Buyers and sellers are being advised to prepare their paperwork and appoint conveyancers early as annual leave and heavier workloads place additional pressure on summer property transactions.
The warning comes as sellers face greater competition for buyer attention. Rightmove’s July House Price Index showed the average asking price of a newly listed home fell by 1%, or £3,832, to £372,359.
That was steeper than the average July decline of 0.2% recorded over the previous decade, while the supply of available homes remained close to a 12-year seasonal high.
Once a sale is agreed, transactions can involve conveyancers, estate agents, lenders, surveyors, valuers, managing agents and local authorities—meaning disruption affecting one participant can delay an entire chain.
SUMMER PRESSURES
Laura Maggs (main picture, inset), Managing Director of Montrose Brown Law, says: “Annual leave is one of the most obvious pressures. With conveyancers, agents and advisers all taking holidays, buyers and sellers should flag any periods of unavailability early, particularly if they hope to exchange or complete around those dates.
“Higher transaction volumes at this time of year can also slow local authority search turnaround times and stretch the availability of surveyors, valuers and mortgage advisers.”
Buyers are being reminded that an agreement in principle is not a formal mortgage offer. Full applications should be submitted quickly after an offer is accepted, with requests for supporting evidence answered promptly.
Sellers should locate planning permissions, building regulations certificates, warranties and guarantees before marketing their property.
Leasehold sellers are advised to request management information packs promptly because these can take time to obtain from freeholders or managing agents.
EARLY INSTRUCTION
Buyers should also arrange surveys early. A mortgage valuation is undertaken for the lender and does not replace an independent assessment of the property’s condition.
Maggs says: “Moving home involves several parties, and a delay affecting one can quickly affect the rest of the chain.
“Buyers and sellers cannot control every stage, but they can make sure their paperwork, funding and instructions are ready from the outset.”
The Government has proposed greater use of digital identity verification, improved property-information sharing and wider adoption of digital conveyancing technology.
Maggs adds: “No conveyancer can guarantee a completion date at the outset, particularly where there is a chain. However, early instruction, complete information and prompt communication give everyone involved the best opportunity to keep matters progressing.”
