A Sales Progression Flow Chart: Navigating the Journey from Offer to Completion
The property sales process in the UK can often seem like a complex and daunting journey for home buyers, sellers, and even estate agents. Understanding the steps involved is crucial for a smooth transaction. Much like the insight provided by Rello’s chain view, a sales progression flow chart becomes an invaluable tool, providing clarity and guidance through the intricacies of the process. Let’s take a closer look at the essentials of sales progression and how a visual element, like a flow chart, can demystify the journey from offer to completion.
Understanding Sales Progression
Sales progression in property transactions refers to the process that takes place after a buyer’s offer on a property has been accepted by the seller. It involves several steps, each critical to moving the transaction forward towards completion. The journey encompasses legal, financial, and administrative tasks, making it essential for all parties to stay informed and proactive.
The Role of a Sales Progression Flow Chart
A sales progression flow chart serves as a visual guide that outlines each step of the buying process. While the macro-overview is beneficial to all parties entering the chain, it’s particularly beneficial to first-time buyers. The chart serves as an easy-to-follow view of what occurs when buying a home so that customers can feel more at ease.
Key Stages of the Sales Progression Flow Chart
- Offer Accepted: This is the starting point of the sales progression. Once an offer is accepted, the estate agent confirms the agreement in writing to both parties.
- Solicitor Instruction: Both parties instruct their solicitors to begin the conveyancing process.
- Mortgage Application and Valuation: If the buyer requires a mortgage, they proceed with the application. The lender conducts a valuation to ensure the property is worth the requested loan amount.
- Leasehold Management Pack: If the property is leasehold it’s essential the Leasehold Management Pack is ordered as early as possible.
- Survey: The buyer may choose to have a survey done on the property to identify any structural issues or necessary repairs.
- The Contract Pack: The seller’s solicitor prepares the draft contract and supporting documents, and then sends them to the buyer’s solicitor.
- Conveyancing Searches and Enquiries:
- Searches: The buyer’s solicitor orders various property information searches covering local authority issues, drainage & water, and the local environment.
- Enquiries: The buyer’s solicitor raises enquiries based on the contract pack and search results.
- Exchange of Contracts: Once all enquiries are satisfied, and mortgage funding is confirmed, contracts are exchanged. This is the point at which the agreement becomes legally binding.
- Final Preparations: This stage involves finalising the mortgage offer, preparing the completion statement, and arranging for the transfer of funds.
- Completion: The completion date is set, and on this day, the transaction is finalised. The buyer pays the remaining balance, and the property ownership is transferred.
- Post-Completion: After completion, the buyer’s solicitor will pay stamp duty, if applicable, and register the new owner with the Land Registry.
The Importance for Estate Agents, Buyers, and Sellers
For estate agents, a sales progression flow chart is an essential tool for managing client expectations. By reviewing it with them, it also provides an opportunity to identify areas where the buyers or sellers may need more information. For clients, understanding this flow chart demystifies the process, reduces anxiety, and enhances their involvement and cooperation.
Take the Stress Out of Sales Progression With Rello
A property sales progression flow chart is not just a diagram; it’s a roadmap to a successful property transaction. However, it serves as a general map of the process, not a personalised set of directions. Rello, on the other hand, lifts visibility off the page and into the palm of the user’s hand for valuable guidance based on the chain’s unique needs.
Our sales progression tool not only provides insight into the steps of buying and selling a property, but it also offers real-time updates along the way. Estate agents, buyers, and sellers can check their chain 24/7, while their dedicated Sales Progressor gets ahead of potential delays to ensure a smooth, stress-free experience.
Introduce your clients to sales progression with a flow chart, and then wow them by taking their experience to the next level – deserving of a five-star rating – with Rello! Don’t forget to follow along on Facebook and LinkedIn for helpful chain tips.
