News In Focus
15 February 2010
£1.2m deal done in hours with standard clauses
A binding deal was done last week for the sale of a property at over £1.2 million, in only five hours, with the help of the model clauses now in use by many solicitors, according to the Edinburgh Solicitors Property Centre.
The purcharer's offer was accepted last Thursday and missives were then concluded in less than five hours, resulting in a deal binding on both sides.
The solicitors involved, Edinburgh firms Simpson & Marwick for the seller and VMH Solicitors for the buyer, say the process demonstrates a major strength of the solicitor estate agent approach to buying and selling houses. The transaction adopted the Combined Standard Clauses, an set of terms agreed between local legal societies in Glasgow and Edinburgh and now in common use in the two cities.
Richard Loudon of Simpson & Marwick said: “Through the Combined Standard Clauses, we are able to move quickly once an offer has been accepted. This works for the £1m+ properties we sell through to the first-time buyer flats. Having everything agreed this quickly is not a common event but it does demonstrate what is possible, with this turnaround achieved on two properties in one day."
He added: "Solicitor estate agents are able to be prepared for when an offer is accepted. There is no delay while a third party briefs the solicitor. The solicitor can everything to hand as we have been involved with the property since the day it went on the market“.
Philip Valente of VMH Solicitors commented: “Once an offer has been verbally accepted it is in the interests of all involved to have the missives concluded as soon as possible to bring certainty to the deal. With the advent of home reports the purchaser has a detailed survey, valuation and information on the property to hand which means we can move immediately to tie up the contract without delays“.
ESPC are unable to disclose the location of the property or the names of the clients.