...and speeds up transaction times even more.
We have launched a first-to-market proposition aimed at further speeding up the conveyancing process by guaranteeing no-sale, no-fee on all legal costs and disbursements, including searches. Having tested the ground-breaking proposition extensively, we are now rolling out the offer to all Estate Agents, IFAs and Brokers in England and Wales. Not only does this unique service remove financial risk for the home buyer, it reduces the average transaction time from sale agreed to exchange, to a record average of 77 days – beating the industry average by around seven weeks.
In normal circumstances, homebuyers are subject to £300-£500 up-front legal costs, including items such as searches, irrespective of whether their purchase completes. Typically searches are not ordered for up to four weeks after a sale has been agreed, causing unnecessary delay. ASAP’s innovative approach to sales progression means that searches are ordered on the same day a homebuyer instructs one of our recommended solicitors and then will only pay for them if the purchase completes.
Already performing significantly better than the industry average of 126 days from sale agreed to exchange and completion, we have found that this new model shaves a further 4 weeks off our transaction times, resulting in a record new average of 77 days.
Speeding up the transaction time, not only means the client can move sooner, it also means everyone gets paid more quickly and the chances of fall-throughs are reduced. The industry average for fall-through of property transactions is currently around 35% with delays being a principal factor in many cases. Meanwhile, using initiatives such as the No Sale No Fee searches offer, our fall through rate is tracking at less than 15%.
Richard Megson, Director of Assured Sale and Progression Ltd, said: “Our offer is completely unique to the market. The homebuyer benefits because it removes financial risk from the purchase process. The estate agents benefit because it speeds up the process – and that means satisfied clients, reduced fall-throughs and getting paid for their service sooner – great news for everyone’s cashflow! Sales falling through is a considerable threat, and by offering no-sale, no fee searches, we are removing one of the main causes – delays.”
ASAP’s overall offer is aimed at significantly speeding up the transaction process. Speed considerably improves the chances of successfully completing a house sale or purchase, minimising the risk of vendors or purchasers changing their minds and pulling out.
Feedback from Estate Agents already using ASAP’s no-sale, no-fee offer has been overwhelmingly positive, and those who have started using the service have already seen immediate reductions in turn around times. Lester Hurst from Hunters Estate Agents said “Working with ASAP Ltd we have seen our average transaction times fall to their lowest ever level, providing immediate positive results for our house sellers and buyers. The no-sale, no-fee searches proposition helps us protect our customer and gives us and our clients peace of mind that buyers won’t have to stomach any upfront costs.”