The Acquisition Process

ClozeSure is ready to step in immediately to buy the seller’s property for 90% of its Agreed Sale Price —as soon as the Buyer forfeits the sale and their 10% deposit. If the sale is part of a chain, the chain is protected. If the seller has made another financial commitment that’s dependent on the sale going through, they can keep their plans intact.

Our aim is to complete our conveyancing process in the 10 days after the original completion date. To help us meet this goal, it’s good for Sellers and conveyancers to understand how the process works, and what they need to do.

Step 1

Buyer makes an offer on Seller’s property. Offer is accepted and sale timetable agreed

Step 2

Both sides instruct solicitors/conveyancers. Searches are applied for by buyer’s conveyancer

Step 3

Buyer’s property survey is carried out. Buyer’s mortgage offer is issued (if applicable)

Step 4

Buyer’s conveyancer completes their conveyancing. Buyer’s conveyancer holds 10% of purchase price as a deposit from Buyer. Both party’s conveyancers are ready to exchange contracts

Step 5

ClozeSure applied for by the Seller, their Estate Agent or Conveyancer. ClozeSure validates the sales price and, for a small upfront fee, issues the guarantee

Step 6: Exchange of Contracts

Exchange of contracts and 10% deposit takes place and completion date is fixed. Seller’s conveyancer confirms sales price, deposit amount and completion date with ClozeSure. At this point, the ClozeSure Guarantee comes into force. It’s a good idea to let both sides’ conveyancers know about the ClozeSure guarantee at this point.

Step 7

The Seller can now make plans for the future, confident that they have effectively completed the sale of their property

Step 8: Completion Day

If the Buyer fails to complete on Completion Day, the Seller’s conveyancer sends the Buyer’s conveyancer a valid Notice to Complete, giving the Buyer 10 days to complete their purchase.

If the Seller plans to purchase another property with the proceeds of this sale, they should make sure their Notice to Complete is sent to their Buyer before they receive a Notice to complete from their onward seller’s conveyancer.

At this point, or earlier, the Seller’s conveyancer tells ClozeSure that the Buyer can’t complete—activating ClozeSure.

Step 9

ClozeSure’s conveyancers commence their own conveyancing of the property.

Step 11: Acquisition Day

By day 10, if the Buyer has failed to meet the deadline in their Notice to Complete, they forfeit their 10% deposit in the Seller’s favour. Thereafter, ClozeSure simultaneously exchanges contracts and completes our purchase of the property for 90% of the agreed sale price.

This means the Seller has 100% of their sales price, and—without risking their own deposit on any onward purchase—can complete successfully or simply get on with future plans.

The Acquisition Process

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