Jo Eccles founded and runs Eccord, which acquires and manages residential properties worth £1.5bn in central London.
In any home search, a buyer’s primary focus is on having an offer accepted on a property, at which point many wrongly assume that they can sit back thinking they have pretty much reached the finish line.
But in reality, you’re only halfway there and what lies ahead is four to five weeks (or more) of delicate navigation, requiring a reliable contact book and expert coordination.
Unlike other locations such as Scotland or the US, the property system in England and Wales allows a buyer or seller to withdraw from a purchase at any point before exchange of contracts, which is when the purchase becomes legally binding.
Therefore, assembling a first-rate buying team is critical to ensure your property purchase progresses smoothly and quickly to reach exchange of contracts with minimal risk of a stressful, emotional and expensive fall-through.
Everyone needs a conveyancing solicitor or property lawyer, a surveyor and most will need a mortgage lender. But there are a number of other specialists who you may enlist during the purchase process to ensure you fully understand the property you’re taking on.
If building work is on the cards, talk to an architect early
I’ve seen many buyers come unstuck after making an offer, as they have discovered further down the line that the building work they need to do to bring the property up to standard is beyond their budget or more complex than they had initially thought.
If you’re hoping to do building work of any kind on a property, such as a reconfiguration of the internal layout, an extension or a basement dig out, it’s advisable to consult an experienced and trusted building firm, interior designer or architect before you make an offer.
As well as making sure there are no restrictions you need to know about, such as planning or listed building rules which might prevent you from doing the work, the estimated cost will influence the price you should be willing to pay.
There is so much uncertainty around timescales and costs for building projects currently, that the days of asking a trusty builder to pop over and give you a casual ballpark estimate are over. With construction costs around 30pc higher than recent years and many builders reluctant to commit to fixed price contracts, you may need to speak to an architect or interior designer to get a reliable figure based on what you’re planning.
If it’s a major project, the architect may bring in a quantity surveyor to itemise the work based on your required level of specification, calculating the price per square foot including professional fees and VAT.
If you don’t know any architects or trusted building firms, ask for recommendations from friends or your estate agent, or look at construction sites in the local neighbourhood. If the same name keeps appearing, that can give an indication a firm has a good reputation locally and is familiar with the area’s housing stock and planning regulations.
Architects are usually well connected and can be a very useful gateway to other specialists you might need as part of a project.
A good property lawyer can make or break a purchase
Once your offer is accepted, there can be a temptation to keep costs down by appointing an online conveyancer, but there is significant value in appointing an experienced property lawyer who is well known in the local area and has a good reputation with the selling agent.
As well as guiding you through the purchase process, they will protect your interests and offer expert advice on everything from search results to quirks on the lease. It will also give clout to your offer, if the selling agent knows you are being represented by a respected lawyer.
In prime central London, for example, expectations of conveyancing speed and responsiveness are high and transactions usually progress much faster than elsewhere. Whichever lawyer you appoint must be ready and prepared to work at this pace. It is reasonable to expect any property lawyer to respond to your enquiries within a maximum of 24 hours or faster.
If you don’t know which lawyer to use, ask the selling agent as they will know who has a good track record and it’s in their interests that the process progresses smoothly and they will have a good sense of who is the most responsive and well regarded.
While in an ideal world you would have a great property lawyer on board from the start, if you feel your lawyer is ruffling feathers, point-scoring unnecessarily, or being unresponsive and unwilling to change, don’t be afraid to sack them and appoint someone else. It’s a bit messy and some time may be lost, but being decisive early on will benefit you in the long run.
If you do need to go down this road, make sure you clearly explain the rationale to the estate agent to reassure them you remain 100pc committed to the purchase and this enables them to keep the seller updated.
Expect more than just a report from your surveyor
A building surveyor’s report can make eye-opening reading, especially if you’re buying an older property, but the best surveyors will talk you through every element and be balanced in their advice, rather than scaremongering.
They will go through the full planning history of the property, as well as its current condition and highlight any areas that require work now or in the near future. Many of the issues they flag up will be expected and in line with the age and type of property you are buying, and your surveyor should give context and advise if anything is more serious and needs to be investigated further.
Every surveyor should offer to do a call with you to talk through the report and answer any questions you may have.
If you need a mortgage, talk directly to your bank as well as a broker
It’s always a good idea to talk to a mortgage broker who will have visibility of the whole lending market, but be aware that you may end up paying a higher arrangement fee than if you go directly to the lender.
Many banks, if you’re already an account holder, will be keen to deepen their relationship with you by providing preferential rates. Depending on your wealth level, you may have a relationship with a private bank who is willing to consider Lombard lending, where a loan is offered against existing assets you hold with them, such as cash savings or investments.
If you need a recommendation for a mortgage broker, be wary of using one who is in-house with the estate agent you are offering. Revealing detailed information about your personal financial circumstances and how much you could increase your offer to, could be passed on to the estate agent and impact your negotiations if the information is leaked.
When to call in more niche experts
During the purchase process we regularly call on a range of experts to ensure our clients are going into the purchase fully informed with their eyes open, with no chance of a nasty surprise down the line.
For one buyer we brought in tree specialists as they wanted to do a basement dig out and we needed to check that tree roots wouldn’t impact their plans. For another, we were making an offer on a large house close to a busy road, and we engaged acoustic specialists to advise how much the road noise could be reduced through smart landscaping and planting.
Buyers can expect to pay from a few hundred to a few thousand pounds for initial advice, which in the context of a property purchase is usually money well spent.
Be polite and transparent to get the best from your team
Remember your team is on your side, so be transparent with them and share any concerns you may have, or aspirations for the property so they can properly advise you.
Equally important is keeping the other side updated with your progress. Generating and maintaining goodwill is critical in property transactions to keep everyone engaged and committed during the uncertain period between an offer being accepted and exchange.
Once you’ve exchanged contracts, the purchase is legally binding – and then you can relax.
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