Updated: Jun 15
The current process of moving home in the UK is generally accepted as 'not fit for purpose' as it is time-consuming, stressful, and costly with an unacceptable ongoing fall-through rate of around 30%.
Local authorities were under severe pressure during the pandemic and the property boom was fuelled by a rush to take advantage of the Stamp Duty Land Tax (SDLT) ‘holiday’. Fundamental flaws in the house moving process were being exacerbated. Many transactions can now take many months to complete, a sad indictment of the current status quo in our opinion.
If you know a car crash is going to happen but can't prevent it you can, at least, take positive steps to mitigate its full impact.
We feel that there is a substantial and growing appetite for change and that the perfect storm that was SDLT, COVID, and the knock-on effects of furloughing staff or working from home has fundamentally changed the way we look at everything. It remains to be seen what High Streets and traditional office blocks will look like in another 5 years, but it is a given that there will always be a huge demand for good properties for sale at sensible prices.
Whilst it is generally accepted that there is no 'silver bullet' there are practical changes, both big and small, that will make a huge difference. We believe that stakeholders in property transactions need to work together using all of the resources that are available today to effect better outcomes.
We are passionate about helping home movers get legally prepared and speeding up transaction timescales by making searches to order far earlier in the transaction. Searches can take some time to complete and requests for data are handled in date order at Local Authorities, so getting in the queues sooner pays dividends.
We recommend buyers order the appropriate Searches as soon as an offer is accepted; shouldn't you know straight away if there is a problem with flooding, radon gas, proximity to solar or wind farms, or proposed planning permissions that might spoil your view? Why find out when you have already spent £1000's and committed to going ahead? A conveyancer will typically order them weeks if not months later, often after a mortgage offer is received!
If you want to learn more please visit us at:
https://www.propertysearchesdirect.co.uk/home-buyers or pick up the phone for a confidential no-obligation chat.