Every newspaper in the land is filled with headlines about cost-of-living challenges. These headwinds inevitably impact the UK housing market. Yet, despite these pressures a recent OnTheMarket Property Sentiment Index showed that home movers remain positive with 73% of active buyers in August remaining confident that they would purchase a property within three months and 79% of sellers remained positive they would sell their home within three months.
The nation is determined to keep on moving, though securing that all-important offer is not the end of the sales process. The conveyancing process that legally transfers ownership of the property from the seller to the buyer is designed to ensure both parties are well protected. In the UK there are an estimated 3000 fewer conveyancers than 3 years ago, and this personnel pressure has resulted in timeframes of a record average of 150 days (5 months!!) to complete the legal process.
It has never been more important for vendors to get ahead of the curve and take control of the sale process to secure the best price for their property and the best chance of completing the transaction. Dezrezlegal has developed a service that allows its clients to do just that … CONTRACT READY.
What is Contract Ready?
Many sale clients will wait until an offer is accepted on their property before instructing a conveyancer. At that stage, the conveyancer will send out proforma documents to the seller that are designed to collect standard information on the property and the conditions of the sale. The answers provided on these forms and any certificates and documents that accompany them, constitute a significant portion of the contract pack that is sent to the buyer’s conveyancer to kick off the process.
Depending on the type of property being sold and the number of works carried out on the property by the current owner, gathering all the information together to complete the initial proforma documents can take up to 2 weeks. The conveyancer then checks through this information before issuing the contract pack which can take up to a further week.
So why wait until you have an offer before you instruct a conveyancer to gather the information necessary for the contract pack?
Instructing Dezrezlegal to get your property Contract Ready means we can:
Confirm ID for all seller clients
Issue our client onboarding pack, including the Fixtures and Fittings Form (TA10) and Property Information Forms (TA6 & TA7) needed to produce a robust Contract Pack.
Comprehensively check the TA10, TA6, and TA7 documents and request any further information required
Order a management pack from the Management Company for Leasehold and Freehold properties with a Management Company (with the permission of the client).
Produce a complete Contract Pack immediately upon receipt of a Sales Memo from your Estate Agent.
Being Contract Ready provides the client with the following benefits:
Significantly reduces the timeframe to legal completion (3 weeks)
Allows your estate agent to market your property as Contract Ready. Demonstrating your commitment to sell
With your permission, allows potential buyers foresight of important information about your property details reducing the likelihood of the transaction falling through should an offer be made and accepted
Reduces the stress associated with pressing timeframes while having to locate all the relevant information and documentation for your property
Talk to a friendly member of our team today and see how being Contract Ready could help you!
