It is more than possible to buy property very quickly but there are risks in doing so. To manage to buy a property quickly you need to have everything in place before approaching your solicitor. This means having your finance in place, knowing who actually owns the property and getting the title from the Land Registry.
Property Expert Series: Pamela O'Brien from Redbird Conveyancing
- Introducing Pam O'Brien from Redbird Conveyancing
- What is Conveyancing?
- The Difference Between a First and Second Charge
- The Impact of Proptech on Conveyancing Solicitors
- Property Investment Advice from a Licensed Conveyancer
- What Should an Investor Expect from their Conveyancing Solicitor
- How an Investor can Help Move the Conveyancing Process Along
- The Do's and Don'ts of Investing in Property
Amy: How can an investor help move the conveyancing process along and is there anything investors can do to help you, as a conveyancer or solicitor?
Pam: Absolutely. Do as much as you can up front. So, when people come to me and say, 'I want to do this in 14 days', I say, 'Great. Have you looked at the title yet?' 'No, I haven't.' 'But you can download it for £3 from the Land Registry. So that's not hard.'
So, do your research on the title. Do your research about the vendor. Is the person who is selling you the property actually the person who owns it?
So many times people come in and say, 'Oh, we're going to a 14-day completion', only to discover that's a probate property. You're never going to sell a probate property in 14 days. They might not have even been granted probate yet.
So, do your research about the vendor. Make sure that the person who is selling you the property is, in fact, the person who owns it. That makes a big difference.
Make sure that you've registered with me. I still don't quite understand that concept. But have your I.D. and your money laundering ready to go.
And if you've worked with me before, understand that I may have to ask you for updated I.D. If it's been more than six months I'm going to need fresh I.D. again. So have that ready to go.
And then have your financing ready. So many people come to me and say, 'Well, I haven't got my mortgage lending or my bridging finance ready to go'. Well, great. That's probably going to slow the conveyancing process down by a month.
And so many bridging companies, I think, say to people, 'Oh, it doesn't take any length of time, you can do it in 3 days'.
Can they? They can probably issue the offer in 3 days but they might need a survey and the offer might come with 15 conditions that you're conveyancer has to satisfy which is not could be done in 3 days.
So, the earlier you can get your mortgage or financing ducks in a row, the faster your conveyancing process will go.
And 14 days even 48 hours is achievable for an investment property as long as you are A) willing to take some risks - so it's all about how much risk you're willing to bear - and B) that you've got your financing in place.
If you really are a cash buyer. 48 hours is possible. It's just highly risky.
Amy: Great, thank you.
Learn how to quickly build a long-term, profitable property portfolio of ten houses with our free online course, containing effective strategies and techniques, collected over decades investing in property.
This training is suitable for investors of all levels so whether you are starting from scratch or want to know how to scale your property business there is something in there for you. Simply click the link below to find out more.
It's completely free and takes just a minute to sign up.