Shelton & Lines provides a reservation/administration fee service to protect both buyers and vendors.
Put simply, this fee is like placing a holding deposit down when renting a property. It’s a non-refundable amount, made by a buyer to ensure the exclusive rights to a property, under certain conditions and at an agreed price.
Reservation fees are set at £480.00.
We want to give you security, and that comes with knowing a property has been taken off the market. So, once the reservation fees are paid, we take identification from all purchasers – in compliance with anti money laundering regulations.
Next, we will prepare the sales memorandum. This will be sent to all parties and their legal representatives. We will also chase the sale, and related chain, on a regular basis to ensure everything proceeds smoothly.
Should any issues arise, we will work closely with you to resolve them. In addition, if you’ve any general enquiries with the sale or chain, we will work to the best of our ability to help, arranging revisits to the property if required. During this period, the conveyancing can take place in preparation for the exchange of contracts.
As a vendor, be reassured that you have a committed buyer and are in a very secure position to move forward with an onward purchase. And, where relevant, are able to serve notice to tenants. You will also have the benefit of knowing the reservation fee will cover a proportion of the costs you might incur if the sale does not go through. Although with the reservation fee paid, this is much less likely.
Ultimately, everyone benefits from a smooth sale and reservation/administration fees help ensure this happens quickly. Without the security of a reservation fee, the risk of a property sale falling through, or not getting completed rises. In fact, the figure is over 33% as a nationwide average.
We understand there are always going to be circumstances in which a sale does not go through. So, as the buyer, you are free to leave the exchange and be refunded in full if:
Structural defects are found during surveys of the property
There is a defective legal title
Information gathered by usual searches affects the value of the property
The Vendor withdraws from your sale
Fee paid to Vendor
If the buyer pulls out of the purchase for none of the reasons listed
If the purchaser's chain falls through
Upon successful sale of a property, the reservation/administration fee is paid to Shelton & Lines.