Sales Progression

Making a reservation and taking a property off the market is an exciting time. After all, you have effectively bought a property. Not quite. The period between reservation, exchange of contracts and completion is the most important part of the purchasing journey. We refer to this period as the “sales progression process”. There are a number of parties involved including solicitors, surveyors, mortgage brokers, yourself and the seller. Coordinating the different parties and ensuring the property is exchanged smoothly without unnecessary hinderances or delays, is Cityrise. We help drive the sales progression process, so you don’t have to.

What to expect

Stage 1: Reserve a Property with CityRise

Once the reservation fee is received, the Memorandum of Sale instruction will be sent to the developer’s solicitor to draw up the necessary paperwork to complete the purchase. At this stage you should look to instruct a solicitor. Although we strongly advise using our recommended solicitor for their quality of service and familiarity of development, this is not obligatory.

Your solicitor will receive your Memorandum of Sale you will be issued some initial client care letters to sign, this will contain personal and property details, and in most cases, search fees.

Stage 2: Legal Packs & Contracts

The developer’s solicitor sends out a legal pack to your solicitor to read through. This will include contracts and leases, amongst other things. Once your solicitor has received the instruction pack, they will apply for searches to check for any potential problems that might arise in the future. These searches include everything from local planning and drainage searches to environmental and flood risk searches.

Stage 3: Enquiries

Once you pass all the first step checks and searches have been returned it is time for your solicitor to begin working through all the documentation. Whilst studying all documentation associated with the property, your solicitor will be creating a long list of questions and enquiries to send to the developer’ssolicitor. The developer’s solicitor will respond to any questions and answer all enquiries raised by your solicitor. If all enquiries have been answered satisfactorily, the contracts will be sent to yourself to sign and return

Stage 4: Exchange

Once you have signed and returned the legal contracts, your solicitor will ask you for the exchange funds and your authority to exchange. You will need to transfer the deposit funds as well as give your written authorisation that you are happy to exchange. Both solicitors will aim to get contracts exchanged shortly after you’ve provided authority.

Stage 5: Prepare to Complete

Regardless of whether you are completing with cash or a mortgage it is crucial you start organising these funds or submit your mortgage application around 3-4 months prior to the practical completion of the development. Valuations can usually take place around this point too as the development will be sufficiently completed to accurately value.

Stage 6: Completion

Once the property is Practically Complete, the developer will issue your solicitor with a ‘10 Day Completion Notice’. If completing with cash, you will ensure all funds have been transferred to your solicitor. With a mortgage, your solicitor will organise with your lender the drawdown of funds.

Once completed, you will take ownership of the property. During this time, you will pay any relevant stamp duty, complete your registration, and organise your title deeds and documents. Your property is now ready to begin letting out.