Unlock properties explained for home sellers
Market and accept an offer on your home, all subject to your own criteria related to your next purchase.
Unlock is a new way to market your property, letting you advertise your home for sale but with the added assurance that you’ve got time to find your next home and placing you in a strong buying position. A clause will be added to your missives giving the option to withdraw from the sale if you can’t find a new home that meets your needs and wants. You would set a long date of entry (typically six months) to give you time to find the right home.
This option allows you to fully progress with the sale of your home and secure a committed buyer. Whilst also having the security that you can withdraw from the sale if you need to.
Buying an Unlock property? Find out more.
How will an Unlock property sale work?
Each of these property sales will be unique and only available through your expert ESPC solicitor estate agent and their thorough understanding of the property market. You’ll work with your solicitor to set the right criteria for you. This is likely to include a longer date of entry to give you the opportunity to find your next home. Your solicitor will work to conclude the missives on your sale but will add in new conditions relating to your ability to withdraw from the sale. If you later decide to withdraw from the sale, you may decide to pay a sum to the purchaser. This will be agreed when accepting the offer. It will mean that you have access to a smaller pool of buyers as Unlock properties will not be for everybody, but they will be committed to the purchase.
Only through an ESPC solicitor estate agent
It is vital to work with an experienced solicitor, as expert legal advice will be key to the success of the sale. The exact structure of the deal on your sale will be unique to you and all parties involved will need to have transparent and honest conversations to ensure that the sale can progress as planned.
ESPC solicitor estate agents are uniquely positioned to help. It’s never too early to consider talking to your solicitor if you are considering Unlock as a marketing strategy.
Unlock property advantages
- You get a longer date of entry to allow you time to find a new home.
- You will be in a strong buyer position having already agreed on a sale for your home.
- You’ll know exactly how much you can afford, meaning you can really target the right home for you.
Frequently asked questions
Unlock allows you transparency and flexibility while selling your property, providing peace of mind while securing your next home.
How will buyers know my home is an Unlock property?
Your property will appear as a normal listing on espc.com. When an interested party clicks through to the property details page, there will be wording confirming this is an Unlock property, explaining what this means for the buyer.
Will marketing my property as an Unlock property limit the number of people that may be interested in my home?
The short answer is, yes. However, whilst a delayed entry date may not suit every buyer, it will suit some. It’s important that your solicitor estate agent matches you with the right buyer.
What happens when I accept an offer?
The terms of the deal will be agreed. So, in addition to the price, a provisional delayed entry date will be agreed. This gives you the peace of mind of a sale, with plenty of time to house hunt and with the flexibility to complete sooner when you find your next home.
If I find a property whilst on the market, can I remove the reference to Unlock Property?
Yes, simply let your solicitor estate agent know and they can remove any reference to Unlock.
Will my buyer be committed to buying my property?
Yes, the idea behind Unlock Property is to move to making it legally binding for your buyer.
What if I can’t find anything to buy within the allotted time?
Your solicitor will negotiate with the purchaser’s conveyancer to see if they can extend the unlock period. If your buyer decides to withdraw at the end of the period, your solicitor estate agent can of course look to find a fresh buyer for you, who would be happy to adhere to your preferred timeframe.
Can I change my mind and withdraw my property from the market?
Yes, if you are unable to find your next property or have a change in circumstance, after speaking to your solicitor estate agent and gaining advice, you can still withdraw your property from the market. This may result in a small premium to be paid to the buyer, which is agreed at the outset, but all details can be negotiated and confirmed at the time your solicitor estate agent agrees matters with your buyer’s solicitor.