Top Tips for Buying/Selling Your Property

Top tips for buying your house

  1. Decide how much you can afford.
    1. If you need a mortgage contact a reputable Mortgage Advisor and find out how much you can actually borrow and how much it will cost you.
    2. Don’t forget about Solicitors costs which you can confirm before you proceed.
    3. Stamp duty- check if it is payable?
    4. Mortgage application fees- find out what these are.
    5. Survey/Valuation fees- usually based upon the purchase price.

  2. How do I go about finding a property to buy?
    1. Register your requirements with as many Estate Agents in the chosen area as possible.
    2. Make use of the well known Property Portals on the Web.
    3. Foot-visit the Agents in your area.

  3. When you have seen a property which you are interested in:-
    1. View the property at least twice and if possible at different times of the day.
    2. Check out the area by:
      (a) speaking with neighbours, shopkeepers, local constable.
      (b) use the web to check out the local schools, leisure activities, crime rates, etc.
    3. Use the web to check out environmental concerns e.g. Flooding, pollution, near by telecom masts, types of local industries.
    4. Scan the local newspaper to find out what is going on.
    5. Try and find out what other properties have sold in the area and then visit the Land Registry web site to find out for how much.

  4. When making your Offer;
    1. Be realistic and be aware of the general state of the local market.
    2. Impress the Estate Agents by having to hand:
      (a) Your Solicitors details.
      (b) Proof of your funds (if possible).
      (c) Details of any chain if you have a dependent sale.
      (d) A time scale for the acceptance or rejection of your offer.

  5. When your Offer is accepted
    1. Contact your Mortgage Advisor to apply for your mortgage.
    2. Contact your Solicitor and let him have details of the property and the Estate Agents.
    3. Point out to your Solicitor if you intend purchasing in joint names with some other person.
    4. Discuss with your Solicitor about whether you should have a survey, and if so, what type.
    5. Tell your Solicitor of any target completion dates that you want to put forward or which may have been agreed with the Seller.
    6. Make sure you complete and return promptly all of the forms which your Solicitor sends to you.
    7. Consider asking your Solicitor not to incur any costs until such time as you have received a satisfactory survey/valuation but then don’t forget to tell him to proceed when you have received it.

  6. Survey/Valuation
    Read through this carefully remembering that the onus is on you to check out the property’s condition. If the Survey reveals any problems, don’t despair, but contact the Estate Agent and very often what appears to be a major problem can be something that is easily resolved and the purchase price can be readjusted to take into account of any extra costs of carrying our repairs.
     
  7. Before Exchange of Contracts
    At some point you will either go see your Solicitor or receive a report from him with all of the documents including the Contract which you need to sign.
    1. Check through all of the documents carefully and ask your Solicitor if you don’t understand everything. Remember you are paying him to help and advise you.
    2. Ask your Solicitor if he can check out about any extensions or alterations carried out. If you think that the property has been changed tell him since he doesn’t actually visit the property.
    3. Make a point of checking that the Land Registry plan which usually has a red line around the boundary of the property includes all of the land with the property. If there are any discrepancies tell your Solicitor.
    4. Make sure you have available the deposit which is payable on exchange of contracts and is normally 10% of the purchase price and that you can get this to your Solicitor from an account in your name.

  8. Exchange of Contracts
    You don’t need to be present when this is done by your Solicitor. He will tell you when it has happened. When it has make sure that:-
    1. You arrange the Buildings Insurance.
    2. Pay any balance to your Solicitor
    3. If you are having a mortgage check with your Mortgage Lender that they don’t need anymore information or paperwork from you before they will release the mortgage monies to your Solicitor
    4. Now that you know for sure when the completion date will be you can plan your move.

  9. The Completion Day.
    1. You usually collect the keys from the Estate Agents around lunchtime.
    2. Don’t forget to inform the Utility Companies that you are the new owner

Top tips for selling your house

  1. Make sure you choose the right Estate Agent:
    1. Check out the Agents reputation and their board presence in your area and how many ‘Sold’ signs there are about.
    2. Compare their Website with their competitors and check out which property portals they are linked to.
    3. Mystery Shop them and find out how helpful, professional and knowledgeable they are.
    4. Make sure that your property is sensibly priced and obtain a minimum of 3 valuations to see how they compare.
    5. Ask about how they intend to market your property and how long before they would consider a review of this.
    6. Make sure that your property is well presented as often a small investment in smarting it up can be the difference between a quick sale at a good price or no sale at all.

  2. Keep in regular contact with your Estate Agents.
    If you feel that very little is happening then contact them and ask them how your property can be better marketed and whether the asking price needs reviewing.
     
  3. When you have an interested party.
    As part of the negotiations ask your Estate Agents to try and agree with the Buyer a timescale for exchange and completion. Although this is not binding, very often it is motivating and provides a target which can be aimed for. Also ask them to establish early on if a survey/valuation is to be carried out for your Buyer and if so, ask them to keep chasing this until it has been done, as quite often, very little happens at your Buyer’s end until they have seen the survey/valuation.
     
  4. Decide which Solicitor you.
    are going to use even before you have agreed a sale. Make sure your Estate Agents know’s who this will be. This ensures that just as soon as you have agreed a sale your Estate Agents can pass on all the information to your Solicitor so that they can be quick of the mark in dealing with the legal paperwork.
     
  5. If your property has in the past been altered or extended.
    If your property has been altered or extended in the past make sure that you have all the necessary paperwork to hand such as planning consents and building regulation approvals. If the works were carried out before you owned the property then this may mean that you will have to contact the Solicitors who acted at the time you bought the property to obtain copies of these documents. This can very often save a lot of time and avoid unnecessary worry if these documents are requested at the eleventh hour.
     
  6. Ask your Solicitor to look at your Deeds
    These can be downloaded from the Land Registry. He or she can then check to see whether you require any other documents for example developers written consents for conservatories or other types of extension. This is quite a common problem which is easily resolved if spotted at an early stage.
     
  7. If you have a mortgage
    If you currently have a mortgage check out that by selling you will not be triggering any early repayment charges. If so, find out how much this will cost you and if there are any ways you can avoid paying this.
     
  8. After you have agreed a sale
    Just because you have agreed a sale, don’t think that your Estate Agents job is done. Keep in touch and ask them to speak to your Buyer to ensure that everything is progressing well from their side and that there are no hiccups or other problems which you need to know about. Remember they are being paid for selling your house and that means selling, not just advertising!
     
  9. Make sure that you return all documents to your Solicitor
    It is important to return all your documents to your Solicitors as soon as possible including your identification documents which prevents delays. Check with them that they have received everything from you.
     
  10. Keep in regular contact with your Solicitor
    Keep in regular contact with your Solicitor and ensure that you promptly sign and return all documents, and answer any questions which may be asked of you. Make sure your instructions to him are clear and if need be in writing. Don’t forget your Solicitor is on your side and you should work together.
     
  11. Moving out
    1. Only when Contracts have been exchange and the completion date is known is it then safe for you to put in hand your removal arrangements and plan your move.
    2. Make a list of everyone you need to notify about your move and your change of address.
    3. Try and be clear of your property by lunchtime at the latest on the day of your move. This then means that you are unlikely to clash with your Buyer who will be eager to move in.
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