Sealed bids, gazumping and ultra-fast exchanges are back in the high-end London property market and buyers are having to move quickly to secure their sale. Islay Robinson, the group CEO of high-net-worth mortgage broker, Enness Global Mortgages, has penned his six top tips to help with a quick exchange.
1. Paperwork
If you’re purchasing with a mortgage, get your paperwork in order. This seems obvious but many people put it off until it’s needed and this can cause delays. Banks need to know who you are, how you made your money, that you can afford to pay it back and that you meet their regulatory requirements.
Just because you’re a high-net buyer, you’re not exempt and the relevant and required paperwork is non-negotiable. It may seem like a formality but in many cases, it can be a lengthier process because you are a high-net individual when compared to your average buyer.
2. Assemble a team
Drawing on the expertise of industry professionals is the best way to get your sale across the line at speed. When looking to do so you will need a broker, search agent, lawyer, tax adviser, surveyor and insurance broker and all of them need to be working in unison be aligned to succeed. If they have worked together before even better, as they can hit the ground running right from the off.
If you have one that you know is good, ask them to recommend the rest from their network as this will also help create a more focussed team of industry professionals.
3. Don’t scrimp on lawyers
Buying a house at any level of the market is expensive and it can be tempting to save money at certain points in the process. Conveyancing is hugely commoditised but don’t fall for the trap of a cheap legal adviser.
Lawyers protect you, negotiate for you and complete a huge amount of the work. You need someone who knows the market and will carry out a thorough and professional job. Again, asking for a recommendation is probably the best tip in terms of finding a good legal representative.
Read more:
Six top tips for a super-fast property exchange for the super-rich
