Happy Friday everyone. 14 weeks till the end of lockdown, so hang in there…
This week I’ve got a case study on an auction case I just completed. Its very poignant at the moment given the extension to the stamp duty deadline until June and then September for lower value properties. Either way, its something towards your SDLT bill!
As we all know, the conveyancing side of property purchase is carrying all the weight at the moment. That said, this shows that with the right team, we can still achieve the completion inside the 28 days.
The auction was on 12th February.
We didn’t know if the SDLT discount would be extended and lawyers are close to breaking point. When the client confirmed his bid was successful, he didn’t even have a lawyer! I’m not sure he was expecting to win the bidding as so much was selling for well over the asking price.
The client worked within the military and most days was out of any communication. Some late nights were required, and as you know we are more than happy to accommodate where we need to.
The earliest valuation appointment was 22nd February.
The important thing was making sure we had the right solicitors. And solicitors who trust the broker and communicate effectively. A bit of coercing was required to get my favourite go to solicitor to act for our client. It makes such a positive difference when we know how we both work, so we can manage any bumps. So thank you Heinrich Ferreira at Pure Law and Phillip Adam at Hooper Burrowes Legal, it made all the difference!
Trusting the lender to be able to achieve this is also really important. Our reputation is on the line, so whoever we choose has to deliver.
We also chose Appraisers over VAS to organise the valuation – again, they are good communicators and even chased over a weekend to get the report back. They pushed and chased to get the valuation booked in when we needed it to be when we all the surveyors were so busy and had a limited availability.
The property was pretty straightforward, but the clients address history was not. Due to working with the military, combined with COVID, it needed a common sense underwriter to understand the situation and what proof was acceptable and available. Mark Whitburn and Joseph Lethbridge at Shawbrook we absolutely on it, despite high business volumes.
This was probably our smoothest auction case in a while.
As always, really think about the route of least resistance. Although we can always dip into the 10 days right to complete, it is not without cost, usually on the stress plate and something we rarely do or like to do. Chasing a low rate can end up costing you in other areas
Any questions, as always, just call.