It is 3 weeks until Christmas. If you are buying a property and want to move in straight after Christmas, you need to get your skates on!
With so many other things to think about at this time of year, we thought we’d put together this short list of what particular things you really need to do now to fast track your settlement so you can be in your new home in January.
- Talk to your Conveyancer NOW
If you want to get into your home in early January, you need to ask for a shorter settlement date in your contract. It is extremely important to tell your conveyancer upfront that you want quick entry. This will allow them to begin discussions with the other side’s legal team about the possibility of fast-tracking the settlement.
For a shorter settlement it may necessary for your conveyancer to negotiate an amendment to the contract to accommodate this. It can be a set date, so if you know exactly when you want to move in, make sure you tell your conveyancer.
Of course, the other party has to agree, so your conveyancer will need to negotiate with their solicitor to find a date that is suitable to both parties.
Many legal firms close over Christmas, so the sooner you let people know that you want to move in early in January, the more likely that the outcome will go in your favour.
- Get your finance sorted.
It is important to note that banks also run on reduced staff numbers at this time and they too need plenty of notice to accommodate an early settlement. There can be a lot of red tape to get through for settlement when a bank is involved. To help make the process quicker, if you have a loan ensure that your bank is fully aware of the upcoming settlement and that you have let the bank know that your conveyancer has approval to act on your behalf, if you do not give your bank your conveyancer’s details it can slow down the process.
Your conveyancer will usually arrange for your lender to deliver the cheques available from the proceeds of the loan to settlement. If you know there may be a shortfall (the difference between amount your bank provides and the amount that you require to settle – less bank fees), ensure you have discussed this with your bank and conveyancer and given your bank approval to draw any shortfall funds from a nominated account that the additional money will be sitting in.
If you are a cash buyer, it is even more important to talk with your conveyancer to ensure you are able to arrange for bank cheques to get to the conveyancer’s office the day before settlement. Be aware that if there is a mistake in the name or the amount of the cheque that you prepare, settlement may be delayed and you could incur interest under the contract, and a host of additional fees and charges for late settlement. Alternatively, you may have cleared funds in an account from which you have given your lender authority to draw the cheques from.
- Start planning now for moving day
An early settlement means a much shorter timeframe to get everything done. So make sure you start to plan your move now.
Removalists can be busy from January onwards as many people move towns and states to start new jobs in the New Year. Make sure you book yours as soon as you have a confirmed settlement date. However, we recommend that you select a date a day or two after settlement to have the removalists in.
Remember the removalists aren’t the only thing you need to organize. Make sure you arrange for utilities such as power and phone to be connected prior to, or on, the day of your move. You don’t want to be celebrating the New Year in darkness! Do not forget your insurance.
Buying and moving into a new house is an exciting time. But it can be very stressful if you aren’t organized. Hopefully these tips will help you plan ahead so your purchase goes to plan and you and your family are enjoying your new home early in 2015.
Make it easy, make it go go!
The team at go go Conveyancing are open over December and January, so if you need to move in by January, make it easy, make it go go!
This article is for informational purposes only. go go Conveyancing will not be liable for any errors or omissions in this information nor for any losses, injuries, or damages from the display or use of this information.