The document can then be shared between all the relevant parties and shows all the information an agent needs to start to market the property properly.
We strongly encourage our member agents to use the PIQ and work with vendors as omissions and inaccuracies often lead to delays in transactions.
Anyone playing a part in the sale or purchase of a property should now be encouraging customers to ask their agent to use a PIQ.
The form reveals issues such as missing certification, which can delay a sale later in the process.
When issues are raised as soon as an agent is instructed, and prior to marketing, it allows time for remedial action to get the property sale ready. As a result, conveyancers will raise fewer enquiries and transactions proceed quickly and smoothly.
Alongside the PIQ, documents that are useful for any party to mention early on in the buying and selling process, which sellers will also need copies of, include:
- A copy of the lease (if the property is leasehold).
- Documentation related to the freehold (if a freehold property).
- Fensa certificates for replacement windows.
- The EPC.
- Relevant building restrictions.
- Building regulation certificate when alterations have taken place.
- Gas safety certificate for a new boiler.
Expectations must change
We also now know that sellers’ expectations need to change.
As a nation during the pandemic, we all got used to houses selling within a couple of weeks and for a premium price due to high competition, but now, our member agents report that some coming to the market continue to expect the same efficiency and sale prices achieved, which is simply not the case.
Sellers should be prepared to be patient, as compared to the frenzy last year, it could take a little longer to receive an offer, but with the number of sales agreed remaining constant we know that there are solid and motivated buyers out there.
As the sale process could naturally be prolonged for some, there are some ways that you could help speed their process up with some easy tips.
It is well known that the pre-exchange period is part of the process that is most prone to delays, so it is at this point where sellers can expect a lot of back and forth between all parties involved – especially if they are part of a chain.
As for prices being achieved, in 2022 sale prices were unsustainable, so it is positive that they have now started to return to realistic levels.
The market has handed back the purchasing power to buyers, which is a trend we had not seen in months as it was very much in the seller’s favour.
This has enabled buyers to negotiate on the final sale price, limit the blow of other financial pressures such as rising cost of living and mortgage interest rates, and in turn keep the cogs of the market turning throughout the whole property chain.
