What is a Section 278 Agreement?

A Section 278 Agreement is a legal agreement between a developer and a highway authority to carry out highway works.

Preparation Remains The Key To A Successful Move

The property market may have changed significantly in recent years, but one thing remains constant: good preparation is often the difference between a smooth transaction and a stressful one.

Many buyers and sellers are surprised by the amount of information required during a property transaction. Conveyancing involves far more than just the parties and their solicitors. Mortgage lenders, estate agents, surveyors, managing agents, local authorities and HM Land Registry can all play a role. As a result, delays affecting any one party can have a knock-on effect throughout the chain.

For sellers, one of the most effective ways to keep a transaction moving is to start preparing before a buyer is found. Gathering important paperwork at an early stage can save weeks later in the process. Documents commonly requested include planning permissions, building regulation approvals, guarantees and warranties, leasehold information, FENSA certificates, electrical installation certificates and details of any alterations or improvements made to the property.

It is important that your solicitor can have a look at your title to the property at an early stage so that they can identify any problems that might arise and need resolution during the sale.

For buyers, early preparation is equally important. Obtaining a mortgage agreement in principle, organising evidence of deposit funds and instructing a solicitor as soon as an offer is accepted can help demonstrate that you are a committed purchaser. In a competitive market, sellers will often favour buyers who appear organised and ready to proceed rather than those who simply submit the highest offer.

Another area that frequently causes unexpected delays is the requirement for source of funds checks. Anti-money laundering regulations require solicitors to understand where purchase monies originate and how those funds have been built up over time. Buyers who are able to provide bank statements, savings records, investment statements or evidence of gifted deposits at an early stage can often avoid delays later in the transaction.

While moving home is often regarded as one of life’s most stressful experiences, many delays can be avoided through careful preparation. Obtaining professional advice early, responding promptly to requests for information and gathering key documents before they are needed can all help make the process more efficient and less stressful.

The message for both buyers and sellers is simple: the earlier you prepare, the smoother your move is likely to be.

Speak to the Residential Property team at Wollens before you market your property or make an offer.