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I've not seen this on RightMove before?

12 replies

Nows · 24/10/2023 12:51

Just doing my daily scroll through rm and came across a property that is apparently reserved. I've never seen this before - have you? And what does it mean?

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Bluevelvetsofa · 24/10/2023 12:51

Only with new builds

Jacquel666 · 24/10/2023 13:01

There's an Estate Agent I know of who uses this. Basically they put together a pack so if the offer is accepted you get all the land reg details etc. and the offer is secured for both parties.
See https://cooper-adams.com/blog/cooper-adams-secure-reservation-agreements/4616

Cooper Adams Secure Reservation Agreements

A way to make the property process secure for buyers and sellers alike, Cooper Adams reservation agreements make the sale legal from the...

https://cooper-adams.com/blog/cooper-adams-secure-reservation-agreements/4616

KievLoverTwo · 24/10/2023 13:08

Jacquel666 · 24/10/2023 13:01

There's an Estate Agent I know of who uses this. Basically they put together a pack so if the offer is accepted you get all the land reg details etc. and the offer is secured for both parties.
See https://cooper-adams.com/blog/cooper-adams-secure-reservation-agreements/4616

I have seen reservation fees on houses for sale under 400k of £2,500.

Nows · 24/10/2023 13:16

Thanks for the replies and the link to Cooper Adams. I only skim read the info but their reservation agreement sounds similar to something I used when selling and buying earlier this year called Gazeal.

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Neverinamonthofsundays · 24/10/2023 13:27

When we bought our home 20 years ago we bought off the plans and had to give a deposit to reserve the house so yeah its happening a while - well in Ireland it is anyway.

Nows · 24/10/2023 13:28

I've seen it with new builds but this property wasn't one.

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Jacquel666 · 24/10/2023 13:36

@Nows Cooper Adams use Gazeal.

MrsCarson · 24/10/2023 14:01

I think that's what I'd seen on right move too, not a new house, but it said you give a £1000 deposit that secures your offer and is refunded when the sale is final. What if the sale doesn't go through? Do they keep the £1000? could be lucrative if they got multiple offers.

Twiglets1 · 24/10/2023 14:24

I’ve not seen it before either apart from on new build properties

DepartureLounge · 24/10/2023 22:04

Springbok do this. They call it their Premium Fast Sale Plus service. Basically you pay a reservation fee to lock other buyers out of the process while you get a head start on your survey and conveyancing, and reduce the likelihood of gazumping. Which otherwise they would obviously be compelled to encourage, of course. 🙄Hard to believe anyone's bothering in the current market, mind you.

LibertyLily · 24/10/2023 22:55

I also saw this on RM for the first time a couple of days ago. High end properties - not new builds - being sold by an estate agent in Shropshire (not one of the EAs mentioned on this thread). One stunning period house was listed as 'reserved'......

Nows · 24/10/2023 23:51

Jacquel666 · 24/10/2023 13:36

@Nows Cooper Adams use Gazeal.

Aha!

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