Moginie James... at home | Spring 2010
the Sold Board is just the start...
When the satisfying “sold” sticker is placed across the “for sale” board vendors often crack on with the packing. But the sold board is just the start, as Moginie James Sales Progression Manager, Michelle Lloyd, explains.
Michelle, what does your job entail?
In simple terms what I do is to “keep the cogs moving” – from sending out the memorandum of sale to completion – I drive the sale. I liaise with all par ties on a vendor’s behalf from the purchaser, to solicitors, mortgage lenders, estate agents and surveyors and provide feedback to our clients.
Purchasing or selling a proper ty can be very stressful – and with so many par ties involved, it can be an extremely frustrating process to try and manage yourself. This is why we set up a dedicated sales progression department to smooth the journey for our customers.
What’s been your quickest transaction?
The quickest was just 3 weeks! But it typically takes between 6 and 12 weeks from offer acceptance to completion.
When does a property chain occur?
If you are purchasing another proper ty or if your buyer has a property to sell you could find yourself in the property chain - where a line of buyers and sellers are simultaneously engaged in transactions, and dependent upon each other to complete on the same day.
Chains typically involve two to four properties but five to six are not uncommon. Should any party withdraw, this will have a ripple effect on all other members - preventing them from proceeding any further.
How common are “chain collapses” and what causes them?
Chain collapses are regrettably a common scenario in the UK, with a widely accepted fall through rate of 25-30% occurring between offer acceptance and exchange. These are both an emotionally and financially costly affair for all involved; however at Moginie James we are proud to repor t that our fall through rate for 2009 was just 15%.
There are numerous reasons why a sale falls through. The most common being an adverse survey, a change of circumstances or it could simply be the case that either par ty has changed their mind. The sales progression team are very experienced in dealing with such situations, and any other problems that may arise. It is in every parties’ best interest to keep the sale active and the chain strong and our results show that this depar tment’s focus works well for our clients.
Michelle’s Top Tips... to avoid
being the weakest link in the property chain:
• Attempt to find out the status of the people you are dealing with - so that you can assess how fragile the chain is and any likely problems or delays
• Ensure you have finance in place before making an offer on a proper ty - seek advice from an independent financial adviser who will be able to search the entire market on your behalf
• Appoint a locally based, recommended solicitor who can assist you with all aspects of conveyancing
• Make friends with your estate agent- they are there to help and have the experience in dealing with problems that may arise during the process
• Be prompt with correspondence to all par ties – in par ticular to solicitors and financial advisers
• Keep the communication lines open - maintain regular contact with your estate agent, solicitor, fi nancial adviser, surveyor, etc
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