The term proceedable is often used when purchasing a property, but sometimes it isn’t clear what it means to be in a proceedable position. Some homeowners instruct their estate agents to only allow viewings if buyers are in a position to proceed. It’s also unlikely that sellers would take an offer as seriously if you’re not ready to buy, so it’s good to know what this phrase means.
To be ‘in a position to proceed’ simply means that there is nothing stopping you from being able to move forward with a purchase immediately.
This can be for a number of reasons:
- you don’t have a property to sell,
- have accepted an offer on your property and have a complete lower chain
- are a cash buyer
- are a first time buyer not dependant on the sale of a property for your funding.
It’s also important to ensure that your funding isn’t holding you back. So, if you need a mortgage to purchase your property, it’s best to speak to a mortgage adviser before making an offer so that they can start finding the best deal for you and check that your budget lines up with your income and deposit.
If your funding is coming from shares or an ISA it’s important to know how long that will take to access so you can be prepared to draw down on the money when the time comes.
So, if you’re thinking of starting your property purchasing journey, it’s always best to prepare as much as possible so that when you find the right property, there’s nothing stopping you from securing it.
If your current property is on the market, or you’re looking to buy your first home the wider Poole Townsend team can support you to ensure you’re in a proceedable position when it comes to making an offer. Get in touch with your local office.