As founding members of the Leading Estate Agents of the World network, we are proud that Chris Ellis recently appeared on the brand new Leading Estate Agents of the World podcast to talk about Harrisons Homes, share his knowledge of Sittingbourne, Sheerness, Faversham and Swale, and offer useful advice for anyone looking to buy, sell, let or rent. The podcast was created by founding members from across the UK to help the public make their next property decision, with practical guidance from agents who know their local areas.

An accepted offer is a major step, but it does not always mean a move will reach completion. A buyer may change direction, a chain may shift or a mortgage or survey issue may alter the picture. We discuss whether a reservation agreement can help reduce some of that uncertainty. 

After an offer is accepted, a buyer and seller may sign an agreement setting out an earlier commitment. Depending on its wording, it may include a financial consequence if one party withdraws or changes the deal unreasonably. The terms matter: “reservation agreement” does not describe one standard document.

We believe it is useful to understand a buyer’s position before an offer is accepted. Their circumstances, previous offers and readiness to proceed can help a seller look beyond the amount offered. A higher bid may be less reassuring if the buyer is still weighing up other homes or is not ready to commit to a clear plan.

We also share an example of a sale where the parties chose not to use an agreement and the buyer later withdrew at exchange. It is a reminder to discuss options early, but it does not prove that an agreement would have prevented that sale from falling through.

A reservation agreement may make expectations clearer, but it cannot guarantee completion. Mortgage decisions, survey findings, chain changes and other circumstances can still affect a move. Before signing, buyers and sellers should ask their agent and conveyancer what each person is committing to, what costs may apply, what would trigger a payment and how the document treats a legitimate reason to withdraw.

For anyone buying or selling in Swale, our local experience offers practical questions to raise early in the process. Watch our conversation on the Leading Estate Agents of the World podcast or listen on Apple Podcasts or Spotify. 

Listen Here on Apple Podcasts: https://podcasts.apple.com/gb/podcast/leading-estate-agents-of-the-world-podcast/id6819193734?i=1000793209421 

Listen Here on Spotify:  https://open.spotify.com/episode/5qRcaFI5R2aGK4xYxkTa8b?si=27a55088830f4170