The importance of being proceedable, what this means and how to get there, especially in today’s competitive market

What Does Being In A Proceedable Position Mean?

The meaning of ‘being in a proceedable position’ demonstrates that you are ready to buy a property. Whether you have sold your property subject to contract, are a cash buyer that does not rely on the sale of a house to buy one or even a first-time buyer with a mortgage agreed, meaning you have the funds to buy, all of these things make you proceedable.

If you have not instructed an estate agent such as Hollywell Homes to market your property, or you are on the market with an estate agent but haven’t yet sold, or if you’re yet to put it on the market, you aren’t in a proceedable position, as you can’t purchase your next property because you are reliant on these factors concluding with which to facilitate your onward purchase.

Have You Chosen And Instructed Your Solicitor Or Conveyancer Yet?

Although you only need a solicitor or conveyancer once you have an offer agreed on a property, there is no harm in having this in hand from the moment you begin your search as it demonstrates you are serious and are doing all you can to be as proceedable as possible. Instructing a conveyancer or solicitor means you are ready to begin the process of transferring the legal ownership of the property you are buying or selling. But how do you find the right solicitor or conveyancer?

Hollywell Homes highly recommend Quote My Legals (QML). QML has access to a panel of conveyancers, so unlike other solicitors, QML can hunt for the best conveyance products from their panel on your behalf and provide a fixed fee guarantee with no hidden extra costs and full support from the moment of instruction through to completion of your sale or purchase (or both).

Quote My Legals complies with the Code of Conduct published by the Solicitors Regulation Authority and any Conveyancer to whom Quote My Legals may refer you is an independent professional from whom you will receive impartial and confidential advice. The advice and service of the Conveyancer will remain independent and subject to your instructions. You are free to choose another solicitor but if you would like a free quote so you can understand your ongoing costs of sale or purchase, ring QML today on 01905 948848.

Do You Have A Mortgage? Do You Need A Mortgage? What’s The Difference Between An Agreement In Principle (AIP) And A Mortgage In Principle (MIP)?

If like many homebuyers, you require a mortgage to cover part or all of the costs related to purchasing your next property, you will need one of these two things, an Agreement In Principle (AIP) which is sometimes called a Mortgage In Principle (MIP). This terminology means the same thing, there are no differences between the two. It will just depend on your provider's choice of acronym.

Both of these mean that a lender is willing to lend a buyer the capital required to facilitate the purchase of a property. You can and should get one of these in place before you begin to peruse properties so that you can demonstrate you are able to make a proceedable offer when you eventually find the home you want to purchase. In fact, many estate agents will not and should not allow a non-proceedable purchaser to even view a property as it is a waste of the vendor and agent's time.

If you are interested in understanding your affordability and want to begin the process of becoming a proceedable purchaser, Hollywell Homes highly recommend Emma Knowles CeMAP of HLC Mortgages. HLC has no ties to a limited panel of lenders, so unlike other companies, Emma can hunt for the best mortgage products from the whole market on your behalf. Whether you are a first-time buyer at the start of your journey, an existing homeowner looking for the best mortgage products available in the current market, or a seasoned investor, get in touch today to find out what opportunities are available to you.

HLC Mortgages is a trading style of HL Financial Consultants Ltd is an appointed representative of Quilter Financial Services Ltd and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority.

So You are A Cash Buyer? Is That 100% Cash? Part Cash With A Mortgage Top-Up? Or Are You Reliant On The Sale Of Property?

One of the more frustrating things that an estate agent will hear when you ask a prospective buyer how they will facilitate their purchase is that they are a “cash buyer,” when in fact, they are not. A true cash buyer is an individual that does not require a mortgage to purchase a property, nor do they need to sell a house or asset to acquire the funds needed. If you are a cash buyer, funds are in a bank account and you have the ability to purchase a property at the price agreed.

Being a cash buyer is favourable as although this does not guarantee a smooth and quick sale, it does often mean that the likelihood of a hassle-free sale increases as there is no onward chain. This brings us quite nicely to our next point…

What Does No Chain Mean?

When you sell or purchase a property, the terminology ‘chain’ refers to the other buyers' and sellers' properties that are linked to the ultimate sale. Putting it simply, a chain occurs when multiple purchasers become linked by other property sales. Meaning that one property cannot sell without relying on the other. Whereas a cash buyer or first-time buyer that does not rely on the sale of their property to facilitate a purchase has no chain as they do not have a property linked to their ongoing purchase.

All That Said…

Property can be daunting especially in the current market as it is so competitive. At Hollywell Homes we pride ourselves on making the process of buying and selling property as jargon and stress-free as possible. All of our team have lived, worked, moved, and sold properties across Worcestershire, saving homeowners £1000's in traditional agency commission. We understand the local area, the property market, and most importantly, buyers.

You can contact the Hollywell Homes team today on 01905 949848 or email us at info@hollywellhomes.co.uk. You can also like our Facebook page to keep up to date with all things Hollywell Homes here www.facebook.com/HollywellHomes.

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