One in four house sales fall through, make sure it’s not yours!


One in four house sales fall through, make sure it’s not yours!

Posted on Monday, December 21, 2020

Research suggests many of these common seller mistakes could be easily avoided. Here are our top tips to help every homeowner navigate the difficult waters of selling your property.

With the national average of house sales that fall through in England and Wales landing anywhere between 20% and 30%, the team at Applegate are constantly working tirelessly to ensure our own rates remain significantly below the standard — wherever possible. What’s our secret? We attribute much of this success to our excellent communication with our clients.

Co-ordinating mortgage advisors, mortgage lenders, solicitors, estate agents, removal companies —in addition to multiple buyers and sellers in your own chain which in most cases is at least 3-4 — can be a huge undertaking. So, it helps to have a strong team of property experts by your side. Working alongside estate agents who always answer the telephone, respond to your queries and have glowing reviews may not always be the cheapest option, but it will save you a lot of time and stress in the long run, trust us!

Top tip 1 – Ensure your purchaser is qualified

Simply ensuring the potential purchaser of your property has passed all necessary checks, and the chain is in order can prevent any unforeseen problems arising. The Estate Agent Act 1979 stipulates that all agents are required to verify a buyer’s position and their ability to proceed, but this can be missed if the agent is not aware of recent legislation or if they fall victim to pit falls like expired identification or deposit amounts being in parents bank accounts – it is essential a full qualification process takes place.

Top tip 2 – Keep everyone talking

Your estate agent should take an active role in supporting the sale progression, although sadly many may feel that once your solicitor is instructed, their job is over! Your agent should contact your solicitor for regular updates, informing relevant parties in the chain accordingly. Your agent cannot give you predicted completion dates; however, they can speak to other estate agents in the chain and relay feedback from all other buyers and sellers to give you a good idea of where everyone is at. This is often a challenging and time-consuming role for your agent, one that cannot always be completed for the cheapest fee. When the housing market is buoyant, this is not always something that sellers consider when selecting an agent.

Top tip 3 – Work with a team of trusted or recommended local suppliers

Your estate agent will often be able to recommend a panel of solicitors and mortgage advisors, but the choice is yours with who you select. If you have existing relationships and positive previous experiences, the selection process will be easier. Using firms who pride themselves on customer service and regular communication can make all the difference in a successful sale.

Top tip 4 – Consider a local mortgage advisor

Using a reputable, independent mortgage advisor to review your mortgage product can save you a significant amount of money in the long run, even if you stay with your existing provider. All advisors are required to disclose their charges upfront, however these are often around a few hundred pounds — which will include the cost of liaising with your lender, estate agent and even solicitor if necessary. Mortgage advisors will update you surrounding the application process, mortgage valuation and mortgage offer, which can be a huge weight off your shoulders when you are in the midst of moving. Using your agents recommended advisor means they will often liaise with one another to resolve issues without bothering you.

Top tip 5 – Communication, communication, communication

It sounds simple, but make sure you work with an agent who answers the telephone. If nothing else, there are likely to be times during the sales process when you just need a friendly chat or a bit of reassurance. Whilst the internet and online services are excellent tools for your own research, it can be a huge relief working with an agent that has a local office where you can pop in and see them.

Top tip – 6 – Choose your removal firm as soon as you market your property

Don’t let a removal firm be the reason you cannot move on the chosen date! Select a removal firm early on and maintain a relationship with them as you get closer to securing a moving day. Your estate agent will be able to recommend good local firms who can assist you, if required. Be sure to select a reputable firm with insurance to carry the relevant weights and that will cover you for damages if necessary.

As always, each member of the Applegate team is dedicated to helping you every step of the way with your move. Get in touch to find out how we can assist you today.

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