As a leading estate agency in Stamford and Bourne, we know what’s required to help prevent a property sale from falling through.
As a leading estate agency in Stamford and Bourne, we know what’s required to help prevent a property sale from falling through. Here’s some advice
It’s the nightmare scenario. You’ve taken your property off the market and out of nowhere your sale falls through. It’s incredibly frustrating. That’s why it’s best to choose both an estate agent and conveyancing solicitors that are proactive communicators and experienced in the sales process.
>> Why do property sales fall through? - from an estate agent in Cambridge
Conveyancing and the need for a savvy estate agent
Conveyancing is the legal process through which property is transferred from one owner to another. It involves lots of checks and questions and is where your potential sale is either bound together or broken apart. Conveyancing is conducted by solicitors. But do not underestimate the importance of the estate agent during conveyancing: it’s no overstatement to say that the right agent can be the glue that holds your sale together.
An agent who is experienced in property sales will be comfortable chasing solicitors to ensure they are carrying out their duties in a timely manner. That’s important. Because if a sale falls through during conveyancing you must still pay solicitor’s fees. A good estate agent will also be able to explain the conveyancing process to you, notify you of any delays and explain why those delays are happening. During the high-stress of a property sale, that can be incredibly reassuring.
Choosing a solicitor
As above, solicitors have a huge role to play in the sale of your property. Not least managing the financial transaction from the buyer. It’s important that you feel confident in your solicitor’s service. Yet with so many choices out there, it can be difficult to know which service to choose - especially as conveyancing has become less face-to-face and more automated in the last decade.
Get a minimum of three quotes for conveyancing services, making sure you understand the fees as well as how and when they are payable. Should you wish we can recommend solicitors that have performed well for previous customers of Belvoir Stamford and Bourne. It’s then down to you to answer all questions you receive from your solicitor as quickly and thoroughly as possible - using registered post or delivering your documents by hand. The sooner you respond, the better. Again a good estate agent like Belvoir will be experienced in chasing solicitors to complete their duties in a timely and diligent fashion.
Choosing the right mortgage for yourself
We are in an era of strict lending criteria. Sometimes buyers put in an offer on a property before they have confirmed that they will be able to borrow the money they need for the transaction. That’s why here at Belvoir we only accept offers from buyers who have an agreement in principle from their mortgage provider. That way there’s less chance of a nasty surprise.
Of course it’s not always the buyer who reneges on a property transaction. If you find you are unable to secure a mortgage for your next home, you may be forced to withdraw your existing property from the market. That’s why we recommend going to an independent financial advisor to find out what you can afford before your property goes on the market.
Here at Belvoir we work with independent financial advisors called Peritus - and can arrange a free consultation for you by request. Finding the right mortgage for your personal circumstances could save you thousands of pounds. So it’s worth a chat, even if you already have an existing mortgage provider.
Anything else we can help you with?
The conveyancing process is often the most complicated part of the sales process. We are a leading estate agent in Stamford and Bourne - and we are here to guide you through every step. If you have any questions about conveyancing or the sales process in general, please don’t hesitate to contact me directly. I would be happy to offer some advice.
This blog is written by Lottie, Lottie Hostead is Belvoir Estate Agency Stamford’s Property Sales Manager. Born and raised here she is both a property expert with 10 years experience selling homes and a genuine local.