Mayo Wynne Baxter shares expert tips for buying and selling a home this Christmas

With Christmas just around the corner, Sussex-based law firm Mayo Wynne Baxter is offering timely advice for homeowners looking to sell before the year-end.

The festive season presents unique challenges, from reduced working hours to a rush on transactions, but a few key steps can help ensure a smoother sale.

Prepare for the holiday season conveyancing crunch

December is a pressure point for conveyancing, as buyers and sellers aim to complete their moves before Christmas.

Estate agents often push to close sales by the end of the year, which puts extra demands on legal teams. Limited working days and holiday closures mean that delays in one part of the chain can affect everyone.

Simon Fuller, sales manager at Mayo Wynne Baxter’s residential property team said: “When property chains are involved, the pace of the transaction can be determined by the firm that closes first or reopens last.

“We recommend sellers work closely with their legal teams to avoid surprises, as many firms build in ‘buffer days’ to guard against anyone being left without a home over the festivities.”

Anticipate peak times for property transactions

Data from the past three years shows UK property completions in December hitting 90-102% of monthly averages, despite the working month being just two-to-three weeks long. These figures give you an idea of the seasonal pressures on legal teams – and make it essential for sellers to start preparing as soon as possible.

Get ahead with key documents

Sellers should begin necessary preparations even before listing their properties. Engage a solicitor early to start on essential forms, like TA6 and TA10, and complete anti-money laundering (AML) checks upfront. Also, gather key documents, such as warranties, guarantees and insurance certificates, in advance to avoid a last-minute rush.

The average time from listing to completion in the UK is 183 days, so being organised from the outset can make a big difference, especially in December’s compacted timeframe.

Expect a busy period for legal teams

Legal teams are likely to be busier than usual with completions, but estate agents may see quieter times as potential buyers and sellers focus on the festivities. However, there’s a notable trend for new listings to surge right after Christmas, with Boxing Day frequently cited as one of Rightmove’s busiest days. If you avoid the ‘Boxing Day Bounce’, you might have a better chance of standing out from the crowd.

Consider the impact of buy-to-let landlords exiting the market

A wave of buy-to-let landlords are listing properties for sale due to tax implications following the budget, which is creating increased options for buyers. While a larger pool of properties can benefit buyers, sellers may face longer listing times and increased competition, which could put pressure on pricing. If you’re a seller, make sure you discuss pricing strategies with your estate agent and remain flexible on timings to stay competitive.

Simon added: “Remember, it’s not just you who’s getting ready for Christmas. Other people, including lawyers and agents, will be too. So get organised and get ahead for a very merry house sale.”

For more information, please visit: www.mayowynnebaxter.co.uk

Ends

Editors notes

Founded well over 150 years ago in Lewes, East Sussex, Mayo Wynne Baxter LLP (MWB) is a leading law firm for life and business in the South East. The award-winning and progressive law firm has nine hubs across Sussex, in Brighton, Chichester, Crawley, Eastbourne, East Grinstead, Lewes, Seaford, Storrington and Peacehaven, as well as a London office.

With more than 200 staff, the firm’s experts support clients across property, corporate and commercial law, employment, litigation, international, private client and family law.

Part of legal and professional services group Ampa, MWB is a certified B Corporation, meaning it has been verified by B Lab to meet high standards of social and environmental performance, transparency, and accountability.

The firm has been listed in Best Companies 2022 as one of the top 100 best large companies to work for in the UK, as well as a top 25 law firm to work for.

For more information visit www.mayowynnebaxter.co.uk