I've not seen this on RightMove before?

[Nows]

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?

Only with new builds

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.

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.

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.

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

@Nows Cooper Adams use Gazeal.

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.

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

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.

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'......

Aha!