When buying a house turns complicated…(and why having a buying agent makes a difference)
The Searching
Back in October, we were retained by a client who comes to London often because of his work. The property had to be in Chelsea, within 10 mins walk of his family. The client knew what he wanted, and the brief was very precise.
After a careful selection, we showed the client around 25 properties in 3 days. There were 2 he liked and after much consideration, he chose one. The offer was made, and after a brief negotiation, both buyer and seller agreed. The transaction was going to be done quickly. Ideally exchanged within the standard 3 weeks.
The Challenge
Buying a freehold property in cash is ‘in theory’ quick. But then… problems started to appear. Some legal, some had to do with insurance, and others were completely outside the buyer’s control.
Solicitors: we knew the solicitor the buyer appointed, and he is very good and comes from a reputable firm, we also knew that he is very busy. At all times we had to be on top of things. Note: Don’t assume you can ‘delegate’ a deal with the solicitor. So many transactions fail because of the solicitors, just be on top of them and be patient. Also, before appointing a solicitor, as part of your due diligence ask them how many deals they are currently doing. You do not want to be the last of the pile (which sometimes can be the case when you choose the cheapest solicitor)
The Sellers’ agent: the agency dealing with the sale is very experienced and was keen to get this done. However, when time started to drag on and we were long past the exclusivity period, politically the UK was going through a storm. The Seller became nervous (and the agent too). We updated the agent every day, sometimes, more than once a day. Note: having a fluid conversation with the seller’s agent is key. At all times, keep them in the loop of what’s going on, even if what you have to say is not good news. Managing expectations is key.
The Bank: Did you know that banks in some jurisdictions (Dubai for example) are not willing to send money to a 3rd party account in the UK (what is known as a 3rd party payment)? Even if that account is that of a solicitor. That they will only transfer to an account in the client’s name but if the client has no UK account this is an issue. Fortunately, because of our extensive network of contacts, we knew the perfect company which could be of help. Even then, the buyer’s bank made a mistake and send the money to the wrong place (!) Note: If you live abroad do not wait until the last minute to make a transfer. Speak to your bank and get those details right. Have it all organized well before the exchange date. Your solicitor can hold the funds for you in escrow.
The Perfect Conclusion
As experienced buying agents, we have the knowledge and the contacts to make things happen, and for the execution to be as smooth as possible. We are constantly monitoring the progress of a transaction and if there are issues, we have the tools to solve them. We do not take NO for an answer. Despite facing many complications, at the end, we were the client’s unfair advantage and the reason this deal happened. Even the Seller’s agent acknowledged the deal would have fallen apart without us. The client is now about to complete. And we have already introduced him to architects and designers that can help turn this house into his dream London home.
Having a buying agent help you when buying a property is not just about finding the right property, it is also negotiating the best price (and conditions) and making sure the deal happens.
As always, I would be delighted to offer any property advice, so please feel free to contact:
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