This is where delays can start as the conveyancer will not start doing any work until the mortgage offer has been issued and will not start to instruct local searches, etc.
If it takes six weeks to find an offer on a mortgage, then no work would have been undertaken on the legal side, therefore it is crucial that this work runs in tandem to limit delays.
Brokers have central role
Mortgage advisers are very important in that process and are often overlooked between conveyancers and agents, but their involvement is key and critical.
As the first point of contact for many looking to move home, you have the potential to make huge strides in making the whole transaction more seamless and set the scene for what is to come.
Being proactive and keeping yourself involved in the process will help develop a more effective stream of communication and will, in turn, help the estate agent see the transactions through and create an all-around better service for your clients.
In addition, by having a better understanding of the property that the client is purchasing, this can also help navigate the choices you make when finding the correct lender.
For example, if a property is non-standard construction or needs a greater degree of work, you may then choose to approach a more flexible lender.
Alongside this, having sight of an energy performance certificate can also play a part in what lender and offer may better suit, especially with the move to green mortgages, which are being introduced at an ever-increasing rate and could be advantageous to the client and the property they are looking to purchase.
The opportunity for lenders in the green mortgage space is huge and is only expected to continue to grow in popularity.
The UK committee on climate change estimates that £250bn needs to be invested in UK home upgrades by 2050 and policymakers, non-governmental organisations and financial regulators are gradually demanding that more and more lenders examine the energy efficiency of their mortgage portfolios – ultimately increasing the pressure to ‘go greener’.
This is another key reason why a property information questionnaire is useful and important for all parties involved.
Introducing a property information questionnaire
A property information questionnaire is not always used by an agent; however, it is a vital tool in ensuring they meet their legal obligations under the consumer protection from unfair trading regulations, and can help reduce fall throughs where a buyer discovers an issue that can impact their decision to purchase.
This form has consistently sped up the process as it is designed to retrieve the majority of the information needed at this stage of the process right at the start of the sale.
It asks for information about the property, previous disputes or complaints, fire and building safety, as well as information about insurance claims, rights and informal arrangements and many others.
