A good-quality home or a development opportunity is a rare thing in today’s market. So rare, that when one does appear, it is snapped up almost instantly. Too many buyers are jostling for very few properties – and the more expensive, the harder they are to come by.
In exclusive areas such as Kensington and Chelsea, Knightsbridge, Wilmslow, Hale, Prestbury and Bowdon, the reason for the rise is simple. There simply isn’t enough property on the market to satisfy the hectic demand. Now that the uncertainty surrounding the General Election has subsided, the housing market is likely to come back to life even more over the coming months.
As a result, buyers must be ready to move quickly. The secret that some astute buyers are using is an “attended” exchange. An attended exchange involves a highly competent lawyer attending the offices of the seller’s solicitor, with the intention of exchanging contracts on the same day, regardless of the complexity of the transaction. An attended exchange can be expensive in the short term, but is well worth considering if you want the deal tied up fast.
With attended exchanges, the seller knows from the outset that the buyer is fully committed to the purchase. Difficult points are often resolved more easily, as both parties become practical and are focused on the deal.
Attended exchange can be an excellent way of tying up a deal. Whether it’s the right option for you very much depends on the facts of the transaction. As a buyer, you’ll need to be flexible on some issues and financially ready to go. You’ll also be dependent on the seller’s solicitor being extremely well-prepared in advance.
If you are looking to purchase a property or have an enquiry relating to attended exchange then please get in touch with one of our experienced and specialist residential property solicitors in our Residential Conveyancing Department. We have extensive experience in dealing with property transactions swiftly and are able to deal with all forms of residential transactions tailored to your needs.
At Myerson, we offer a prestige conveyancing service, providing the highest quality legal advice for discerning clients. Myerson are also accredited members of the Law Society Conveyancing Quality Scheme – the mark of excellence in the residential conveyancing process.