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Last edited 07 May 2022
Proof Of Funding.
--Corinthian-devsites.co.uk 11:20, 05 May 2022 (BST)
To Be Drafted.
- Proof of Funding From Property Developers. For the purposes of this article the focus will be on ensuring the credibility of suitable Proof Of Funding [POF] at the Pre-Offer Stage.Often Overlooked by site,land,building or development project owner/vendors and their Advisors leading to delay or Abortive Sales/Purchases.
- Proof of Funding From Private Buyers of Existing Housing Stock,Off Plan or New Homes.
Neglect of this will undoubtedly lead to Abortive Transactions if Private Buyers or Property Developers are unable to obtain a mortgage or development loan for purchase of a property or development site.
At best Private Buyers or Property Developers who are not highly organised at the outset will cause sales/purchases to become delayed if they do finally manage to get a mortgage or development finance.
Those parties who let "Unqualified" Private Buyers or Developers move to an advanced stage such as property or site owner accepting an offer from a party who will be unable to fund purchase will themselves have "scuppered" the transaction or and prospect of real undiluted fast track conveyancing from taking place.
Many of the participants simply accept Abortive Transactions and Delay rather actively seeking to do what is necessary to avoid and prevent it from happening.
Full Blown Co-operation and collaboration between solicitors who have a capability to do deliver fast track conveyancing and the Estate Agents who they assist to assist their vendor clients is critical,firstly to ensure that there is full understanding between Agent and Solicitor in respect to what is required to rigorously obtain credible proof of funding from prospective private buyers of existing housing stock and property developers who seek to buy new development projects.
What is required will be covered in the coming weeks and maybe will evolve into a document so no Estate Agent and No Solicitor neglects rigorous scrutiny of private purchasers or developers to conclude purchases of property or development projects they seek to buy and submit offers to buy.
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