Property Sellers: Transaction Speed is Now Crucial

The ability to turn around a property sale quickly once a seller enters negotiation with a prospective buyer is now more critical then ever.  

Mortgage rates have been rising, and by December this year, the Bank of England’s Standard Mortgage Rate is expected to rise from 5.74% to 6.49%, and its Base Mortgage Rate from 4.25% to 5%.

Although some banks in Gibraltar are offering competitive rates, the general increase is bound to influence the market.

This brings into sharp focus the serious effects that delays can have on the success of a property sale at optimum prices.  

The Gibraltar International Bank is offering a lifeline to their clients, with a “3 Year Fixed Interest Rate Residential Mortgage Product” at 4.25% per annum, and clients have until the 30^th of December 2022 to switch their mortgage.

These days, a seller is faced with two scenarios should a sale fall through:

a) The transaction falls through while your property has been off the market for weeks or even months and you begin your search for a new buyer, potentially in a less favourable market.

b) Having to lower the price to reflect an adjusting market.

Conveyancing delays are unfortunately common, but Charles Gomez & Co Property Lawyers are able to ensure that they are kept to the bare minimum.  

Our team has now introduced the Property Pre-Sale Logbook Service as part of its long-standing Fast-Track System:

Property Pre-Sale Logbook Service

In today’s uncertain economic climate, the speed of your property sale can mean the difference between success or your transaction falling through, and financial opportunities lost or delayed.

At Charles Gomez & Co, speed and attention to detail is at the core of what we do: We have perfected our fast-track system to extend to the pre-sale phase of a transaction – so that as soon as you have a buyer, all legal documentation required is complete and ready to send out.

For more information on our Property Pre-Sale Logbook Service, contact us today at 200 74998 or email our Property Team at property@gomezco.gi