Published by: DR
Sales progression is usually the role of the Estate Agent and refers to the process of moving a property sale from the offer stage through to completion.
Once an offer has been accepted, sales progression involves:
- Managing the various tasks and activities required to move the sale forward, primarily making sure that conveyancing milestones are being hit in a timely manner. This involves chasing Solicitors, buyers, and sellers.
- Helping to arrange surveys and valuations.
- Lining up mortgage finance matters.
- Dealing with admin.
- Overseeing and complying with Money Laundering Regulations and Customer Due Diligence.
- Overseeing the physical movement of buyers and sellers.
What is the Role of a Sales Progressor?
The sales progressor is the professional who manages the sales progression process on behalf of the seller. Typically, this is done by the Estate Agent like us as Dwell, who can help speed the process up and avoid any significant roadbumps for either party.
When is a Sale Deemed to be Complete?
A sale is generally deemed to have been completed when the legal process has been completely finished and the final balance of the purchase has been paid. At this point, the Solicitor will advise the Estate Agent that keys can be handed over to the buyer. This is when the sales progression process is complete and the estate agent's role ends.
Depending on the size of the chain and the parties involved, the sales progression process can be very complex and time-consuming, so choosing an Estate Agent you can trust is essential to manage the sale effectively and keep everyone informed of progress. Communication is key and where this isn’t diligently done, issues start to arise and that’s when sales begin to fall through. A staggering 35% of all sales fall through in the UK, so it’s vital that the sales progression is managed well.
At Dwell, we have experienced sales progressors who are trained to foresee any issues in the process, to prevent any bottlenecks, and to ensure your property deal moves along as expected and to a reasonable timeframe and a timescale that suits each party.
Sales Progression (Step-by-Step)
The following steps are a quick overview of the sales progression process, but of course, a property sale isn’t always linear. Sometimes a few steps occur at the same time, and equally, sometimes you might need to return to a previous step. The typical process looks like this
- An offer is agreed between the Estate Agent, Seller and Buyer with the Estate Agent acting for the Seller to negotiate the best price from a suitable Buyer.
- The Estate Agent carries out due diligence to verify the Buyer and their position.
- The details of the Seller’s and Buyer’s Solicitors are confirmed.
- The Seller’s Solicitor prepares a draft contract to send to the Buyer’s Solicitor.
- The Buyer’s Solicitor reviews the contract and raises enquiries.
- The Buyer pays for searches and these are carried out by the Buyer’s Solicitor or their suppliers.
- The Seller’s Solicitor responds to enquiries, with the help of the Seller.
- Searches are returned and reviewed.
- Further enquiries may be raised by the Buyer’s Solicitor.
- Contracts and transfer documents are signed by both Seller and Buyer.
- Exchange and completion dates are agreed.
- The Buyer will pay their deposit to their Solicitor.
- The Seller’s Solicitor will arrange for a mortgage redemption statement where applicable.
- The Buyer’s Solicitor will draw down mortgage funds from the lender, where a mortgage is being used.
- Contracts are exchanged.
- The sale completes.
- The Vendor vacates the property (if they haven’t done so already).
- The keys are handed over to the buyer and they move into the property.
- The Estate Agents’ fees are paid from completion funds.
- The Seller receives the balance of completion funds.
If you have any questions at all about this process, please let us know.
How do you Speed up Property Sales?
The sales progression process can sometimes be slow, mainly if there are delays with mortgage finance or surveys. However, there are a few things you can do to try and speed up the process:
- Ensure your finances are in place as soon as possible.
- Instruct a good Solicitor. Recommendations are important here as service levels vary dramatically. Please ask us for a Solicitor we would recommend as we work with a wide range of Solicitors day in, day out.
- Make sure you have all the required paperwork ready and you provide this to your Solicitor as soon as they request it.
- Be proactive in chasing up progress.
If you're looking to sell your property, we can help. Our experienced sales team will guide you through the sales process and do everything they can to ensure a smooth and speedy sale. Contact us today to find out more.
Who Negotiates the Completion Date?
The completion date is generally agreed upon between the buyer and seller, with input from their respective solicitors. Once the completion date has been agreed upon, it will be set in stone and cannot be changed without the agreement of both parties.
Why do Sales Fall Through?
If the sale falls through, it's generally down to one of three things:
- The Buyer has been unable to secure mortgage finance.
- The surveys have revealed severe problems with the property.
- The Buyers have changed their minds.
If any of these things happen, the sale can fall through up until completion.
We know things can change quickly in the housing market, and a collapsed deal is stressful. Our expertise and experience help us to minimise the likelihood of deals collapsing, and we can assist you from start to end of the sales process.
What Happens on Completion Day?
The completion day is when the final balance of the purchase price is paid, and the keys to the property are handed over to the buyer.
The date of completion is generally agreed between the buyer and seller, with input from their respective solicitors. Once the completion date has been approved, it will be set in stone and cannot be changed without the agreement of both parties.
What is a Sales Memorandum (or Memorandum of Sale)?
A sales memorandum is a document that sets out the agreed terms of sale, including the price, completion date and any special conditions of the sale.
The sales memorandum is signed by both the buyer and seller and is then used by their solicitors to prepare the contract of sale.
What are the Final Stages of Sales Progression?
The final stages of sales progression involve the following:
- Contracts signed by both sides.
- The date of exchange being agreed.
- The contract of sale being signed.
- The deposit being paid.
- Finance is finalised.
- Completion taking place.
These are the critical milestones in sales progression, and once they have been reached, the sale is legally binding and can proceed to completion.
Contact Dwell for Property Valuation Services
We're an independent Estate & Letting Agents based in Leeds. We pride ourselves on high quality service and expert local knowledge delivered through focused, passionate, and well-trained staff. Our Team are residential property specialists with an intimate and unique in-depth understanding of our local market. Call us on 0113 246 4860.