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Invesing in UK Property Picture

5 Pro Tips on achieving a short conveyancing Period.

Find out how to reduce the stress and energy of a long buying process when investing in UK Property from abroad. It’s easier than you think!

 

We all strive for, want, desire, long for…you name it…whatever that emotion is, we all value that short conveyancing period. When investing in UK Property form abroad, the agony of being in legals for months is a painful experience, like peeling off a bandage slowly or that wait at the top of the rollercoaster. It’s enough to put you off of investing if it goes wrong. But, there is a way, or a set of ways, to keep the fun in the ride and to get that bandage off quickly, that I have learned over my last 8 years in property. As with all good cakes, it all comes down to the preparation, and as they say, the proof is in the pudding. Let me walk you through 5 pro Tips that have saved me a lot of heartache, a lifetime of sleepless nights, and have made my journey through the world of property a pleasure… or at least on the most part.

 

  1. Buy, then refinance –

If one tip was worth all of the others combined, it would be this one. It’s not quite to that level, but, this is the strategy that gives the fastest conveyancing period on average from what we can see with our 90+ deals a year. So how does that work? Buying with cash negates the extra moving parts of having a lender involved, valuing the property, issuing the offer, appointing their own solicitor, raising their own enquiries… it drags on, especially with a lender like Gatehouse or Octopus. It is far better to purchase the property with cash and then, once you own it, refinance the property in your own time, without a grumpy vendor breathing down your neck for a progression each week. We have seen many situations where deals have fallen through due to mortgage offers that took 3 months. This will not only be a blow to your morale to lose a deal after this long, but will hit your pocket as well, as brokers, solicitors, survey companies still need to be paid their fee or a portion of it. So, if you can, when investing in UK property from overseas, buy with cash, then refinance.

  1. Use a high street lender –

As touched on in point 1, not all lenders are the same. There may be small differences in the % interest you pay which may sound attractive to your bottom line, but as we have learned, having the right team in place turns a bad buying experience into a good one. The lender is no different. HSBC on average take 30 days in our experience to issue a mortgage offer, including the valuation survey. Other non-high street lenders can still be in the starting blocks, appointing solicitors and getting everyone talking by this time. Painful. You may pay more, (you may pay less), but going with a high street lender for your mortgage, especially if you are a Premier customer, will likely bring the property into your portfolio faster, more calmly and with less of a chance of the deal failing. Also, due to some great laws in the UK, high street lenders have to offer you the option to remortgage onto a cheaper product when your introductory term ends… so there’s that little nugget too. If you want a quicker conveyancing period, use a high street lender.

  1. Use a Legal 500 solicitor –

Look for this seal of approval. Legal 500, like many global ranking tables, is a reliable way to make sure your solicitor is up to the job. By using a local solicitor on the other hand, yes, you may pay a few hundred pounds less, or in some cases half the amount, but in conveyancing, you really do get what you pay for. The peace of mind alone, of knowing that you are dealing directly with the solicitor, is worth it and it ensures your property is being watched by an expert, rather than an admin or junior paralegal…or intern… Granted, there are a lot of expert local solicitors, who deliver great quality, but finding them is always challenging, and recommendations can only help so much as everyone has different needs. If you are looking for a reliable, high-quality solicitor, that can communicate with you in Chinese/Cantonese, you are far more likely to find a solicitor you can work with for the years ahead in a legal 500 company, than by taking the recommendation of an estate agent and choosing someone local. Choose a legal 500 solicitor.

  1. Action the Valuation survey on week 1 of the transaction –

The mortgage offer is the slowest component of the transaction frequently. Or at least it compares to legals in length. By being quick to contact your broker and inform them that you have had your offer accepted and to instruct them to action the valuation survey for your lender in the first week, you can save a lot of time. Depending on the lender, some drag out a lot and being quick to action all of the items you, as the buyer, are responsible for actioning, you can save weeks of stress with an upset vendor. It’s never comfortable having to answer daily emails and calls from an agent that is fed up with waiting for the mortgage offer to arrive, and the risks of losing the deal increase dramatically after month 3. So, as soon as your offer is accepted, contact the broker, or lender, and let them know to contact the estate agent selling the property and book in the valuation survey. It will show that you are on the ball and help to settle the deal in the early stages too… well worth it!

  1. Give written permission for your sourcing agent to speak directly to the solicitor –

This is the final little tip. Something that has caused a lot of problems in the past, but that has been unlocked now and that we use on all of our deals. Solicitors, by nature are temperamentally risk-averse people, which is a great temperament for your legal council…obviously! It does mean though, that some individuals refuse to speak to your appointed sourcing agent, even if you ask for them to. They simply see it as a risk to deal with a third party. However, it is vital that a good sourcing agent has a direct line to your solicitor to aid communication. As the agent can negotiate better with the vendor’s side, can help to chase enquiries, push the purchase along quicker and put pressure on the other side to move quickly to conclude the matter, this is a valuable addition to your team. It’s no good having a legal 500 solicitor if the vendor has a local solicitor with too many cases (how to combat this on another article). Therefor, with better communication, your solicitor can tell the sourcing agent (me) that there have been slow replies to enquiries for example and I can step in to motivate the vendors side to speed up the deal. This makes such a difference that we have full-time staff whose role is purely to progress deals using our tried and tested methods. So, complete a form like this one: Client Consent/Release Form for solicitors – https://form.jotform.com/220805040115338 and allow your sourcing agent to do what they do best, bring you good deals, quickly, with minimal risk…and all while you relax and enjoy the ride!

 

So there you have it, our 5 top tips on how to shorten your conveyancing period and take a lot of the stress out of your day to day investing experience.

If you are looking to invest in the UK’s Property Market, and want more Tips and Tricks, or, just would like us to find you a property and want to know where we buy, simply get in touch!

 

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