You can customise the length of the agreement, but we would suggest 4 weeks minumum up to 16 weeks.
We will call your solicitor at the end of the agreement to verify that you have exchanged contracts or your solicitor has obtained the legal documents mentioned below. If these obligations have been met then we will return your deposit.
Yes, but on average it would take 3-4 weeks and cost almost £1000 just to get the agreement drawn up. Our agreements have been created by lawyers and are available instantly.
Yes - unless we receive a request from the seller not to do so. At this point the seller can ask us to extend the agreement for another 2 weeks to enable you to exchange contracts.
Your solicitor will carry out searches of the local authority to reveal any issues that would affect the property. There are three searches that are normally undertaken by the solicitor on your behalf;
Local search - to obtain a variety of information from the local council, such as whether the property is affected by plans for a new by-pass or a planning enforcement notice.
Drainage and water search does the property have mains water and drainage? The local water company will also provide other useful information, such as the position of pipes.
Environmental search is the property affected by contamination which could involve costly removal?
We would suggest that your solicitor carries out further reports if necessary. However, you can withdraw from the sale and keep your deposit if a search has been failed.
A mortgage offer is a formal document issued by a mortgage lender to a borrower that confirms that the lender is happy to advance them the money.
A contract is prepared once your solicitor has carried out all the necessary legal work and once you sign and return it to your solicitor you are essentially giving them authority to exchange contracts.
No, the seller cannot sell the property to anyone else within the timescale of the agreement.
Unless there is a survey issue or the property has been down valued from the sale price you cannot reduce your offer without forfeiting your deposit.
If the seller withdraws at any point you will receive your deposit back. If you have a Dual Agreement then you would additionally receive the sellers deposit too.
The seller can approve a 2 week extension to the agreement which provides more time for the chain to catch up in time for exchange of contracts
We would suggest trying to find another buyer for your property, proceed to exchange of contracts as quickly as you can and request a time extension within the last week.
All surveys must be carried out by a RICS qualified surveyor. If your survey report shows a 'Category 3' issue or a structural issue then a buyer may withdraw without losing the deposit.
However, if the 'Category 3' relates to Electricity or Heating and the seller is willing to provide an up to date report to certify its satisfactory condition then this would suffice, and should the buyer still withdraw then they would lose their deposit.
A buyer may withdraw without losing their deposit if the property valuation is less than 98% of the agreed price. For example, if the sale price is '£250,000 then the buyer can withdraw and keep their deposit if the valuation comes in at £245,000 or less.
If the vendor won't negotiate on all or some of the 2% then the buyer may withdraw without losing their deposit.
If the lease is shorter than advertised then a buyer may withdraw without losing their deposit.
A property's title is considered to be defective where there is potential for a third party to establish or attempt to establish an estate right title or interest which is adverse to the property owner's title to the property. Should this be the case then a buyer can withdraw without losing their deposit
Sellers must clarify if there are any unresolved marital matters or unresolved financial matters that may slow the sales process when they entered the agreement. If this is the case then the buyer can withdraw without losing their deposit.
You can customise the length of the agreement, but we would suggest 4 weeks minumum up to 16 weeks
Yes, but on average it would take 3-4 weeks and cost almost £1000 just to get the contract drawn up. Our agreements have been created by lawyers and are available instantly.
You must send your solicitor any paperwork relating to changes/ works/renovations you have had done to the property and also any ongoing maintenance agreements such as boiler servicing, alarm servicing etc.
All paperwork for works carried out must be provided by the seller or an indemnity policy provided if satisfactory. Your solicitor can arrange this on your behalf
Yes, as part of the agreement you must provide a valid gas boiler service certificate (no more than 12 months old), or a gas safety certificate as per the agreement. Failure to do so will contravene your side of the agreement.
Yes these two deposits are separate.
Property Pledge will contact the buyers solicitor to see if they have met their obligations set out in the Property Pledge Agreement.
Your estate agent should check this prior to placing a sale in hand, however the buyer must confirm they have funds ready as part of signing their agreement. If a buyer then fails to exchange contracts due to a financial issue then you would receive their deposit.
You should always call your estate agent during the sales process.
Yes, as long as we have confirmation that the buyer has withdrawn and forfeited their deposit you are free to remarket the property and agree a sale to a new buyer.
Escrow is an independent, third party who hold the deposit until an outcome has been determined.
Once you've approved the online agreement you'll then be asked to lodge your deposit. Only at this point will the Property Pledge Agreement be live.
Deposits must be paid by VISA, paid through our secure online system.
All deposits are held by a third party using a secure Escrow service. To ensure your deposit is safe the Escrow provider holds an E-Money Issuer (EMI) licence granted by the CSSF.
Our Escrow provider is PCI & DSS compliant, for more information please visit - www.pcisecuritystandards.org/pci_security