Professional Sales Progression from John Hoole.
- 13th November 2012
- Property News
Sales Progression can be something that is very stressful and having proper management in place is key to a successful completion. Any good Estate Agent will be an expert on contact with each party, keeping the sale going and chasing up the solicitors for an update and progression to completion.
Firstly it is important to note that as part of our fee, we have a proper professional sales management service in place. Some agents may just introduce the buyer and put the occasional call when prompted to find out the latest, however that really is not enough. Estate Agents are being paid to manage the sale, this should not just be left to you!
Communication between all parties is key! Keep both you and the buyer informed is part of the process and helps to release stress from you. If you are kept in the dark, worries start to creep in, so we provide you with weekly updates and are on call throughout the day to chase up any important documentation and discuss any concerns you may have. We also provide access to our vendor login area 24/7, you will be able to login in and view any updates of both your sale and purchase!
Solicitors are great professionals but can sometimes get burdened with many sales and files, a good relationship between the estate agent and solicitor is often key too! For example, a local solicitor will have worked with many agents over their time! Ask your agent for a good local solicitor who they work with. Paying a little more really does a lot sometimes!
Be prepared to pick up and deliver certain documentation. For example if you own a leasehold property, maybe you could pick up the managing agent information pack (if local) and deliver to your solicitor. This really does save time and allows your solicitor to act promptly with the buyers solicitor.
Ask your solicitor what documentation would be required for the buyers, we advise on this prior to marketing. For example more and more recently buyers solicitors and mortgage lenders require asbestos reports and fire risk assessments for blocks of flats including conversions. Make sure you order this prior to 4 weeks in of the sale, and maybe have a word with other co-freeholders about sharing the cost! It is a legal requirement!
Keep on top of all the paperwork! If your solicitor sends you the contract for signature, sign and return asap. If your solicitor sends you any questions from the buyers then answer these asap. If you have a local solicitor, arrange a meeting to go through all the matters.
Below we have included one of our recent sale progression reports of a leasehold property with a share of feehold with a client who lives abroad and is selling a property in Brighton. Hopefully this will give you an idea of what John Hoole Estate Agents does for their clients.
- John Hoole instructed as estate agents
- John Hoole instructed by client for an EPC/Floorplan to be carried out, arranged by John Hoole.
- John Hoole arrange for garden to be cleared prior to marketing.
- John Hoole instruct photographs to be taken and the property is measured up.
- John Hoole erect a for sale board.
- John Hoole arrange 13 viewings and receive 2 offers.
- One offer is negotiated and acceptable.
- John Hoole clarify buyers mortgage situation and confirm to client.
- John Hoole write to all parties with the memorandum of sale
- John Hoole receive a letter from both solicitors confirming instructions.
- John Hoole consult with buyer about mortgage arrangements and book a valuation for the mortgage lender.
- John Hoole chases the client and ask them to provide the documentation to their solicitors.
- Client sends back the documentation a day later.
- John Hoole liaises with the tenant of the property to move out and offers to help finding him another property through letting contacts.
- Tenant agrees to move out and help buyer as much as possible.
- John Hoole liaise with solicitors and confirm that searches are back and enquiries are sent to clients’ solicitors from buyers’
- John Hoole confirm that tenet has moved out and arrange for the locks to be changed by a local locksmith. John Hoole oversees local locksmith changing locks.
- John Hoole speaks with buyers solicitor who confirmes that enquiries remain unanswered and that freehold enquiries have also just been raised and that they have a copy of the old lease not the new lease, they do confirm however receipt of mortgage offer and property has valued up successfully. Client informed along with buyer of the latest.
- New copy of the lease is provided upon John Hoole chasing clients solicitors.
- Client answers 5 points outstanding on his sale and agrees to indemnity policy and chancel repair. John Hoole chase solicitor for this to be completed. This is granted to the buyers solicitor.
- Client signs TR1 form for transfer of leasehold/freehold.
- Enquires for freeholders remain unanswered. John Hoole make contact with the other two freeholders to chase these along. The other freeholds response and enquiries are provided.
- Buyers solicitors requires asbestos and fire risk report.
- John Hoole liaise with other freeholders about the fire risk report and asbestos and arrange for these to be carried out. Payment is also made on their behalf.
- John Hoole liaise with insurance broker to update the amount insured for the buyers mortgage. This is done and John Hoole send amended schedule to buyers solicitor and copies in the sellers solicitor.
- John Hoole agrees completion dates with clients and buyers, which are confirmed by solicitors.
- John Hoole are told about the last freehold point, John Hoole chase other freeholders and this point is confirmed.
- John Hoole send reports of asbestos and fire risk to buyers solicitor in order to complete sale on time.
- John Hoole collects final remaining paperwork that needs signing by the other freeholders from the client solicitors. John Hoole deliver this by hand to other freeholders and arrange delivery, back in time for completion.
- Buyers solicitors receives these and are able to exchange and complete on time.
- Client receives funds and buyers are able to move in to their new home!
For progression like this, call our office on 01273 555115.