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The need for speed: going from offer to exchange in a flash

Friday 04 May 2018

Buying a house is a notoriously lengthy process, often taking anywhere between six to 12 weeks - but when it comes to getting a quick turnaround, the key is often in the detail.

The link between getting a sale agreed quickly and issuing a Memorandum of Sale (MOS) may not always be obvious, but the finer details (or lack of) in the sales particulars have the potential to derail a sale.

Understanding the importance of creating a MOS quickly is essential, and a quick turnaround will ensure solicitors have the information they need to get the ball rolling.

Forwarding a MOS that is only partially completed will delay the sale process, as the transfer will need to be re-issued and re-signed by both the buyers and sellers which causes delay and frustration. The seller’s lawyer cannot contact the buyers to check this, and the buyer’s lawyer may not know these details yet. 

Uniquely, you as the agent will know the full names of both the buyers and the sellers, and whilst communicating something so small may seem simple, providing the seller’s conveyancer with the buyers full names can take days off the time to exchange. Following the introduction of mandatory AML checks for buyers as well as sellers, the process should now be even easier.

Also, don't forget to ask the vendor if they are selling on behalf of someone else, like an executor or elderly parents, and find out if they have a co-seller. Whilst their conveyancer will check this against Land Registry records, it saves time if the details have already been provided and match up.

Top tips to remember

  • Tell the sellers conveyancer the full names of everyone intending to buy the property.
  • Ensure all contact information for both the buyer and vendor are correct.
  • If the buyer needs a mortgage, list their mortgage advisor’s details.

If you need a helping hand on getting started, why not reserve a place on our Secrets in Getting to Exchange course, where you'll learn about conveyancing procedures and pick up practical solutions on how to avoid delays. 

Or take a look at our Sales Progression course, which offers a practical toolkit to effective sale techniques.