much capacity. From today there's just 29 working days. How far advanced is your mortgage application? The searches alone take some weeks. 

Hermann

I've completed in under a month before, and know of others who have managed two weeks.
We've also sold and completed in under a month previously.
Remember if you bought at an auction you often have to complete within a month so it certainly is possible.

It all depends on many variables, what the property is, what risks are associated with the property & what your own risk acceptance level is.

Things that can be a delay are responses from outside agencies & any necessary surveys. The sooner they contacted/booked in the less delay.

Simply ask the conveyancer if your contract can be dealt within your desired timescales, they should be able to advise and be aware of current response times from the outside agencies. If they can't offer a sensible sounding response then move on and find a competent conveyancer.