Winning strategies to buy a property faster and hopefully cheaper

The many, many problems with the property market are well documented. Thousands of words have been printed about the housing crisis that mean thousands of young people now have little hope of getting on the property ladder until they inherit from parents or receive a loan from the Bank of Mum and Dad, if they can’t wait that long.

Blame has been put at the door of government, the Bank of England, developers, councils, estate agents and pretty much everybody in the property world.

Yet there is one relatively ignored area of failure in the market that can be fixed not on a national level but by property buyers themselves. Yes, something that means sales go thorough faster and more efficiently, cutting down massively on the current 30% (yes 30%) of sales that fall through. Knowing how to stack the odds in your favour will save time, stress, and money on abortive fees and, crucially, allow you to negotiate harder, knowing you can back your promises up. Sellers will sit up and take notice.

We’ve got our tips from industry insider Jonathan Rolande, director of House Buy Fast, who like poacher turned gamekeeper, went from estate agency to professional property buying on an almost industrial level. Since 2008 actively bought and sold around 500+ properties in every location in Britain. So, what does he suggest buyers do to bag a bargain, fast?

If you’re buying a property to live in, for investment or for a relative, you need to read this…

We asked:

So, Jonathan, buying a property is complicated and takes time, what’s the fastest you’ve bought one?

“You won’t believe me… 4 hours. It’s true! From papers being received by my solicitor, to completion, the whole thing took one afternoon.”

So if it’s possible, how come everyone doesn’t do it?

“That speed is unusual, I guess we were lucky that time, most sales take around a week, still a lot faster than usual. I’ve spent years refining this to mean we can buy fast, but others can do it too.”

This is the internet and people love Top Tip lists – what would yours be?

“Ha! Well I’ll do my best. In a way it’s a mind-set thing, you have to be prepared to cut through problems – there are always problems and after a while you kind of know which ones you need to sorry about and which ones can safely be ignored. But there are also some practical things too.”

Here’s Jonathan’s top 11 tips

1. Make sure your solicitor is ready before you even offer. They might need ID or money on account. You’ll save days by doing this in advance.
2. Funds. Obvious but make sure you have either cash funds available (don’t rely on things like share sales or accounts with a penalty for withdrawing, this will make you think twice when the time comes to liquidate), or borrowed money ideally on a drawdown facility, arranged in advance.
3. Consider your personal risk-profile in advance. To get the right property fast, you’ll need to take a view on some things… is that acceptable or do you see it a corner cutting? The more risks you take the bigger the potential reward, but they can be BIG risks.
4. Have a surveyor standing by before you agree a sale. Lean on them for local knowledge, advice on the structure, the local market and much more. Get a good one and pay them well, they’re worth it.
5. Ask the surveyor to check for Japanese Knotweed as well as all the usual things.
6. Remember Stamp Duty (SDLT) – chances are you’ll have to pay it plus 3% so factor it in. There’s no Stamp below £40,000 if you can find anything at that price.
7. Insurances are available to cover things that might be a risk such as Chancel Levies or even for unreturned searches – ask your solicitor about them.
8. Get good advice now. An accountant will advise you whether you should buy in your name, or set up a Limited Company. The wrong way might cost you a lot in tax.
9. Tour local agents. Thanks to the internet agents hardly get personal visitors anymore, they are much more likely to remember you if you have met and they’ll be a great resource for future property and lots more.
10. Refurb or not? Chances are the property will need some work. If you are re-selling immediately, don’t be tempted to do everything. I’ve found that as long as it’s clean and clear of rubbish it will sell as lots of buyers want to do their own thing. If in doubt ask the agents for advice.
11. When re-selling, choose the right agent. Are they local, have they sold others nearby, are they pro-active? I’ve seen great results swapping from one agency to another – they are not all created equal!

It seems that preparation really is key and doing your own will put you well ahead of the property-buying pack. The way the property market is taking off again, this could be invaluable.

25/08/2020