The Reopening Of The Housing Market: How To Ensure You Don’t Miss Out On That Property Purchase
Posted on 10th June 2020
Following the re-opening of the housing market, our property solicitors in Preston have seen a significant increase in those who wish to commence the conveyancing process. Whether it be a property sale, purchase or transfer, our team of property conveyancing solicitors are experts at what we do, which should make us your first choice when instructing a conveyancer.
As of 13th May 2020, home moves were released from lockdown, and permitted to take place once again, with an estimated 450,000 transactions that had been placed on hold, now able to proceed. See our Preston solicitors’ blog, for more information on what the ‘Reopen, Restart, Renew’ announcement of the Housing Secretary entailed, here.
The restrictions have now been, somewhat, lifted on the basis that those party to the transaction can safely proceed, following government guidance. Specific guidance on moving home, and COVID-19, can be found, here.
In addition, although restrictions have been slightly lifted, there are a number of conditions that are to be observed. These include the use of social distancing and for virtual property viewings to be favoured, where possible, for example. See our blog in which our Preston solicitors specifically discuss the measures that are to be in place for property transactions, post lockdown, here.
In our weekly round-up, we have seen data of Redbrick Solutions advise a 111% increase in sales viewings, in the last week alone. The housing market is, well and truly, back, with Martin Macduff, managing director of Redbrick, commenting that the surge is ‘essential to the UK economy’. So, if you are searching for your dream home, now would be a good time to take the plunge and purchase that property. With such a high increase in property viewings over the recent days, these properties may not be available for long, and may be snapped up before your eyes. In order to avoid disappointment, our Preston solicitors have devised a trusty checklist that you can use when searching for your new home.
- Know what you’re looking for: It is important to know what you are looking for with a prospective purchase, be it two bedrooms or a large garden. If you have an idea in mind, of the property you are searching for, this can help narrow the search which can, sometimes, feel like looking for a needle in a haystack. In contrast, it can also be extremely useful to pick out exactly what you are not looking for, for example, you may wish to steer clear of bungalows, which can work to narrow down the search and get you in that dream home sooner rather than later.
- Funds: The big one to consider here is the purchase monies, how are you going to fund the transaction, and what is your budget? Be it via mortgage funds, gifts from family members, savings or equity from a previous property, it is important to consider how much money will be available, and, in turn, what your budget is. It is important to be realistic in this regard, and to know your limits when viewing properties. This helps you search for a property you are happy with, but also one that your budget will be happy with. There are, of course, additional fees to consider, that should also be factored into your budget. These, as examples, include mortgage arrangement fees, surveyor fees and, of course new furniture! At MG Legal, we aim to ensure that legal fees are not an added worry for our clients, nor do we see the same as an opportunity to charge unnecessary add-ons, such as Help to Buy ISA and shared ownership fees. We do not charge any additional fees for dealing with such matters, nor do our quotes come with any hidden extras. See for yourself, on our property fees page, here. Get in touch with our team today, at firstname.lastname@example.org, for your fixed fee conveyancing quote.
- Do your research: It is important to do your research, not only about prospective properties, but also the area they are in. For example, if you are moving home for a particular reason, such as school links for children or commuting measures for work, you should be researching the area and ensuring the same is suitable for your requirements.
- Have a solicitor at the ready: Having the expertise of your property solicitor on board puts you in a prime position in order that, once you have had an offer accepted, you are able to proceed at the earliest. This avoids the panic of instructing a solicitor when the pressure is on, and allows your conveyancer to request any required information from you without delay. See our guide on what to have ready at the point of instruction, to ensure there are no unnecessary delays here.
So, if you are planning on purchasing a property, use our Preston solicitors’ guide to help ensure the property you want can be yours, particularly in light of the current movement the housing market is seeing. Do not miss out.
For all of your conveyancing queries, submit an online enquiry today, here, where our local solicitors will be on hand to assist you.
MG Legal - Your Local Solicitors
Share this post: