Reservation Agreements - What are they & why do I need one when selling my home?
We transform the way you buy or sell your home - A faster, more secure home moving process that won't leave you disappointed, uncertain or out of pocket.
Reserve your sale and enjoy a stress free home move.
Reservation Agreements
As Estate Agents we often hear about horror stories from property owners and buyers alike who have experienced disappointment when trying to sell or buy property, from people simply changing their mind to finance issues and last minute price renegotiations. Apart from the obvious cost implications they may have incurred from solicitors, mortgage brokers and lenders, it is the added frustration, stress and anxiety of having to start the whole process again especially if you are in a chain as it may mean you lose your onward property purchase as well. It is difficult to identify a typical 'time waster' at the initial stages of a sale so the best way to weed them out is to use a Reservation Agreement from the outset - here’s how it works.
Step 1: Sale Ready
We follow the UK Government's guidelines detailed in their 'How to Sell Guide' by asking that you complete your required legal protocol forms, the TA6, Property Information TA7 if you have a lease, and TA10, Fixtures & Fittings forms.
We then make this available, digitally and privately, to interested buyers before they make an offer. A better-informed buyer is less likely to pull out and more likely to be bold in putting forward their best offer. After an offer is agreed all the information is instantly transferred to any conveyancer of your choice.
Elliot Lee Estate Agents is the first agent in this area to embrace this and consider it now to be standard on all their property sales free of charge. With our Sale ready you complete the paperwork whilst we prepare the marketing, so we are both ready to launch your property to the market.
A better-informed buyer is less likely to pull out and more likely to be bold in putting forward their best offer.
How Does It Work?
With our Sale Ready, the paperwork is prepared as soon as we are instructed on a property and ready for when marketing commences
1. Land Registry Title Documentation, Fixtures, Contents, and Property Information forms called TA forms are completed from the start, we host this information called ‘The Buyer Information Pack’ securely.
2. Other documents can go in the pack, boiler servicing, damp warranties, planning permissions, etc, the more information the better. We can help you complete the information, if you require and can scan and upload any documents to the pack.
3. Your buyer (with a private web link from us) can review all of your property information free of charge so that they can make an informed, realistic offer. This gives you the peace of mind that the only offers you receive are serious and well thought-through.
4. Once an offer is agreed, you simply instruct a solicitor or conveyancer of your choice and the contract pack is digitally sent to all parties on the same day, saving weeks on your property sale.
Step 2: Secure Sale
We now offer a higher level of certainty to you by offering a Reservation Agreement before we remove a property from the market. Once your sale is agreed make sure it is reserved to protect you from Gazumping/Gazundering.
The Buyer pays a reservation fee to guarantee a meaningful financial commitment between each party. Move forward with confidence that your property is reserved within an agreed timescale.
Our system stops either party just walking away or attempting to renegotiate the price after an offer is accepted. If either party withdraw and break the agreement then the innocent party is entitled to a compensation payment which Gazeal guarantee. This gives both parties security and peace of mind that the sale is secure and means that you reduce the risk of fall throughs.
If you would like to understand more about how our Reservation Agreements can help you or you are thinking of selling and are interested in using our Agreements please get in touch with James our sales director 02084296123 or james@elliotlee.co.uk