Top tips to prevent delays in transactions – what can be done?

One of the biggest challenges in the property industry is the length of time property transactions take.

Delays in transactions cause dissatisfaction in the homebuying process as impatience occurs when buying and selling a home takes longer than anticipated.

Furthermore, delays in transactions can also result in large sums of money getting lost each year.

In a survey of 672 homeowners, 72% of participants revealed that they would like the process of purchasing a home to be faster.

Thankfully, there are various actions sellers can take to prevent this issue from occurring. Below, we reveal our top tips to prevent transaction delays.

Respond quickly and be organised

Although the agent a seller chooses plays a vital role in preventing delays in transactions, sellers must also recognise that they do too.

Writing a checklist of all the documents and certificates that sellers will need to provide at different points of the sales process will help save time.

Taking days to provide sufficient documents or respond to queries can also slow down the overall process, therefore, organisation is key.

If documents such as gas safety certificates cannot be found, it can take days to get a replacement. Being proactive and organised beforehand can save heaps of time in the long term.

When contacting an agent or conveyancer about a query, sellers expect a prompt response. Sellers should remember that conveyancers and agencies also need the same to ensure the sale runs smoothly.

Avoid chain delays 

A chain refers to when the sale of a home depends on the completion of another. These usually occur because buyers must sell their homes before they purchase a new home.

When chains break, they cause fall throughs or delays. However, these can be circumvented.

By letting agents and conveyancers managing communication with buyers and sellers, delays and fall-throughs can be prevented.

Letting agents and conveyancers are professionals who have the skills and experience to create schedules around realistic deadlines. This will mean that all parties involved will know when their sale will be complete.

Choose the right agent

One of the most important stages of the selling process involves choosing the estate agent.

Statistics show that on average transactions can take up to 15 weeks to complete, however, those where setbacks occur can take double the time.

When selling a home, communication is key, therefore, sellers must do the right research to ensure that the agent they choose keeps them up to speed every step of the way.

In light of the Covid-19 pandemic, online streamlined services have been crucial for success. Many agencies recognise the value of this as it means information can be shared and accessed 24/7.

Sellers should analyse estate agent websites and see if they offer online tools such as online calculators, valuations, and tools. Also, read reviews to get a firm understanding of the agency’s reputation. Are they efficient? Are the processes streamlined?

Sellers must ask themselves these questions and do the research beforehand. This will ensure that when it does come to the transaction process, this is likely to also be transparent and quick.

Here at Expose Property, we can help you to sell your property, using our experience of selling homes in Beckenham, Penge, Crystal Palace and other places in South East London.

You can also get an idea of how much your home is worth by using our free instant online valuation tool here.