Property Gold is a monthly column written by independent bespoke property consultant, Alex Goldstein. With over 17 years’ experience, Alex helps his clients to buy and sell residential property in some of the most desirable locations in Yorkshire and beyond. 

This week Alex looks at how you can control the sale of your property if you haven’t yet found your new home. 

Time. It is one of the most important factors when trying to buy or sell your home. More often than not, matters do not move at the pace you want. Don’t even get me started on local authority searches and mortgage lenders!

One of the most regular obstacles I come across is when vendors are unsure about selling their home, as they haven’t found a property they wish to move to. Their default thinking tends to be that they will be kicked out on to the streets by their buyer, before they are ready. This is not the case.

Putting transactions together on the right basis is key and there are some lesser known options that sellers (and indeed buyers) need to have up their sleeves when negotiating. Just how do you build in extra time into a transaction and still be in control of it, whilst keeping both sides happy?

Yes going into rented is the ‘go to’ option, however try looking at AirBnB. Many landlords have lost income during the restrictions and therefore if you wish to secure their property for a period of time, have the freedom to pick your own dates and at more favourable market rates, this could be an answer.

The other known strategy is to exchange and then delay completion by a several months, however, suggest completion ‘if not earlier by prior mutual agreement’. This means that both buyer and seller can make completion earlier, should they require, however neither side can go beyond the backstop date.

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The lesser known angles and which are also win-win scenarios for both sides are:

Licence back agreements. This is where the property exchanges and completes, however the ‘former owner’ then rents the property back from the incoming buyer at more favourable rates. This means the vendor can stay in-situ in their home, has more time to find their next home and most importantly are in a top buying position. In contrast, the new owner has secured the property and has a reliable tenant already there.

An alternative angle is that once a seller has found a buyer, is to issue the memorandum of sale to all parties. However you then ask the solicitors to stop working on their respective files. This gives the buyer reassurance that you are taking their offer seriously and means that the vendor is instantly put into a proceedable position, as they can prove their property is now Under Offer.

Yes these options can prove to be useful to break impasses, however they can only be deployed when you know what the buyer and seller are trying to achieve. Indeed I have done transactions where I have used a number of these options all together. The key is to find that key middle ground and think laterally.

Property Gold is a monthly column written by independent bespoke property consultant, Alex Goldstein. With over 17 years’ experience, Alex helps his clients to buy and sell residential property in some of the most desirable locations in Yorkshire and beyond. 

This week Alex explains the benefits and pitfalls of selling your home using virtual tours. 

When it comes to selling your home, we are consistently told that estate agents need to use every tool at their disposal – from accompanied viewings to drone imagery and social media campaigns. However one relatively new bit of technology is getting a lot of coverage both by agents and indeed the property portals – virtual tours.

From the comfort of your armchair, you can now have a ‘virtual look’ around a property in high resolution and never leave your own home. Given the Covid circumstances we currently find ourselves in, there is a strong argument to create a virtual tour of your home. Afterall they look great, buyers seem to love them and if it helps sell your home then why not?

However as I see it, there is another angle to virtual tours and the way they are generally used in the marketplace currently is questionable.

Firstly and most importantly, a virtual tour is a significant security risk. Having interviewed a former Royal Marine Commando who now runs his own security business, he concurred that given the high resolution of these tours and ability to zoom-in, meant he could easily find out where alarm panels and sensors were, family photographs and documents to research the vendor, where keys were kept, high value items, plus of course take an in-depth walk through. Thankfully he was one of the good guys, but what if he wasn’t?

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The other issue is that virtual tours are often casually placed online, however it gives too much information away up front about a property. You are letting interested parties make up their own minds about your home, without them engaging with the agent, which somewhat defeats the object of the exercise, especially if they have got the wrong impression.

It is always encouraging to hear that you received several hundred views of your virtual tour, however the agent can’t follow any of these viewers up, as they and the portals do not know who actually viewed it.

Instead, I feel the key with virtual tours is to keep them offline and for the agent to retain control by offering ‘accompanied virtual tours’. This means that an interested party can still virtually look around your home, however the agent shares their computer screen and talks the viewer through in real time. This means you will get better feedback, more engagement and don’t unnecessarily add to your digital footprint.

The key with virtual tours – less is more!