In and Around Mag Aug19

Deal Agreed?
Make sure
it stays that
way…
written by
Ross D’Aniello
Ross D’Aniello, Head of Nock Deighton Country Homes
Selling and buying a house can be a stressful business,
with many a pitfall. All too often we have sales agreed
with large chains that risk collapse at the 11th hour due
to an inability to agree on a completion date. This is very
often beyond the control of your agent, but it is best to
ensure that they have done everything you can to secure
your position.
The negotiations shouldn’t solely be about price; it is
possible for everything to be agreed and put in place but
to have sales collapsing solely as a result of a completion
date not being agreed. Very often it is an issue that can
cause great tension, especially when there is a long chain
with several other properties associated.
The hard work can sometimes begin after a sale is
agreed. Your agent should have a good dialogue with
your solicitor, working together towards a satisfactory
completion.
Speak with your agent, get them to liaise with the other
parties in the chain, agree on a target date with their
buyer and the rest of the chain, and lock it in. A lot
happens over the following weeks, but by ensuring that
this date is reviewed throughout the chain every couple
of weeks you maintain everyone’s focus and reduce the
risk of a problem at the point of exchange.
If you would like to have a certain amount of time
between exchange and completion then state this clearly
from the outset. Perhaps you have a great deal to move
or you are moving into a rental property, these require
time and as such a simultaneous exchange & completion
on the same day can cause avoidable pressure on you.
If you need time between exchange & completion make
sure you state this from the outset.
In order to exchange the completion date needs to be
confirmed, all paperwork needs to be finalised, contracts
need to be signed and deposit funds need to be lodged
with your solicitor. You may also need to authorise them
to exchange on your behalf if you are negotiating at a
distance or can’t be present on that date due to holidays
etc.
There are inevitably, complications and very often almost
everyone involved in a chain can be frustrated, feeling
that they have “lost out” in some way. The best way to
minimise this is to ensure that there is plenty of time
between exchange and completion to allow flexibility, be
prepared as early as possible and do everything you can
to be flexible - this will be of benefit to you, and your
health!
Don’t be tempted to leave anything to the last minute,
the last minute is where danger lurks!
Ross D’Aniello
BSc (Hons) AssocRICS
MNAEA MARLA
Director, Head of Country Homes
01746 770 002
countryhomes@nockdeighton.co.uk
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