Without doubt, buying or selling a property is extremely stressful, however there are certain rules that you can follow to help reduce both your stress levels and also the chance of something going wrong with the transaction.

The first rule is to make sure that you do not accept too small a deposit from your buyer’s solicitor. Historically the traditional deposit was 10% of the purchase price, but today it is generally accepted that 5% is sufficient. If you are selling for say £350,000 and there is a chain of transactions, your Solicitors might only receive a £5,000 deposit from the first time buyer’s Solicitor at the bottom of the chain which is then transferred up to your Solicitors. If you accept this deposit and for some reason completion is delayed or does not take place at all then you will only receive the £5,000 deposit and will have to sue the buyer for the remaining percentage of the deposit payable. Thankfully most transactions move swiftly to completion, but occasionally, there are problems when one of the parties cannot proceed because of irregularities, which cannot be foreseen. One recent case we handled turned into the ultimate nightmare scenario. The first time buyer was self-employed but lied on his mortgage application form. Unfortunately the mortgage company only found out between exchange and completion and withdrew the offer. Although the matter was eventually resolved it caused weeks of unnecessary worry for everyone involved.

It is also important that all parties understand that timescales from the start of the transaction to completion can vary enormously, dependent upon the length of the chain of transactions or other factors. As a guide, for a reasonably straightforward transaction that doesn’t involve a long chain, we would say that 6 to 8 weeks would be acceptable. However this is not always possible and everyone involved in the chain requires patience.

It is vital that you do not commit to certain things until contracts have definitely been exchanged. Despite our advice, some clients are still jumping the gun by booking the removal firms for a completion date that has not been formally agreed. If the final date is then changed they could well lose their deposit with the removal company. A further tip is, check with the removal firm to establish after what time they add extra charges. Most firms will quote after 3pm or 4pm, but it can vary, so make sure that you are fully aware of the costs involved.

If you are in rented accommodation, we strongly advise you not to give notice until you have exchanged contracts and although this may seem obvious, some clients still create problems in this area. If you do give notice before you exchange then make sure that you have a ‘plan B’, so if all else fails you can stay with friends, family or even your mother-in-law!

It is a fact that the time of completion is almost totally reliant on the banking system. Although your solicitors will be pulling out all the stops to try and ensure that completion occurs on time, they are only able to move as fast as the bank, and if they are busy, this can sometimes cause temporary delays.

So my recommendation for a relatively stress free move is simple; take the advice of your solicitor, allow extra time for the unforeseen, take a deep breath and be patient!

If you need any further advice on conveyancing contact Stephen Frith or Debbie Matthews at Motley & Hope. Telephone Debbie or Stephen on 01767 600600 or e-mail debbiematthews@motleyandhope.co.uk or stephenfrith@motleyandhope.co.uk.