As an established local firm of estate agents we deal with all aspects of residential property sales and lettings. Our qualified and experienced team are able to provide a selection of additional specialist services for clients, which include:
Acting for either solicitors or individual clients who are administering a deceased party’s estate, where an open market valuation of the property and very often contents is undertaken for the executors.
When a formal letter is required by a professionally qualified letting agent for assistance with a mortgage application. Many banks or building societies will insist on an ARLA registered member to produce a written valuation to confirm potential rental yield.
When we would be called in to assess the value and correct method of sale in the disposal of a client’s property when they are deemed to be no longer capable of handling their own affairs (under the Mental Health Act). This work must always be carried out to the letter, as we are basically working for a government department and they naturally have to be very specific on protocol and administration of the party’s affairs.
Either to update the client on the value of their property or to assess the correct figure for fire/theft insurance.
These are two methods used to sell properties but it is obviously of vital importance that the right properties are chosen. There is nothing worse than a failed public auction, but conversely nothing better than when several bidders are keen to buy and the final price reflects this. Our senior partner, John Lake, is our in house auctioneer and a fellow of the National Association of Auctioneers and Valuers.
When a property is sold by public auction, provided the reserve price is surpassed, the fall of the ‘hammer’ is a legally binding contract for the sale between the seller and the buyer. At the time of the sale, the buyer signs the contract, which is exchanged on the day of the sale with usually a 10% deposit paid by the buyer. The completion date is inserted in the contract, which is typically 28 days from the day of sale.
A sale by either ‘informal’ or ‘formal’ tender allows a specific timescale for marketing with a set time and date for sealed bids to be provided by ready and able purchasers. These forms of sale will give a degree of flexibility to the client as he or his administrators will be presented with a choice of buyers, probably all in differing circumstances. Then we would recommend the party that seems most secure – not always quite the highest figure, but the person most likely to complete the transaction. An acceptable offer with informal tender is not a legally binding exchange of contracts and the conveyance will progress similar to private treaty.
A sale by formal tender will ensure all interest parties have access to the legal pack in advance and any surveys, valuations or mortgage applications should be undertaken prior to tender. The terms of sale will stipulate that an exchange of contracts will need to be within a swift timeframe, usually 5 working days from acceptance of tender, and if the terms are not adhered to the sellers can progress with another bidder.
“There’s nothing better than when several bidders are keen to buy and the final price reflects this”
From start to finish I found them to be absolutely first class. Being relatively new to Torbay I found they had extensive knowledge and experience of the area, their service was excellent and nothing was too much trouble throughout the whole process.