Why Does it Take 112 Days to Get the Keys When You Buy a Royal Tunbridge Wells House?

• 1,105 properties have sold in the Royal Tunbridge Wells area in the last 12 months.

• It only takes 63 days to sell a Royal Tunbridge Wells home, so why does it take 112 days from the sold board going up to the buyer getting the keys?

• With a shortage of solicitors and a sub-standard conveyancing system, this article discusses what Royal Tunbridge Wells house sellers (and buyers) can do to speed up the house buying process.

Nationally, the average length of time it takes from agreeing the sale of a property to the keys being handed over is 111 days (down from 117 days last year), and in Royal Tunbridge Wells we come in at 112 days – pretty much on par with that national average.

So why does it take 16 weeks, when all that is required is the lawyers to look at some paperwork and get a mortgage? Also, what can Royal Tunbridge Wells homebuyers and sellers do to speed this up?  

The legal process to buy and sell a UK property is called conveyancing. The conveyancing system itself hasn’t really changed in hundreds of years. After the housing market was reopened after the first lockdown in the spring of 2020, the property market returned with a bang, helped on with the stamp duty holiday. 

In 2021, the number of properties selling in Royal Tunbridge Wells in some months went up massively, e.g., by 96% June 2021 and by 65% in March 2021. Many conveyancers and solicitors had to sort the legal paperwork out for upwards of 120 to 150 properties each at any one time.

This glut of sold properties caused by the pandemic that needed legal work to be sorted exacerbated a problem already present in the conveyancing industry.

For years conveyancers have complained of overwork and underpay. Conveyancing is seen as the Cinderella of the legal profession. This workload was the straw that broke the camel’s back, making many conveyancers leave the profession and go into better paid legal work like corporate work.

Also, the legal process of conveyancing has built-in inefficiencies, and the conveyancing profession has been relatively slow to innovate. However, there are some excellent tech solutions that are being slowly rolled out across the industry to make the process more efficient and effective. 

What can Royal Tunbridge Wells home buyers and sellers do to speed up their property sale?

If you are buying or selling your Royal Tunbridge Wells property as we speak, you won’t be able to wait for the conveyancing profession to be revamped, yet you can be as pre-emptive as possible to get your Royal Tunbridge Wells house sale through earlier. 

In a nutshell, ensure you have all the paperwork sorted on your Royal Tunbridge Wells home before you put your home on the market. Next, get the ball rolling on your mortgage. If you receive some paperwork, read it, check it, sign it and send it back in a day, do not leave it a week; finally, always communicate frequently with your estate agent and conveyancer.

When you instruct a solicitor, most will request money to start the ball rolling for searches and disbursements. They won’t lift a finger until that is paid. 

You will have to prove who you are in the conveyancing process, so your conveyancer will ask you to show them proof of ID and address. If you are buying, they will need to prove you have the funds/deposit to buy the home (and if your deposit is coming from family/friends, then they are required to write a letter to that effect).

How can the house buying and selling process be improved?

A couple of years ago, the Government set up the Home Buying and Selling Group to find the answer to this problem. Chaired by the well-known property guru Kate Faulkner, it is looking at an amalgamated Seller’s Information Pack (SIPs) and an IT-based single platform to share and communicate that SIP between buyers, sellers, their conveyancers, the estate agent, mortgage providers and brokers and finally surveyors.

The advantage of the SIP is that it can be created before the buyer has been found, meaning property buyers would be more knowledgeable when making an offer. Also, once the sale has been agreed upon, the SIP could be sent straightaway electronically to the buyers’ legal team (from the seller’s legal team) to start the procedure of asking for searches and raising inquiries. 

The bottom line is the conveyancing process is not fit for purpose in the 21^st century and change is on the horizon.

So, before the SIP becomes mandatory, there are things everyone can do to ensure they get the home of their dreams quicker. 

At my agency, I recommend the seller, us as the agent and the conveyancer start to liaise with each other to get the key information on the property being sold as quickly as possible. Then once a buyer is found, I believe it is vital we, as the agent, regularly communicate with all the stakeholders in the chain to ensure everyone is playing their part to expedite the sale. 

In the future, utilising technology and every agent/conveyancer preparing information upfront with the SIP will drastically reduce the time it takes between agreeing a sale and the keys/monies handed over. 

The conveyancing process will have to change to meet the needs of the 21^st century, but how long that will take is the big question.

If you would like to chat with me about how we do things differently to ensure your property not only gets the best price and how we do all we can, as agents, to expedite a smooth sale for your Royal Tunbridge Wells property, do not hesitate to pick up the phone to me or drop me a line at the office.

 

My 11 Rules to Buying a Royal Tunbridge Wells Property

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Finding your next Tunbridge Wells property, be that for yourself to live in or as a Tunbridge Wells buy-to-let landlord, can sometimes be a scary task. You are possibly making one of the biggest purchases of your life, and you want to ensure you make the right choice.

 

Buying your next property is all about finding a Tunbridge Wellsproperty with the features that match your requirements. However, what might be important to you as a homebuyer, might not be as important to other Tunbridge Wells homebuyers.

 

Some features will be red line must haves, whilst other features might be more negotiable, yet understanding what your requirements need to be, will make it easier to find the Tunbridge Wells home of your dreams.

 

Let’s look at my top 11 rules you need to consider when buying a property in Tunbridge Wells.

 

1. Location, Location, Location in Tunbridge Wells

 

You can change many things within a property, but location isn’t one. They say you should buy a property for the things you can change. Go and visit the different neighbourhoods of Tunbridge Wells. Don’t just drive through them, walk through them at different times of the day. Look at weekdays as well as weekends. Think about transport links with access to bus routes, arterial roads. If you have children (or your tenants may have), think about school catchment areas for primary/secondary schools.

 

2. Tunbridge Wells Bedrooms

 

Did you know there are 64,745 bedrooms in Tunbridge Wells?

 

Well, you do now! Anyway, the number of bedrooms is a very significant consideration when buying your new Tunbridge Wellshome. If you need bedrooms for your children, the location of the bedrooms could be an issue. Depending on the age of any children, you might not want them to be a long way from the master bedroom, or if the children are teenagers, the opposite could be true. Bedroom size is also important. Is there enough space for children to study or have wardrobes? Do you need bedrooms for an office? If office space is required, you might want to consider a property with one less bedroom and one more reception room – and it will probably be a little cheaper. All things to consider.

 

3. Potential Future House Price Growth in Tunbridge Wells

 

The type of Tunbridge Wells house you buy will determine how it increases in value in the future. Now this shouldn’t be the main consideration, yet it’s important to consider.

 

Since 2001, the different types of property in Tunbridge Wells have risen by different percentages:

 

• Tunbridge Wells detached properties have risen by 147.0%

• Tunbridge Wells semi-detached properties have risen by 162.5%

• Tunbridge Wells town houses/terraced properties have risen by 172.7%

• Tunbridge Wells apartments/flats have risen by 144.9%

 

On a standalone point for Tunbridge Wells landlords, the level of rent and yield are important considerations for your Return on Investment (ROI). There tends to be an inverse relationship between capital growth and yield (i.e. Tunbridge Wells properties with higher capital growth tend to have lower rental yields). If you are a Tunbridge Wells landlord and have any questions on this (or any point), drop me a note.

 

4. The Overall Interior Size Of Your Future Tunbridge Wells Property

 

On average a person only views five houses before they buy a house and only spends around 20 minutes in each on a viewing. Therefore, I would advise that you have a good idea about the size of Tunbridge Wells home you require before you start your search. If you have a big family you are going to need a bigger houseobviously, yet you still need the budget to afford to buy the bigger Tunbridge Wells home. A top tip for you, the general rule of thumb is the older the house, the more you get for your money.

 

One great idea to calculate the square metreage of your potential Tunbridge Wells home. Ask to view the full copy of the Energy Performance Certificate, as it has the size of the property in square metres.

 

Bigger Tunbridge Wells houses tend to cost more money to run with utility bills and council tax.

 

A final thought on size is the question of whether your family is likely to grow in the next decade? Will you have more children or is a parent coming to live with you?

 

5. The Price You Will Have To Pay For Your Next Tunbridge Wells Home

 

In the last 12 months, the Tunbridge Wells property market has remained buoyant as Tunbridge Wells people were forced to spend more time at home. Therefore they looked for more space … butwhat did they have to pay for that privilege? 

 

• 291 Tunbridge Wells detached properties have sold for an average £844,200

• 319 Tunbridge Wells semi-detached properties have sold for an average £489,500

• 231 Tunbridge Wells town house/terraced properties have sold for an average £429,700

• 195 Tunbridge Wells apartments/flats have sold for an average £323,600

 

Look at the property portals (e.g. Rightmove, Boomin, Zoopla and OnTheMarket) and search for Tunbridge Wells property that is both available and sold subject to contract. Get a feel for asking prices of the Tunbridge Wells properties that are sold subject to contract as these will give you a good idea what they roughly sold for. Again, if you are not sure, pick up the phone or drop me a line.

 

6. Bathroom(s)

 

Check the bathroom for water leaks. Do the toilets flush OK, do the taps drip? Is there any mould? And do you need more than one?

 

7. The Lounge/Living Room

 

You will undoubtedly be spending a lot of time in the lounge/living room, so it needs to meet your requirements. Do you need a dining area? Does the design and arrangement of the room suit your lifestyle (or your tenants). Will you need new furniture? Are there enough electrical sockets? What are the carpets like? That goes for all rooms.

 

8. Central Heating For Your Tunbridge WellsProperty

 

What type of central heating system is present, and does it meet the requirements of you and the home? The Energy Performance Certificate (EPC) will tell you how energy efficient the property is and how much it will cost to run. You would be amazed how few buyers ask to see the full copy of the EPC – yet you have the right to view it – always ask the estate agent for a copy or download it for free from the Government website.

 

9. The Outside

 

The outside space of your future Tunbridge Wells home is also something you need to reflect on before you start your search. What sort of back garden do you want? Do you want lowmaintenance? Do you want a bigger garden? You also need to ensure the outside of your next Tunbridge Wells home is in greatcondition. Yet, if it’s a ‘do’er-upper’, does the price allow for those works to be done?

 

10. The Loft And Cellar 

 

Another aspect to consider when buying a Tunbridge Wellsproperty is the loft (or even the cellar/basement if it has one). In both, look for water damage that could mean problems in the futurewhilst in the cellar/basement, a musty smell could be poor ventilation meaning dry damp could be an issue. Also check for insulation in the loft (the Energy Performance Certificate will tell you if it’s up to standard).

 

11. Garage/Off Road Parking Space

 

How many cars do you have in your family? Can you park them all on your drive? Visit the property during the day, the evening, and weekends to see how the parking provision changes. If the property has a garage, can it be used for something else?

 

These are my top 11 rules – yet do you have others I haven’t considered? 

 

Let me know in the comments.