Unlock properties explained for home buyers
Unlock is a new way that some homeowners are choosing to list their homes for sale, by adding certain conditions to the sale process.
As a buyer, you get the chance to buy a home that otherwise wouldn’t be on the market without Unlock. There will likely be a longer date of entry to allow sufficient time for the home seller to purchase a new property and other conditions linked to the sale.
Unlock advantages
- Your chance to purchase a home that wouldn’t otherwise be on the market.
- Missives will be concluded, with some additional clauses.
Sold subject to purchase
Every property sale will be different, but the one consistent factor with Unlock properties is that they are available to buy subject to the seller being successful in buying a new property. They are essentially selling subject to purchase. If the seller isn’t able to find a new home to purchase, then they will be able to withdraw from the transaction. It is likely that the initial date of entry will be extended to accommodate this, typically in the region of six months. However, this will vary on a case-by-case basis. To secure your dream home this is an exciting opportunity.
How will an Unlock property sale work?
After careful discussion with your solicitor, you will make the decision to offer on an Unlock property and if your offer is successful, you can expect missives to be concluded with the seller. However, the seller will have the option to withdraw from the sale if they are not successful in purchasing a new home within an agreed period. Missives will be concluded in the usual time frame, but with additional conditions. There may be an agreement with the seller to pay a sum of money if they decide to withdraw from the sale. This should be discussed with your solicitor when you are making your offer.
Unlock properties will not be suitable for every buyer
As a buyer, it is important to understand that there are additional conditions associated with the purchase of these properties and expert legal advice will be key to understanding this. All parties involved will need to have transparent and honest conversations to ensure that the sale can progress as planned.
Find a solicitor to help you buy an Unlock property.