A buyers’ market, and a more challenging time for buyers and sellers, could be on the cards as a result of the cost-of-living crisis, together with ongoing interest rate uncertainty.
And now a leading property firm has claimed that property dossiers is something every good seller should have with the current economic and political climate in mind.
Bill Spreckley of Stacks Property Search said: “As if these external factors weren’t enough, the length of time conveyancing is taking is making the situation worse for those who have received a mortgage offer at a rate that may only be valid for a limited period of time.
“It’s taking around four months, and often much longer, to go from agreeing a sale to exchange. Solicitors are asking for countless documents and records, and each time a new document is requested, the process stalls while the vendor searches for the appropriate information.”
Clare Coode, local regional sirector and property finder for Stacks Cornwall, says vendors can make their homes more attractive, more saleable, and more likely to appeal to buyers who want the conveyancing process to be as straightforward as possible ‘by preparing a comprehensive property dossier that will help to avoid delays in the sale procedure’.
She said: “Time spent by the vendor gathering as much information about their property as possible will not be wasted. Present it in a virtual or real folder, sensibly divided up into different subject headings. As a minimum requirement we’d suggest you gather all the vital documentation that a solicitor will request, but extra benefits will come from non-essential information relating to the property and its environment such as running costs, contact details for local tradespeople, paint colours and so on.”
Stacks Property Search has compiled a list of the sections and documents that a property dossier should contain, which are outlined below.
Information the buyers’ solicitor will require (where relevant):
-
Land Registry documents
-
EPC
-
Compliance sign-off for septic tank
-
Wood burning stoves and fires – HETAS certificates
-
Electrical certificate
-
Agreements relating to shared drives or other shared space
-
Planning permission and building control sign off documents where building work has been undertaken
-
Existence and details of any covenants
-
Building and content insurance documents
-
Who owns boundary fences/walls
-
Any easements, rights of way, access issues
-
Leasehold documentation
-
Often solicitors ask for FENSA certificate if any windows have been replaced
-
Any other warranties/guarantees relating to the property along with electric/boiler checks documentation
Not required but good to have:
-
Details of external and internal work that’s been undertaken, dates, suppliers / tradespeople
-
Copies of recent utility bills
-
Copies of insurance documentation
-
Contact details for local tradespeople used for repairs / maintenance / supply of logs
-
Broadband provider and speed
-
Paint colours used throughout the property
Selling points:
-
Use the opportunity to highlight what’s marvellous about the property/area such as:
-
Local shops/pubs/cafes/bars/markets that you recommend
-
Local societies
-
Local schools
-
Proximity to nearest stations/tube stations
When it comes to leaseholds, the firm’s Sara Ransom says: “Leasehold properties are a whole subject in themselves, and often strike fear in buyers, especially those who are unfamiliar with leasehold. Providing information on who the Managing Agents are, what the Service Charge includes, how often it’s increased, how the sinking fund operates, and any work that’s recently been undertaken or is in the pipeline can be very reassuring.”
James Law concludes: “Finally, if you know of any alarm bells that might ring in the ears of a buyer’s solicitor relating to the local environment, it’s better to anticipate and address early than it is to wait for them to raise the query themselves. For example, if your property is close to a watercourse, or if you live close to coastal erosion or if you have a long-shared drive to the property. These are all issues that will almost certainly require investigation, so if you can commission any relevant reports that provide documentation and reassurance, it will save the time and concern further down the line.
“Vendors who are questioning the need for such a dossier should put themselves in the position of the buyer. The reassurance that information of this kind provides is invaluable and will not only speed up the conveyancing process, but will ultimately make your property more saleable – and that may be on the verge of becoming increasingly important.”
.png)
.jpg){kind=logo}
.jpg)
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
.png)
.png)
.png)
%20(002).png)
%20(002).jpg)
.png)
Join the conversation
Jump to latest comment and add your reply
Fortunately, this already exists. There is an entire industry that has been working on this exact problem for years. We don't call them dossiers we call them Logbooks and they are available to homeowners FREE of charge already. They provide safe and secure storage of all important documents that can be shared with brokers, agents, and legal advisors when necessary. You can set reminders and keep updated with property price trends and ready yourself for a move by buying EPCs, getting an ID check organised, or buying searches. You can even enter the paint colour for each room, genius!
This already exists with digital property logbooks. The need you articulated is exactly why the Residential Logbook Association have been codifying digital property logbooks to integrate with estate agency and conveyancer systems, and why the Home Buying & Selling Group (HBSG) have been developing the Upfront Information standards and the 'Property Pack' idea (a digital re-working of HIPs and a subset of a logbook’s data).
Both Logbooks and Property Packs (which RLBA registered logbooks should be able to produce as a download) are supportive of the NTS’s work on Materials Facts Disclosure and will enable it to be delivered in digital form.
PIP Vaults allow you to do this today. Buyers need to start demanding to see this information from the estate agent and seller direct.
Please login to comment