An outsourced sales progression company is launching a no sale, no fee service – meaning no costs for home buyers if the transaction falls through.
Buyers would have no disbursements to pay, including searches.
Assured Sale and Progression, based in west Yorkshire, is rolling out the offer to all estate agents in England and Wales.
It also says that its new service has been extensively trialled, and is cutting transaction times by around four weeks, to an average of 77 days.
Normally, home buyers have to pay around £300 to £500 on up-front legal costs regardless of whether their purchase completes.
ASAP says that if home buyers instruct one of its recommended solicitors, searches are ordered that day, but will only be charged if the purchase completes.
ASAP says that the speed of getting on with the conveyancing process is also cutting fall-throughs to about 15%.
Richard Megson, ASAP director, said: “Our offer is completely unique to the market. The home buyer benefits because it removes financial risk from the purchase process.
“The estate agents benefit because it speeds up the process – and that means satisfied clients, reduced fall-throughs and getting paid for their service sooner – great news for everyone’s cashflow.
“Sales falling through is a considerable threat, and by offering no sale, no fee searches, we are removing one of the main causes – delays.”
Comments (4)
Having worked with ASAP for some time now I can safely say they play a pivetal role in bringing transaction times down as much as physically possible, and assisting in complex cases along the way. The communication is excellent, the technology used to keep all parties informed saves time and provides clarity at every milestone. Knowing the intensive process they go through to ensure the firms they work with are alligned to their way of working and have the capacity to take on the additional cases means I have full confidence when they’re instructed. Keep up the great work!
Awesome. Making it easier for buyers to pull out of sales and lose even less.
Something needs to be done to protect sellers now. There. Seems to be a generation of people with no ethics who just lie all the time.
60- 80 year old leaver types.
Wow, so it took 15 weeks for a sale to complete in W Yorkshire and now only 11!
its not just life that runs quicker then down South!!
The best estate agents know to align with the best conveyancers. They avoid middlemen creaming off a cut.
And – searches play zero part in why conveyancing is slow. I have files in my cabinet sat ready, but the other conveyancers in the chain are slow, but none because of awaited searches.
As conveyancers, the reasons for slow conveyancing are:
1. a estate agent in the chain recommended an inferior conveyancer
2. the chain was put together without a mortgage in principal/finances lined up, or by accepting a buyer’s offer without their commitment to a target timescale. Don’t accept a buyer if their timescale is more than X weeks!
3. there are other inferior conveyancers in a chain – inferior through:
– being in a law firm where career progression opportunities are nil, so they don’t care
– poor legal training (or none at all)
– they have a conveyor belt style operation, with no one conveyancer knowing the file, so it takes longer