The time is now!
If you are in the process of buying a new house and have visions of carving your Christmas turkey on your new dining table, you best pull your festive stockings up and switch all your focus onto getting everything signed off in the next few weeks. As everyone knows, December slows, so now is the time to be doing all you can.
This article does not constitute advice.
Professional advice should be taken prior to acting on any part of it.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Need to find a buyer still?
If you have a property to sell, and haven’t found the right buyer yet, these coming weeks will be crucial. Some people, like you, will be looking for a speedy process prior to Christmas and the new year, so it is entirely possible that you can get lucky. However, you need to do your bit to increase your chances too.
TIP 1 – Spruce up your home to entice a sale
If your potential buyer can visualise themselves living in your current home, then your chances of a sale increase ten-fold.
- Give the walls a fresh coat of paint, in neutral colours that appeal to everyone
- Tidy the garden and invest in a few new plants to add colour to your outside space
- Even put up some fairy lights so they can see what Christmas would feel like in this house
- Have a proper declutter, and be ruthless with things you no longer need. This creates a sense of space and helps buyers to see their own belongings at home here.
TIP 2 – Widen your advertising
It may be that your property has been on the market for a while and hasn’t attracted the right buyer. If so, consider other agents, depending on any contract.
Get onto the case with your estate agent, daily if needed.
- Try to find out what would encourage a quick sale.
- Ask about market conditions and if other properties in your area are selling.
- Ensure they are advertising up-to-date information and the best photos on websites like Rightmove, so your visibility is increased.
- Make sure they are following up on interested buyers for second and third viewings.
- Be present at viewings so you can provide extra details about how it is to live in the area, the neighbourhood and the home – you can often paint a better picture than any agent can.
TIP 3 – Consider your asking price
If your property has been for sale for a while, and you are poised to move to your new home, subject to finding a buyer, then consider your asking price.
Is it too high? Are you getting lots of viewings but no offers? How much are other properties in your area selling for? Do your own research too.
Have a buyer, need to exchange contracts?
If you already have a secure offer on the table, or are close to this, then your chances of hanging your Christmas stockings above your new fireplace are certainly increased.
TIP 4 – Find out about your buyer so you can plan
When accepting an offer for your house sale, you maybe get so excited that the right questions are not asked at the time.
Of course, finding a buyer is great, and accepting an offer is also great, just make sure this buyer is going to come up with the goods, and not let you know further along the line.
- Are they in a chain? This could slow down exchanging contracts and completion.
- Or are they first time buyers? These buyers can often move quicker, and are keen to get into their first home.
- Is their mortgage confirmed in principle? First time buyers can sometimes struggle with the finance side of home purchase so check they have already discussed this with a mortgage adviser.
- Are they cash buyers? Ideal situation, but rare, unfortunately!
TIP 5 – Get your own mortgage and paperwork finalised
After securing a buyer, and finding your dream home, it would be a disaster if you then became the missing link in the chain through being unorganised with your own finances.
If you need to apply for a new mortgage, or see this as an opportunity to get a lower rate by remortgaging, speak to an independent mortgage adviser.
It is likely you will need to run a new credit score check, and present payslips or financial accounts. This takes time so it is good to get everything in order now, to avoid a last minute panic that could delay your plans.
TIP 6 – Keep in close contact with your solicitor
If you have already appointed a solicitor, it is vital to keep in regular contact with them, or their secretary.
December can be a notoriously slow month for property transactions so do what you can now to encourage them to speed the process up for you.
If you suspect that they are too busy, ask them if they are able to work to your timeframes. Else you always have the option to look elsewhere.
Although, solicitors can be hard to get hold of, they also have that tendency to pluck results out of the hat just in the nick of time!
TIP 7 – Set a completion date
Be really clear with your buyers that you want a pre-Christmas completion date. Find out any reasons why they think this wouldn’t happen.
At the very least, this way you can work with facts and you can plan your move properly and still have time to write Christmas cards, wrap the children’s gifts, and leave a (homemade) mince pie for Santa!
Want to save money on your new mortgage?
If you would like us to undertake a review of your current mortgage deal to see if we can save you money, call Chris for a non-obligation chat. There are savings for almost everyone right now, so take the opportunity.
Tel: 01403 780 770