Is your home more likely to sell if you're using Ashtons and our Assured Move package? The short answer is yes. The average UK time from offer accepted to exchange of contracts in 2023 was approximately 150 days (Source Rightmove). With Assured Move the timeframe reduces to 88 working days based on pilot data. Shortening the time between sale agreed and exchange increases certainty not just for sellers, but buyers as well.
Assured Move is designed to speed up property transactions, reduce stress and create more certainty for both buyers and sellers.
In a similar pilot scheme undertaken elsewhere in the UK, the abortive sale rate also nearly halved when upfront information was provided in addition to speeding up the process. The combination of both a shorter period between sale agreed and exchange, and fall through rates also halving leads to a better outcome for both buyer and seller.
How Does it Work
At the point of instruction Ashtons, in conjunction with our partner solicitor, prepare a pre-approved “sale ready” legal pack for the property on behalf of the seller. At point of sale the pack is issued to the buyer's solicitor within 48 hours of a Reservation and Exclusivity Agreement being signed. This pack alone is likely to speed up the purchase process by up to 28 days on day 1 compared with a normal transaction where this work often does not even start until at least a week after the sale has been agreed. There is considerable cost in preparing the pack as it includes:
Land Registry Title Document
Land Registry Title Plan
Pre-prepared Sale Contract
Property Information Form (TA6)
Fittings and Contents Form (TA10)
Personal Search
Upon acceptance of the buyer’s offer, the buyer will be asked to sign a Reservation and Exclusivity Agreement, the cost of which is £395 plus VAT. The cost is non-refundable unless the seller withdraws from the Agreement in which case the full amount is refundable to the buyer within 14 days of that event.
It is important to note that the payment for the Reservation and Exclusivity Agreement is not an additional payment that the buyer makes. In a normal transaction, upon acceptance of offer the buyer’s solicitor would normally request a sum in the region of £500 plus VAT on account towards the cost of searches and such like. With Assured Move that is no longer required as the documentation is provided free of charge directly to the buyer’s solicitor.
The buyer’s payment does not form part of the purchase price and the legal pack is usually issued directly to the buyer’s solicitor within 48 hours of the Memorandum of Sale being completed.
Additionally, with Assured Move not only does the buyer receive a full legal pack they are also granted an exclusivity period to buy the property with a pre-agreed timeframe usually 60, 90 to 120 days. The seller commits to the buyer exclusively so the buyer cannot be gazumped by any other party during the period as the seller is not permitted to entertain any other bids. The buyer is therefore granted more transaction certainty. This is what is commonly known as a “Lock Out Agreement”. The seller knows they have a committed buyer who is prepared commit funds to the purchase on Day one.
The buyer warrants to the seller that they either have cash funds to purchase or are able to obtain a mortgage offer within 28 days of the Reservation and Exclusivity Agreement being signed. Should the buyer not be able to achieve this, or the buyer’s related sale (if any) chain were to break the seller may withdraw from the Agreement without penalty.
If the seller should withdraw from the sale during the exclusivity period, the buyer will be refunded their upfront cost of £395 plus VAT by the agent within 14 days of the seller withdrawing. It should be noted that the seller is still not entitled to issue a new contract to any other buyer during the exclusivity period.
The buyer and seller agree to act in good faith throughout the transaction.
in summary, by providing upfront information from the seller to the buyer on day one a transaction can proceed immediately. This creates more certainty for both the buyer and the seller alongside the Reservation and Exclusivity Agreement which commitments each party to the other.
Assured Move has been designed to overcome the many frustrations people have had and continue to have with UK housing transactions.
Our approach is innovative, and we are sure you will find it invaluable in providing you with more certainty in what can be an uncertain process.