Page 19 - January 2024

PROPERTY ADVICE

Secure a sale in Scotland, with 20% fewer
sales collapses

ESPC reveals that sales collapse far less frequently
when using a solicitor estate agent.

uying a property can be a nerve-wracking are incredibly in-depth and can experience “Solicitor estate agents, such as those your property from the market and honour the
experience, but especially if your property complications, generally, the conveyancing represented by ESPC, also help to make sure verbal and written agreements of the initially
Bsale or purchase collapses. However, process is widely considered smoother in the process runs smoother, and they are held accepted offer – so your purchase as a buyer
when you use a solicitor estate agent, you can Scotland due to a variety of factors – one of to high standards to ensure that their client should be more secure, which can only be
be reassured that you’re in safer hands. them being the lower probability of your sale receives the best possible advice and service. good news for sellers. In fact, these codes of
falling through. A secure, supported buyer is less likely to pull conduct are so well enforced that solicitors are
Recent research from Quick Move Now found out of a sale. Alongside this, solicitor estate guided to advise their client to instruct another
that during July-September 2023, one in four “The Scottish conveyancing system greatly agents make offers on behalf of their client, solicitor should they wish to accept an offer
(27.3%) property sales in England fell through, reduces the chances of property sales failing, and therefore can do their own due diligence, that comes in after an initial offer has been
due to a variety of factors including gazumping, with the missives concluded much earlier in which reduces the risk of complications arising. accepted.”
difficulties securing a mortgage and buyers Scotland and those in the process being held By contrast, if a client offers directly to an
getting ‘cold feet’. to a penalty if they pull out of the sale after estate agent, they could be anybody, in any ESPC’s membership of over 140 solicitor estate
that point. By contrast, in England, buyers financial position; there is no guarantee that agency firms are guided by the Law Society
By contrast, just 8.7% of properties for sale and sellers are under no legal obligation a buyer will be vetted prior to the offer being of Scotland throughout their practice, to
with ESPC during the same timeframe went to continue with the sale process until the made, and there may be issues, financial or help ensure successful sales and purchases
back onto the market – that’s around one in 12. exchange of contracts, which often happens otherwise, as you proceed. wherever possible. In addition to this, many
just days before the official completion. In of ESPC’s member firms are signed up to the
Paul Hilton, CEO of ESPC, explains: “If you Scotland, we are less likely to see property “For sellers, using a solicitor estate agent can ESPC Charter, which holds firms to even more
have friends or relatives south of the border, chains too, although this is slightly growing in also be beneficial. Solicitor estate agents will rigorous standards, so that customers can feel
you may have heard them profess that buying frequency, with more offers coming in ‘subject establish any issues upfront with the property assured they are receiving the best service
a home is ‘so much easier’ in Scotland than to sale’, according to increasing numbers of when selling, but with estate agents, sales possible as they make the biggest decisions
in England, where the conveyancing system firms. The more transactions that are involved, can fall through as the solicitor is often not and likely, purchases, of their lives.
differs greatly to ours. While both systems the higher the risk of the sale collapsing. instructed until a sale is agreed. Only then
will some problems come to light, such as
defective titles, boundary or planning issues,
or even probate issues, which a solicitor estate
agent could iron out at the first hurdle.

“Gazumping is common in England – whereby
a sale collapses when a seller decides to pull
out of the existing sale to accept a later, higher
offer. This is rare in Scotland, especially when
choosing to use a solicitor estate agent to sell
your property. Solicitor estate agents are held
to certain codes of conduct which means that
while your sale isn’t legally binding while the
missives aren’t concluded, they will remove

18 | espc.com espc.com | 19