Buying a house is often one of the largest investments that we make, making it one of life’s most significant decisions. Given the importance of buying the right property, the process is regularly fraught with stress and pressure, and often over a period of months.
It is, however, possible to limit the length of time that the process lasts for, as long as the parties are prepared to do so. Richard Hughes and Jack Keats were recently instructed on a Wednesday to assist a client in the purchase of a substantial multimillion-pound country house. Just after midday on the Friday of the same week, we had exchanged contracts unconditionally, much to our client’s delight.
The key to making sure this fast paced agreement can be reached is two-fold. Firstly, the seller must be prepared, ensuring that their solicitors have been engaged at an early stage and that they have all the documents ready to go at short notice. Secondly, the buyer must engage a team that is prepared to pull out all the stops to make sure that contracts are exchanged within the expected timescale, whilst ensuring that the buyer is properly protected and that due diligence work has been undertaken on the title to the property.
Both parties may incur higher fees than normal, but in certain circumstances incurring extra fees to ensure that you are able to get a deal over the line can be rewarding for both parties.