Legal preparation cuts 9 days off moving

Yuan Phoon

January 5, 2012

The average time taken to sell a property and be ready to exchange is 48 days for those who have legal documents to hand.

This is nine days quicker than those who wait to start the process once an offer has been agreed.

Move with Us said that being legally ready meant formally instructing a solicitor to act on the behalf of a client and have the property information forms completed in advance as well as ensuring that all identification was verified.

Robin King, director of Move with Us, said: “As we start to see more movement in the property market, it is essential that both buyers and sellers are legally ready to proceed with their move in order to significantly reduce the number of days it takes to be ready to exchange.

“By doing this early on in the process, sellers are also able to identify any potential issues and deal with them before the selling process begins. If the legal process commences as soon as the property goes to market, this will put you ahead of the competition and ultimately give you a quicker sale.

“Exchanging contracts is a key milestone when moving and once this has taken place, the buyer and seller are entered into a contract, often with a deposit payment, which significantly reduces the risk of the sale falling through.”

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