The level of due diligence carried out by solicitors and lenders have reached new highs.
We have experienced delays in transactions exchanging contracts as a result of far tighter standards being applied. As a result of this we are advising clients that more preparation needs to be carried out prior to marketing.
A good example of this is where some work has been carried out on a property but without building regulation approval. It’s a fairly simple process to obtain retrospective consent but this requires time which of course may not be a commodity everyone has, particularly during a sometimes stressful event of trying to move home.
The retrospective consent may also need to be signed off by the surveyor acting for the buyer and the lending source. The rule is anything that needs to be dealt with should be done at the very start of the process. Annoying administration, but this will save a lot of time and trouble in the long run.
Ed Mackenzie Smith