Selling Your Property

Impress The Housing Market – Stage Your Viewing and Sell Quickly

selling-your-propertyIf you’re looking to quickly sell your home and get as much profit as possible, you might want to have a look at how you could prepare your home for the viewing.

With a rising property market like today, selling a property is expected to flourish. Sellers expect a lot nowadays when they put their homes on the market, but they are not always met favourably. Somewhere along the way there are selling challenges ahead, And if you’re selling your property because you’re looking to buy a new one, you may not always move ahead to completion quickly.

Staging your home for the buying market is always the first crucial part. Your number one objective when is to make your home as presentable in all ways possible. It has to look appealing to prospects; and at the same time, all things about it should function the way they should. This is practically one of the best and most popular ways to ensure that you will sell your property quickly.

Here’s how you can make a few improvements before selling your property.

First impressions matter and they often last when selling your property.

What your prospect sees for the first time when they set foot on your property will make or break the deal. Always remember to give your home a welcoming, fresh, and clear look. If you don’t know where to begin with, you may ask professionals to help you get that look. But to save more money, you can ask friends and relatives to help you out.

Look at where the furniture is located.

Buyer are more often after space now, so make sure they don’t get the impression that your property’s a little too small or cramped for them. Check where your furniture is located and see if any of it can block a space to move about. You can remove a few chairs here and there to show your prospects more space inside.

Clean up. A dirty property only attracts flies.

Make sure that the house is not cluttered. Too much stuff lying around makes the entire space look cramped.

Do not stage your home according to your taste.

Think of how the buying market would prefer a home – even if it means you need to have a generic looking for the viewing.

Strategically place things according to the basics and remove your personal belongings like photos and clothes here and there.

If you need to splash on fresh paint, choose neutral and warm colours to set an inviting mood.

Doing it will make your viewers feel more relaxed and fall under the impression that it is quite an ideal property.

Touch up.

Place furniture that doesn’t dominate the whole look of the room. You can choose to display some fresh flowers, too if you want to give the room some life.

And most important of all, make sure that you get some small repair work done in most bits and places. Roofing, walls, windows, fixtures, fittings, and electrical switches are crucial. Most of these will be looked at and tested if working by your potential buyers. If you get this right and you think you have given your property that sell-able look, you can expect to sell your property soon enough at very likely your asking price.

Uncovering Mortgage Facts – Part 2

Helping You Prepare For That Big Property Investment

mortgageIn our first article about the basics of borrowing money for buying a property, we talked to you about the general terms that a mortgage provider has when it comes to lending you a huge sum. In this bit, just when you’re about to make a decision to get help funding your property investment, we will take you through the kinds of mortgages that you can consider taking out.

Generally, mortgage providers will be after earning profits from what they’re lending you. But not all of them are greedy without looking after their clients’ best interest. There are good ones out there who will offer a deal that’s best for your current and “foreseen” financial status. But to give you an idea which one should be applicable to you, here are some more facts.

Should you take a Repayment or Interest Only mortgage?

Repayment Mortgage is the standard type and all provides offer this.

With this type of borrowing, you are paying back a portion of the mortgage and the monthly interest regularly. This means, you’re paying off the capital bit by bit and the interest at the same time.

If your mortgage is relatively higher at the beginning of its term, interest will make up the majority of your monthly payments. As time goes by, you will have paid the capital off and your monthly interest decreases. Towards the end, most of your monthly payments are for the capital (principal amount).

At the end of the term, both the mortgage amount (capital) and the interest are paid off.

On the other hand, an Interest Only Mortgage can be a cheaper option for you. Each month, your payments are intended for the interest of your mortgage amount, but towards the end of your term, you will need to pay off the whole mortgage.

This makes the monthly mortgage bill considerably less than a Repayment Mortgage.

Although you have the option to put in some money to repay the capital and reduce the amount you’ll have to pay off in the end, you need to remember that some lenders may charge you early repayment fees.

While a lot of people are confident about this type of mortgage, they tend to overlook the need to pay the capital off and fail to arrange how to do it in the end.

Lenders generally allow this kind of mortgage to be offered if your annual income is relatively higher and you have put in a higher deposit on the property. To date, it has become a little harder to get an Interest Only deal.

What about Fixed Rate, Standard Variable Rate, and Tracker Mortgages?

Tracker Mortgage

A Tracker Mortgage follows the base interest rate that the Bank of England has set. Then, mortgage companies a certain percent of their own to it.

Tracker Mortgages are known to be transparent and simple as they let you know how much your lender charges you, hence making you confident that your payments do not radically change from month to month.

For instance, if the Bank of England sets its mortgage base rate at 1% you are likely to have at least 2% more on top of it. So, the interest of your loan will be at 3%.

Standard Variable Rate Mortgages

This is probably the most expensive kind. A Standard Variable Rate Mortgage is the standard mortgage product that lenders have. There are no discounts and other fancy deals.

They determine the interest rates they’ll put on the principal amount at are quite higher than that of the BoE’s base rate.

In this type of mortgage, lenders are not known to be transparent in terms of how they set the Standard Variable Rates. They change it at any given time, regardless if there are no changes in the Bank of England’s base rate. They can even stay where it is even if the BoE’s base decreased.

And even though some people may be under the impression that SVR Mortgages are a rip-off, they have actually been kept low to keep up with the market. It secures their market base since anyone can go anywhere else if a particular lender starts switching mortgage providers because of too much interest charged by the current one.

Fixed Rate Mortgages

This is possibly one of the favourable ones as it has a set interest rate for a given duration.

For instance, a mortgage provider can set a fixed interest at 2% for the first few years – be it 3, 5, or 10.

Even if there are changes in the BoE’s base rate of the Standard Variable Rate increases or decreases, you’ll still pay the same interest every month.

At the end of the given period, the rate will switch back to a Tracker or Standard Variable Rate mortgage – depending on the terms of the provider.

So, before you decide on taking out a loan, you need to carefully study and plan everything. Find out which type suits your financial situation and it is always best to ask around for mortgage advice. Shopping around will also help you get the best deal. Remember to always make time to ask for quotes to compare and ask questions if there’s anything that’s not clear to you.

Uncovering Mortgage Facts Part 1

mortgageExplaining The Basics Of Mortgages

There are literally thousands of different types of mortgages on the market, and choosing one can be daunting. But before deciding which mortgage to go for, you need to decide what type of mortgage to get – repayment, interest only, fixed, tracker or discounted. Which one is right for you depends on your circumstances. Get the wrong one, and it could cost you thousands.

How much are you allowed to borrow?

Like any other form of credit, your mortgage company will approve an amount base on your annual income, credit standing, and your household expenses.

Mortgage lenders will need to make sure that you can continue the repayment over the years, so they need to see to it that your recent financial situation is in order.

How much you can borrow also depends on the financial institution you’re borrowing from.

The most ideal way to get the best is to shop around. Search the Internet and take time to call mortgage lenders to ask about their deals. They generally are able to give you a rough estimate of how much you can borrow as you discuss things over.

How long will need to repay it for?

The most common duration of a mortgage is 25 years, but terms can vary from one lender to another. However, most mortgage companies will have to consider a borrower’s age. For instance a borrower nearing retirement age may not be able to get longer repayment terms than those who are in their 20s. But that should not be the case though, especially if you’re expecting a reasonable amount in retirement benefits which could still cover your mortgage.

The amount you’ll pay will depend on how long your payment terms are. The shorter the terms are, the higher amount you’ll have to pay every month – plus interest.

You may find yourself at an advantage here though if you’re considering a shorter mortgage term as interest rates are considerably lower than the longer ones.

The lender will used your property as a mortgage guarantee?

They need to secure the money your borrowing against your property. This means they will repossess your home if you’re unable to pay.

They could also force you to sell the property off so you can pay your mortgage – particularly when your mortgage falls in arrears.

Selling it before paying the mortgage off means you need to use the sale proceeds to pay the mortgage and keep the difference.

As a guarantee, you’ll surrender the title deeds to the lender. They will keep it until such time you’ve fully repaid the mortgage.

What is a negative equity?

When the mortgage amount is greater that the value of the property, a negative equity is determined.

It usually happens when you have very high Loan-To-Value rates – a percentage that reflects the percentage of your property that is mortgaged, and the amount that is yours. For instance, if you have a mortgage of £150,000 on a house that’s worth £200,000 you have a loan-to-value of 75% – therefore you have £50,000 as equity. If the house prices fell though, for instance to £100,000, you will have a negative equity of £50,000.

If this happens, you cannot sell the house to pay off the mortgage. You will need to find a way to completely pay off the mortgage or file for bankruptcy.

What other costs are associated with the mortgage?

Additional costs to arranging a mortgage include a valuation survey of the property, legal fees, and arrangement fees. They could reach about thousands of pounds.

If lenders are trying to attract you as a new customer, they sometimes shoulder these costs. There’s also a mortgage indemnity fee applied when you’re mortgage has a high Loan-To-Value ratio. It covers the insurance of your loan. Lenders usually add these fees to the amount you’re borrowing so you can pay them off over time.

They should also tell you what upfront fees need to be paid for. If they don’t, ask. It’s not nice to be faced with nasty surprises.

If you decide to pay off your mortgage ahead of the terms, lenders may apply early repayment charges. They can be very high if you applied for a fixed-rate or a discounted mortgage.

In the second and concluding part of this article, we will help you decide which mortgage to take by discussing the types of mortgages generally available to home buyers.

There’s More To Property Buying Than Just Getting a Mortgage

property-buying

For the unfamiliar, property buying may have been sending them an impression that it’s easy as 1, 2, and 3. Whilst more and more people are learning and realising that buying property can cause them a considerable amount of stress over time, there are still some who think that it’s as convenient as getting a mortgage, grabbing the keys, and off to moving in.

The fact of the matter is that buying a home costs more than just how much money your building society or bank is able to lend you. Here are a few things that you should consider; apart from the amount you are willing to offer your seller for the property.

(Mortgage) Booking Fee – This is charged upfront and pays for the application or reservation for the mortgage. This typically costs £99 and some are slightly higher, while other lenders don’t charge any at all.

Mortgage Arrangement Fee – This is what you pay the lender to set up the mortgage. Mortgage Arrangement Fees significantly vary and may cost £1000 on the average, but could cost up to £2000 at most. Moreover, majority of lenders may not refund these fees even if the transaction did not push through.

Valuation Fee – This is what the lender charges to determine the existence of the property and its value and that it has enough security for the borrowed amount. This costs about £300 on the average, but may vary based on the lender and the purchase price.

Legal Fees – There are a number of lenders who factor in the legal fees to how much mortgage they approve but you will have to hire a solicitor in their panel for such. If you’re looking to hire your own conveyancing solicitor, you’re expected to spend from £500-£800 depending on how much you’re buying the property for.

Stamp Duty – Properties bought at over £125,000 are likely to pay a percentage of its percentage price as a Stamp Duty Land Tax. To find out how much Stamp Duty you’re going to pay, you can use Stamp Duty Calculators featured at various property market websites.

Surveys – These can be very pricey depending on the kind of survey done to the property. Typically, you may need to prepare about £400-£700 for it. And even if the transaction falls through, you will also have to pay for the survey. It will be best that you prepare your budget for two surveys if it happens that you will look into buying another property in the first transaction did not push.

Removal Costs – Unless you have a vehicle big enough to fit all your things from the old home, you will need to rent a moving van. Costs start at £100 for small moves and can run up to £1000 for a family move from a farther place.

Home Repairs – Prepare yourself for some property maintenance and patchworks here and there. You may have to get the paint work re-done and the leaky sinks repaired at your expense – depending on what has been agreed between you and your seller. This is very likely to occur of you’re buying an older property.

Furniture and Extras – If you’re currently renting a furnished place be ready to buy new furniture for the new one – from sofas to beds and other household equipment.

Of course, to complete to move you’ll have to spend for other essentials like fixtures, and other things you need for every room in the house.

How To Avoid Trouble When Buying A Property For The First Time

buying-a-property

Buying a property and stepping onto the property ladder can bring in a tremendous amount of stress, especially for first time buyers. They need all the help in the financial and practical aspects that they can get when buying their first home.

1. How much can you afford and how much should you borrow?

In the past, lenders are able to offer roughly two and a half times your salary if you were looking to get a home mortgage. However, because people tend to have a lot of unsecured borrowings lately, and the level of credit scores people have, banks and other lending institutions base on them before they can confirm a loan amount.

If your credit scores look great and your debts are in order, lenders may be able to offer up to four times your salary for your mortgage.

To find out how much you can borrow and if you can afford the repayment, you can look at individual lenders’ websites and see their on-site calculators. This gives you an idea of whether you can afford it now or hold it off for a little longer.

2. Who should you get help from?

If for instance your income may be insufficient to afford repaying the mortgage, you may consider asking for help from family members.

Parents, siblings, friends, and other relatives may be keen to help, and may apply as a co-borrower or a guarantor for your home loan. Just make sure that a comprehensive legal agreement is in place in case things don’t work out very well between the two of you in the future, especially if you end up in not so-friendly terms.

3. How much should I have ready for down payment?

Deposits normally range from 10% to 30% of the total contract price when buying a property. You may be able to bring it down to lower amount or percentage if you and/or your solicitor can negotiate very well with the seller or their agent.

4. How much do you allot for monthly repayments and other expenses?

The terms and the amount of mortgage repayment will depend on your agreement with the lender. Banks and independent mortgage brokers may roughly charge a fixed interest rate of 2.5% to 5% of the total loan amount.

Aside from the mortgage repayment, you also need to pay a stamp duty generally charged on purchases over £125,000 and at 1% of the purchase price.

A valuation and survey of the property may also cost you a reasonable amount. Surveying the property also involves a thorough inspection to find out if there are potential future repairs and maintenance that could cost you.

5. What are your other options if you cannot afford it alone?

If the money you have at the moment would not suffice to the cost of buying a property, you may want to save up for a longer time or consider a shared ownership with a partner, a friend, or a family member.

Other than shared ownership, there are housing associations that allow you to buy a percentage of the property and rent the balance until you can buy the rest of it. It is more generally known as rent-to-own schemes.

6. Do I get an interest only or a repayment mortgage?

There are typically two types of mortgage that you can be offered. Ideally, and if you can afford it, you’ll be safe with taking a repayment mortgage, especially if you have a high percentage loan.

If you, on the other hand, have a low interest mortgage, it may be ideal to repay the interest first and then work to repay the principal loan amount.

In a nutshell, buying a property can be quite stressful, along with eventually moving in. However, with this basic guide and keeping yourself in line with your motivation, you should be able to achieve this and feel the comfort of finally living in your dream house.

Looking For A Conveyancer To Hire?

It Isn’t As Hard As It Used To Be

EnquiriesWhether you’re selling or purchasing a property, a conveyancer is always needed to make sure that the transfer of ownership and the legal paper work are sorted properly. Looking for a competent firm or independent conveyancer is no longer hard to find, unlike in the past where you only rely on word-of-mouth or your thick telephone directory. Your only concern in this day and age is how you can prevent a disaster when hiring a conveyancing solicitor.

Before you begin your hunt for a competent conveyancer, you need to know first if what you need is a “full-on” solicitor or a dedicated conveyancer. The difference? There could be as much as you might want to know.

Licensed Conveyancers

Licensed Conveyancers are lawyers dedicating their legal practice in the conveyancing process alone. They oversee the legal transfer of a property’s ownership from its current owner to the buying party. They also are the ones in charge of ensuring that there are no issues that could affect the property’s condition and value through various searches, together with the necessary paperwork. However, licensed conveyancers may have limited knowledge and practice in terms of other legal issues about the property.

Solicitors

Solicitors, on the other hand, are legal counsels trained in different aspects of the law. They offer a range of legal services to their clients – one of which could be conveyancing. The “full-on” solicitors may be a little more expensive to hire but their extensive experience may come in very handy. For instance, if the property is in a marital or will dispute, a conveyancer may not have as much knowledge and experience to resolve it compared to the other. However, as these solicitors have a wide range of practice, you may be unable to secure yourself a priority card if you hire one of them.

189What does it matter?

In this day age, there’s not much difference really. A sizeable law firm may assign your case to their dedicated conveyancing department and you can get “extra” legal advice about other concerns; whilst a conveyancing firm will dedicate their time and expertise on your property transaction alone, and could possibly walk the extra mile to help you with other issues. Either could be very helpful if you’re looking to complete a transaction with the least amount of trouble possible. It’s only a matter of careful choosing to make sure you don’t end up spending a lot of money on a process that could drag you into a nightmare.

Whether you hire a dedicated conveyancer or a solicitor with other fields of expertise, it is important that they manage your case rather diligently and ease your worries.

ChoosingWe advise you against choosing a large” conveyancing factory” if even in your first enquiry you get a hint of their staff being uncoordinated – passing you on from one person to another for every question you ask. You are very likely to end up not knowing what’s happening as soon as you instruct them to work for you.

A little gut-feeling will help you to find someone you think will be efficient and consistent when it comes to giving you updates and responding to your queries whether by phone, email or SMS.

Also, try to find out how they work. Your instinct will tell you if they can work harmoniously with the other party’s conveyancer if during your conversation they can anticipate a few issues that could possibly loom ahead and manage your expectations by informing you of what they will do to resolve them.

better-price-signMore importantly, do not settle for dirt cheap conveyancing services. Although you’re keen on saving a lot of money, cheap doesn’t always mean competent – and it doesn’t always equate to savings. You could be in for higher costs as most “cheap conveyancers” are likely to hide their charges from you and shock you by completion. Look for someone who can show you an itemised description of the disbursements and talk to you about how extensive their services are going to be – so you can work on your budget.

With today’s technology, gone are those days when you have to knock from one conveyancer’s door to another. There’s not even a need to flip the pages of a hefty phone directory and call every firm you think could help you. The Internet and the people close to you could help you so much to find one who can help you with utmost competence.

With referrals from friends and family, you can be assured of a good conveyancer to act on your behalf, particularly because they are likely to have had a great experience working with one. Listen to what they tell you and pay close attention to how much they paid for the services.

03 June Online FeedbackOn the other hand, searching the Internet gives you a whole lot of options. With just a click of a button, you can have a look at different firms or independent solicitors’ pricing structure for their services. You can compare the quotes and determine what works best for you. As soon as you’ve got a few firms in mind, you can make your enquiries by emailing or giving them a ring. We’re sure they will be glad to discuss the details and how they can help you with your conveyancing needs.

But when you’re narrowing down your list, make sure that your choices fall under these qualifications – and no less:

  • If you’re buying, they should be in the mortgage lender’s panel so they can cover all the tasks needed. Mortgage lenders need to instruct conveyancers as well to carry out procedures for insurance and compliance reasons. It is quite important that your conveyancer can do them, so you won’t have to pay another party for such (as instructed by the mortgage lender);
  • They should be a duly licensed and are a member of the Solicitors Regulation Authority, and;
  • They should have an accreditation of the Conveyancing Quality Scheme.

Conveyancing_Quality_Scheme

Always take note that nothing defeats a good amount of information about the conveyancer you want to work for you. And given the advanced technology we have today, it’s not going to be a gruelling task anymore to find out if they are suitable to your needs or not. If you don’t know where to begin searching for a conveyancing solicitor, you can request for quotes here. Within minutes, we can give you at least five different pricing details from various conveyancing firms to compare and choose from.

CONVEYANCING 101 : The Fundamentals Of Conveyancing

conveyancing

Investing on real estate requires long and exhausting processes whether you’re buying or selling. It involves a lot of activities like background checks about the property, verifying and completing various documents, and a lot of legal tasks. Without carefully overseeing the accomplishment of such may lead your transaction to a legal or a huge financial disaster. This is why hiring an efficient conveyancing solicitor is critical to ease the difficulties and make sure that everything is in order. As soon as you have hired a conveyancer, your work is reduced to having to discuss matters with them, reviewing and signing documents, and sorting out your budget (especially when you’re buying).

If this this the first time you’re going to hire a conveyancing solicitor, we think it’s just important that you get yourself familiar with the basics about this process, so you can understand what your solicitor will need to discuss with you. This is so you won’t leave everything to your conveyancing solicitor (which poses a few risks of you being cheated – hopefully not). Also you need to make sure that the conveyancer you’re going to hire will do everything right and won’t just waste your money and time. Also, it could be a little tricky to discuss things with your solicitor with the jargons used and the steps taken throughout the process. Having said that, having a basic understanding lets you know that conveyancing can be transparent.

conveyancingWhat is conveyancing?

In simple terms, conveyancing is defined as the legal aspect of transferring the property ownership from one party to the other. It takes place as soon as a purchase offer has been agreed by both the seller and the buyer. The entire procedure happens for weeks, starting with the offer until such time that the Title Deeds are transferred to the new owner and they keys to the property are handed over.

Which conveyancer should you hire?

We strongly suggest that you find a conveyancer who’s well versed about property transaction processes and has a wide knowledge and experience of various property investment situations to make sure that all issues will be addressed properly. In certain circumstances, estate agents may suggest a solicitor that you can hire. However, you may not be very likely to have the best services here while the agent gets their commission from the fees you’re paying. While there will be a very chosen few whom you can trust when it comes to agent’s suggested firms or independent solicitors, it is always ideal to do your own search or ask for quotes online. Doing that will give you at least a few firms to compare and choose from. You will have to consider the price for conveyancing services, their diligence, and the amount of experience they have in dealing with property transactions. If you’re concerned about how long it would take to complete the transaction, you may always consider hiring someone who specialises in faster processes.

What are the things you should consider when choosing a conveyancer?

How-much-should-conveyancing-cost

  • Cost – As soon as you receive quotes from various conveyancing firms, your instinct will first direct you towards the pricing structure. Of course, even if you already have an idea that it could be very pricey, you still have a budget in mind. Check you budget against the fee and the disbursement details included in the quote so you can make adjustments if needed. While some solicitors cannot give you an exact amount in their cost structure, Conveyancing Quotes Online can help you find the most transparent pricing details. You may request your quote here and find out how much you’ll have to allot for conveyancing and then get ready to instruct the firm of your choice.
  • Legitimacy – Conveyancing firms or independent solicitors are generally members of the Law Society and accredited by the Quality Conveyancing Scheme. The best thing about requesting quotes from Conveyancing Quotes Online is that you don’t have to worry about this thing. The conveyancers we have in our panel are are regulated and accredited by the Solicitors Regulation Authority or the Council of Licensed Conveyancers that you are guaranteed nothing but compliant and excellent service.
  • Experience – This is possibly of the critical factors you should consider when choosing a conveyancer. Remember that the process can be a little complex especially when there are other transactions linked within, so you will need someone experienced and well versed with various property investment issues.
  • Availability – You will need someone who can promptly address your concerns and answer your questions. The last thing you’ll ever want is to wait a few days for an answer and an inefficient commnunication method. Your conveyancer should more often be available to do this

How does conveyancing basically work?

Conveyancing-HolywoodThere are a number of things that your conveyancing solicitor will do on your behalf towards the completion of the transaction – whether you’re buying or selling.

  • Preparing the contract draft
  • Sorting all the information about the property
  • Conducting searches to make sure there are no problems surrounding the property
  • Commissioning a company to issue an Energy Performance Certificate
  • Obtaining copies of documents from the Land Registry office
  • Settling the payment of taxes and other fees
  • Arranging and overseeing the payment of the property being sod/purchased
  • Ensuring both parties are in agreement with all the details stated in the Sale-Purchase contract

What happens next?

image-house-buyingAs soon as the mortgage funds to settle the payment for the property is sorted, there are still other things that the buyer’s conveyancer may have to work on. For instance, working on getting a new building insurance for the property may be one of them – depending on the conveyancer and their client’s agreement. Following the completion f the transaction, the buyer will then have full responsibility for the property they just purchased, including its maintenance and the repair work that has not been covered by the previous owner prior to the close of the sale.

More so, both parties are legally bound by the contract that they signed in front of their conveyancing solicitors. Which means, any attempt to back out of the transaction after the contracts are signed are exchanged may result to a breach of contract lawsuit and loss of a huge sum of money.

To guarantee that all the processes in conveyancing are carried out diligently, it is helpful that you are familiar with the basics and how long it normally takes. Also, a good conveyancing solicitor to act on your behalf throughout the sale/purchase will absolutely give you the least to no amount of headache possible. If you’re still looking for someone diligent to carry out the legal procedures of your own property transaction, consider getting at least five different conveyancing quotes to compare and choose from here.

Uncovering The Basics Of Property Investment

A No-Nonsense Guide To How Property Sale and Purchase In The UK Works

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This is not new anymore for everyone: property investment can take so much time and cause perhaps an innumerable amount of trouble for a lot of people – particularly those doing it for the very first time. This is why we thought it very critical that you learn the basics of this transaction to avoid having your transaction end up in a miserable fallout.

What you should know in the very first place is that in everything you do, proper planning prevents piss poor performance – or in this case proper planning and research prevents a disaster.

And then there’s the basic stuff that you need to learn about.

Putting A Property In The Market

Selling A PropertyYou might think it’s just that easy when you thought you need or want to sell your home. Some would take it into assumption that it’s as easy as calling an estate agent to have it valued and then list it in their books to show potential buyers. It could be like that but there’s really more to it.

First of all, when you decide to sell a property, whether on your own or with the help of an estate agent, there are preparations you need to factor in before you can actually invite someone to have a look at it. An Energy Performance Certificate is one of the first few things you need to have prepared before putting the property up in the market. This determines how energy-efficient your home is and will help potential buyers decide whether they want it or not.

Traditionally, EPCs are included in the Home Information Pack that a seller sorts before selling. However, HIPs have been discontinued a few years ago and EPCs can actually be done now by requesting an independent organisation to conduct it and are valid for up to ten years. It is also quite critical that you keep a copy of the EPC if by any chance you wish to pull your property off the market and sell it later on.

survey3The other equally important thing here is that you have the documents to prove that you are the legal owener of the property you are selling. Actually, seller’s don’t necessarily have to own the property. Owner’s can either hire an estate agent to take care of the selling bit or a representative to manage everything – that includes a solicitor to take care of the legalities. Then again, the documents to prove the legal ownership of the property should be prepared as they are always required for verification purposes. Copies of these documents can be obtained from the Land Registry Office.

As soon as the property is on the market, you will hopefully have potential buyers expressing their desire to buy it. As soon as a reasonable offer is made and you agree to it, the rest of the transactions moves along. And eventually, you will have to find a new property to purchase yourself and move into, if you happen to be occupying the one you’re selling. This will, in turn, make you a property buyer, which you will have to really be equally prepared for as when you’re selling.

Purchasing A Property

Property InvestmentRemember that this is just as equally time and effort-demanding process. And before you make an offer to purchase a property you desire, you need to make sure that everything about your financial situation is in order. Yes, that’s actually the first thing you need to make sure you have: cash or a legitimate source of sufficient funds to cover the purchase amount and other expenses.

Once you’ve got your funds sorted and you’re ready to make an offer, be sure that you communicate quite well with the estate agent or the owner of the property to learn important things surrounding the property. And a viewing is also very important to make sure you’re really buying an ideal home for you (and perhaps your family).

Assuming that you’re satisfied with the property itself after viewing and the information you receive from the seller, you’re likely ready to make an offer. As soon as you [verbally] commit yourself to purchasing the property and your offer is accepted by the seller, you’re about to move along to the more complicated process – though it doesn’t necessarily have to be that complicated if the necessary paperwork is in place and you’ve got an efficient conveyancing solicitor working with you

Conveyancing Basics

MeetingConveyancing is defined as the legal process of transferring the ownership of a property from its owner/seller to the buyer. The process involves tasks to be carried out by conveyancing solicitors each hired by the seller and the buyer; and is surrounded by several documents to be reviewed, verified, signed, and passed through from one party to another. More importantly, conveyancing also requires payments made to various organisations and government agencies to make sure that the property being sold/purchased is in order and there are no issues within it upon completion

The Common Tasks and Costs Involved In Conveyancing

Conveyancing 003At a point where the seller and the buyer have agreed on a purchase offer, the conveyancing process takes place. As mentioned, the tasks are generally carried out by solicitors while occasionally having meetings and conversations with their respective clients – particularly when documents need to be reviewed and signed. Here are several of the basic but very important tasks and paperwork involved in this process.

What The Seller’s Conveyancing Solicitor Carries Out

  • Verification of the property owner’s identity through various identification documents
  • Property Information Pack that needs to be filled out by the seller/owner
  • Obtaining copies of documents from the Land Registry office to prove the legal ownership of the property
  • Fittings and Contents forms that the seller/owner needs to complete
  • Drafting of the Sale-Purchase Contract
  • Addresses enquiries about the property raised by the buyer through their conveyancing solicitor
  • Making the arrangements for the final draft of the contract and presenting it to their client for review and signing
  • Prepares to complete the transaction by finalising the details of a pending mortgage repayment on the property being sold. This involves getting in touch with the seller’s mortgage lender to arrange the full repayment of the mortgage using the proceeds of the sale.
  • Arranging the payment of estate agent’s fees
  • Arranging the signing of Land Registry paperwork by the seller.
  • Receiving or the purchase deposit and the rest of money as the transaction moves towards completion
  • Arranges a moving schedule with the seller and the buyer’s solicitor.

What The Buyer’s Conveyancer Have To Accomplish

  • Verification of the buyer’s identity and the documents detailing their source of dunds for the purchase
  • Drafting the Purchase Agreement to be forwarded to the seller and reviewing the Sale Contract draft sent by the seller’s solicitor
  • Facilitation of the property searches needed (e.g. Local Authority Search, Water & Drainage, Environmental Search, Coal & Mining, etc.)
  • Coordinating with the mortgage lender for the home valuation survey to determine the value of the property
  • Facilitation of the survey requests to make sure that the property is not facing any structural problems that could help the buyer with negotiating the price
  • Making enquiries about the property
  • Presenting a comprehensive report to the buyer regarding the surveys, searches, and enquiries addressed by the seller’s solicitor
  • Arranges the purchase deposit and forwarding it to the seller’s solicitor
  • Arranges the payment of Stamp Duty Land Tax and Land Registry fees
  • Forwards the rest of the payment to the seller’s solicitor as the transaction moves towards completion
  • Coordinates with the buyer’s mortgage provider to forward the funds to the seller to pay the property
  • Arrangement of the moving schedule and settles Stamp Duty and Land Registry Fees

What could be a little more time-consuming here as you prepare for your property transaction is finding the right solicitor to help you throughout the process. There is a huge number of conveyancing firms and independent solicitors across the UK and we know it’s going to be time consuming having to search them on the Internet and contact each of them. To make it more convenient and quicker for you, you can request for a conveyancing price quote right here and we can send you at least five pricing structures to compare and choose from. As soon as you have made up your mind, you can contact the firm of your choice and get the ball rolling. In a matter of weeks, you can expect your transaction to be moving along quite well with the least amount of trouble whilst saving you a considerable amount of money throughout the process.