What is sales progression and what does this mean to you?
Sales progression is as simple as it sounds… It is the progress of your sale from offer, right through to the day of the ‘big move’ also known as completion.
In many cases a sales transaction will complete without too much fuss but when hiccups arise this is when your agent will step in and really earn their keep.
The steps of a transaction (in brief):
1.Instruction of Solicitors
2.Draft Contracts to be sent by the sellers to the buyers solicitor
3.Searches to be paid for by the clients
4.Searches to be applied for by the solicitor to the local council
5.Mortgage survey to be done (if applicable)
6.Mortgage Offer received by buyers solicitor
7.Enquiries to be raised by buyers solicitor
8.Enquiries to be replied to by sellers solicitor
9.Completion dates set and files signed off by solicitors
10.Exchange of Contracts
What can go wrong?
1.Lack of contact and communication
2.Delays to instruct solicitors
3.Delays to pay and applying for searches
4.Delays to a mortgage survey
5.Difficult survey report that has raised questions about the suitability of a house (Damp, Structural, Electrics etc.)
7.Difficult enquiries that have been raised
8.The setting of the completion date cannot be agreed
Most of the above are easily fixed with contact and communication from all parties. With our extensive knowledge and hands on approach taken directly by our Director, Harriet your sale will be closely monitored to ensure that problems can be overcome.
No matter what happens as long as it is discussed and not ignored there is usually a solution that can be found. A big reason why a chain will collapse is purely frustration, which can so easily be resolved.
Our Top Tips:·
· Use a good, recommended solicitor
· Instruct your solicitor straight away
· Get your mortgage application in as soon as your offer is accepted
· Be open… This includes discussing timescales early if you have a big event or an important holiday booked
· Don’t shut down… if a survey is not favourable try and work with your buyer rather than against
· Work with your estate agent, to chase things through in a timely manner
· Allow time between exchange and completion to book and confirm your removals (we recommend 5 working days minimum)
· Be prepared… Sales take on average 10-12 weeks from offer to completion