Got a Buyer? 5 Tips to Get Exchanged Faster

24 April 2017

So you have a buyer. Now the fun begins. With up to 30% of sales falling through before exchange you need to move fast! Here are some tips to get exchanged before anyone changes their mind.

1. Solicit great advice. Getting a good solicitor is number 1 priority. You need someone who’ll pick the phone up when you call and answer emails (solicitors only discovered email 10 years after everybody else). An online form could be good. You lose the personal contact but they’ll most likely have a web system to monitor progress so you won’t feel you’re kept in the dark.

2. Return to sender. Got some paperwork needs signing? Return it on the day you get it. So many sales reach the point of exchange only to fail when somebody in the chain realises they don’t have a signed contract, PIF or TR1 (don’t worry, all easy stuff to do). Don’t be the person who holds things up.

3. Don’t be meek. Remain polite at all times but assert yourself – this is important to you and everybody else in the chain. If you think someone is stalling or fibbing, find out why.

4. Money Talks. If you need a mortgage get everything ready before you agree a sale, the lender will need formal ID, employment checks, credit checks and much more – an early application will save a late delay. If you are a cash buyer be prepared to prove it with statements and make sure your funds aren’t locked into long term notice accounts or shares that you don’t want to sell when the time comes.

5. Be approachable. Give everyone involved good contact details, mobile, home and work numbers, email and full address and postcode. Don’t give anyone the excuse of saying they couldn’t reach you.

If you don’t want the hassle of being involved in a long chain, or you are in a chain that has broken down and you need a buyer quickly, then you should consider using the services of one of our members. You can find a list of them here.

Jonathan Rolande

Jonathan Rolande (MNAEA MICBA MARLA) began in the property business in the late 1980’s and is a Director of House Buy Fast and helped to found The National Association of Property Buyers in 2013. He has worked closely with The Property Ombudsman to develop a Code of Practice for Residential Property Buying Companies.