Congratulations, you’ve had an offer accepted. From this point on you are entering the sales progression stage. This is the final hurdle but the most sensitive part of the whole process. The sales progression stage is the time following offer acceptance through to completion and moving day. One in three sales fall through during this period which is why it is the most sensitive stages. In our experience, the best way to avoid this is to keep the lines of communication open throughout and to choose a good solicitor and estate agent from the start.
During sales progression a good estate agent can come into their own. They will keep all the plates spinning and communicate up and down the chain. Avoiding misunderstandings and dealing with issues in a timely and reasonable manner.
Sales progression usually takes between ten and thirteen weeks. The process can seem a bit daunting if you have not bought or sold a house before. Even if you have, it’s not something many people do that often. There are many steps to go through and knowing what the process is and where you are up to can help you keep track.
To make life easy for you we have pulled together a list of the key sales progression milestones.
Step 1. Mortgage confirmation
You will have received a provisional mortgage offer, known as an agreement in principle, from your lender. Now it’s time to make it official and apply for the mortgage you intend to take out.
Step 2: Instruct a solicitor
It’s a good idea to have a solicitor in mind right from the very start so when you get to this stage you can quickly progress. Ask around if your friends and family know a good solicitor. Choosing a decent solicitor can make a huge difference. Much of the sales progression stage is in your solicitor’s hands. Picking a solicitor that comes highly recommended and has good reviews can make all the difference.
Once you instruct your solicitor they will ask for payment for the relevant searches on the house you are buying. Not to delay things, it is always useful having this money put aside ready.
Step 3: Valuation & Survey
Your mortgage lender will send out a valuer to inspect the house that you are buying and your buyer’s lender will send out a valuer to inspect the house you are selling.
The lender will want to know that the house is worth more than what they are lending you and that the figures stack up. They want to know they will get their money back if you don’t keep up with mortgage payments and they repossess. This type of survey is not in-depth, it is a sense check for the bank. If you want an in-depth survey into the house you are buying, you will need to instruct your own property surveyor.
A property surveyor will offer you a choice or surveys. Usually a cheaper, basic survey, a mid range one and a more expensive but more in-depth survey. It is always advisable to instruct a surveyor to protect your investment and so that any issues can be brought to light and dealt with.
Step 4 – Enquiries
Your solicitor will raise a draft contract and send it to your buyer. You will inform the buyer what fixtures and fittings are included in the sale by filling in the relevant forms your solicitor will provide you with. Your buyer’s solicitor will go through the draft contract and the searches on your home and raise any queries and questions they have with your solicitor. Your solicitor will speak to you about these queries and there may be some toing and froing to negotiate and address any issues raised. Once both solicitors are happy that there are no outstanding queries, a date for exchange and completion can be set. Your buyer will need to sign the final contract and send it back to their solicitor.
Step 5 – Exchange
At this point contracts are exchanged. The buyer and seller are now legally bound to the contract. If the either pulls out at this stage they will lose their deposit and legal action could be taken against them.
Step 6 – Completion
Moving day is here finally! Your solicitor will wait for your buyer’s solicitor to send them the sale money and then they will pay off the remainder of your mortgage on the day of completion and the net proceeds of the sale will usually go towards the house that you are purchasing. Once this is complete your solicitor will inform you and your estate agent that you can hand over the keys to your buyer and vacate your home.
It is vital to maintain a good relationship and regular contact with your estate agent and solicitor throughout the sales progression stage. Estate agents will usually know local solicitors and have a long-standing working relationship with them. If you face any issues speak to your estate agent, they can be very good at smoothing issues out.
If problems are brought up during the sale progression try to keep it in perspective. Arguing over £500 or an extra week for completion is minor in the grand scheme of things and not worth losing a sale over. Communicating and being open to negotiating can help your sale progress as quickly as it can. There are often bumps along the way but with an open mind and the right estate agent and solicitor behind you, you can ensure a smoother sale as possible.
For advice on how to achieve a quick sale, get in touch with us today and we will be happy to help. Call us on 01283 537120
For more helpful selling advice, see our other blogs https://www.surepropertygroup.com/news/