Home is not just a collection of bricks and mortar, it’s a place that evokes and witnesses a lot of emotion, and this makes it unique amongst all our worldly possessions. The ability to contain our lives and those things that belong to us, such as paintings, memories, and feelings ushered in by the colour schemes of its interior, are some of home’s many special powers. The impact of the location of your home and its surroundings, for an eternity of reasons, from the beautiful countryside to friends, family, or love for a location, is profound.

Excitement
There are few things in life more exciting than moving to a new home. The list of reasons why you are so excited is uniquely yours, and your perfect property will reflect this. From the way you decorate it, to the stuff you own, that tells the story of your life. Your home should make you feel welcome from the moment you see it. Maybe you adore your new kitchen for a thousand reasons, including how it makes you feel. It’s character, the view of the garden, or its modern design.

Desire
This innate human emotion moves us all to act, and finding a home you really want will fill you with the desire to own it. If you view a property and you really like everything about it, and feel that you can improve it, by adding your own creativity, then the chances are you will want to make an offer. Buying the property that adds so much to the quality of your life opens the gateway to so many more positive emotions.

Love
Making the perfect home for your loved ones is one of the most powerful and greatest feelings in the world. Are you in the lucky position of buying a home for a relative to keep them safe or moving to the house for your family to grow? Sharing our lives with a partner in the right home is blissful and intoxicating, and the right property adds to this more than most people realize. You should also love your home; from the little characterful details to the fundamentals, good homes have a built-in power to inspire love.

Happiness
Homes have the uncanny ability to make us feel happy, and they can do this in so many ways. If you feel you have enough space and love the way your home looks and feels, then you are well on your way to creating happy lives within it. Happy memories are priceless, and when you get down to the basics of life, there is not much else that matters quite as much. There is a lot to think about when finding your happy place, from your home’s location to its energy efficiency.

Safety and security
You want to feel safe, secure and satisfied that your home is a sanctuary from the hustle and bustle of the world outside. Relaxation is vital to keep you stress-free so you can think and plan your life clearly. This will allow you to enjoy those special moments that become enhanced by the features of a great home. From a mesmerising outdoor living space to relax in, a cosy fireplace, or a nicely decorated home that makes you feel good.

Discontentment
This can be as powerful as many positive emotions. If you are currently living in a home where you feel trapped because you are tripping over things, that is enough to make you want to move! Maybe it’s time to buy your first home because it’s you who is getting in the way, and you want to enjoy a greater feeling of independence! Are you moving to a better area or a home with a better garden? Maybe you need more bedrooms or have too many and want to buy something smaller.

Do you want a property that makes you feel amazing? Get in touch today.

 

Buying a property can be a logistical minefield, and you may stumble across several industry terms that you aren’t familiar with. Whether you’re a first-time buyer, a second stepper or a seasoned homeowner seeking new horizons, use this guide to equip you with all the essential homebuying jargon.

Agreement in principle (AIP)
An agreement in principle is an easy way to find out how much you can afford to borrow to buy a home. You should seek out an AIP before applying for a mortgage, as this will place you in a strong position as a buyer without having to undergo a full credit check.

Building survey
A building survey is an expert inspection of a property’s condition. These can identify any problems with the home to a prospective buyer using a detailed report. This ensures that the buyer won’t uncover any unwanted surprises after moving in.

Chain
A chain is formed when a group of buyers and sellers are linked together because their purchases are reliant on each other’s. If one sale falls through, this can cause a break in the chain, resulting in other sales collapsing subsequentially.

Energy Performance Certificate (EPC)
An EPC measures a property’s energy efficiency by rating it from A (most efficient) to G (least efficient). This certificate is valid for 10 years and an in-date copy is required when selling a home.

Equity
Equity is the amount of your property you own, calculated by the amount you’ve paid off your mortgage plus your deposit.

Fixtures and fittings
Although they sound similar, there is a key distinction between fixtures and fittings. Fixtures are items in a property that are attached or ‘fixed’ to the building. Fittings, however, are items that are not attached to the property, only by screw or nail. There should be an itemised list of what is included in the sale written into your contract, but there’s no harm in offering to pay extra for certain items that aren’t included.

Gazumping and gazundering
Gazumping is a problem for buyers, as this happens when the seller accepts the offer, but later accepts a higher offer from another buyer.

Gazundering occurs when a buyer withdraws their offer and makes a lower one right before completion. This leaves the seller in a difficult position as refusing the lower offer could mean that they need to restart the whole process again with a different buyer.

Land Registry
The Land Registry is a government database containing the registrations of the owners of all property and land in England and Wales. If any important documents regarding a property are missing, this database is usually where they can be recovered from.

Mortgage
A mortgage is a specialist loan used to purchase a property. This loan is paid back over time with interest to the lender. All mortgage repayments made will increase the equity you have in your home. There are varying types of mortgages, each suitable for a specific set of circumstances.

Title deeds
Title deeds are a series of documents which are used as evidence of legal ownership of the property and the history of its ownership. These are required during the conveyancing process so that the ownership of the home can be passed over to the buyer.

Valuation
A property valuation determines the home’s value based on its location, condition, and multiple other factors. Sellers have their property valued before deciding on an asking price, as this prevents overpricing or underselling.

 

Looking for your dream home? Contact us today

 

 

Are you wanting another bathroom or a larger garden? Have you got empty space you’re wanting to escape from? When choosing your next dream home, you can be faced with all sorts of questions, and we want to ensure you are taking a step in the right direction. Both upsizing and downsizing have their own unique set of advantages, and these options cater to different needs and lifestyles.

Everyone will experience upsizing and downsizing throughout their lifetime in the property market, so, let’s discover what’s right for your next property move.

 

Benefits of upsizing

Is Upsizing the Right Move?

Upsizing is one of the most attractive parts of moving houses, as you really feel like you’re finally moving up the property ladder. There are clear advantages when it comes to upsizing, but is it right for you?

 

Additional space

One of the main reasons to upsize your property is for the additional space it includes. There could be a variety of reasons why you need or want this space. This could be led by becoming recently married, wishing to create a family, or desiring a new space for working or certain hobbies. This would create a comfortable living environment for you and your family.

Social life

Having a larger amount of space allows you to host and entertain events, creating an exciting and fulfilling environment around you. This could enhance your social life and mental wellbeing all while creating long-lasting memories within the walls of your new home.

Future investment

Upsizing is an investment, but it is a more financially challenging one. Larger houses get higher in value as time goes on, allowing you to make money over a long period of time. It is very important to ensure you are financially stable before upsizing, as it takes a lot of upkeep and attention to maintain the value of the larger property.

Benefits of downsizing

Simpler lifestyle

The key to downsizing your house is to simplify your way of life. Having a smaller home allows you to focus more on your life outside of your home. Maybe you now have empty space within your home, as all your family have flown the nest and you’re not a homebird anymore, which encouraged you to downsize.

 

Finacial security

69% of homeowners who have downsized in the past said their primary reason was to save money.* Downsizing gives you more financial freedom, as your monthly payments will be reduced. This will also lead to a reduction in the maintenance of a property and its general upkeep, freeing up your time.

Location change

Downsizing could also give you the advantage of moving to a different location for a property, as prices differentiate in different areas, meaning you might have to reduce the size of your property to move to a new location. People assume downsizing is a backwards step when moving along the property ladder, but occasionally it can suit your lifestyle better and should be accepted.

Which one is right for you?

Whether you’re leaning towards upsizing because of the comfort and luxury of moving up the property ladder or you want the simplified life of downsizing, it's key to align the reasons with your lifestyle and determine which one would suit you. Your choice of where to move next should be a personal choice and preference for whatever suits your lifestyle and future.

Whichever home you choose, whether you upsize or downsize, ensure you choose correctly by comparing the advantages of each.

 

 

 

Looking for a home that fits? Contact us today

HomeOwnersAlliance*

It can be challenging to get started as a first-time buyer, but fortunately, there are a number of schemes available that can assist you with the process and help you get on the property ladder. Let’s take a look at five different schemes available to first-time buyers, the main advantages of each of them, and which of them you could be eligible for.

 

The mortgage guarantee scheme

The mortgage guarantee scheme enables first-time buyers to purchase a property with as little as a 5% deposit by encouraging lenders to offer 95% loan-to-value mortgages. This means that 95% of the property’s purchase price can be borrowed. 

The scheme includes a government guarantee, which means that if the buyer defaults on payments, the government will compensate the mortgage lender. It is available to any first-time buyer, as long as the property they are purchasing is worth less than £600,000.

One of the main advantages of the mortgage guarantee scheme is the fact that first-time buyers can enter the market sooner, avoiding years of saving for a deposit. Also, with the government essentially acting as a guarantor, lenders are more willing to offer loans to first-time buyers with smaller deposits, increasing their chances of owning a home.

 

The shared ownership scheme

The shared ownership scheme helps low-income individuals and first-time buyers own a home by enabling them to buy a portion of a property while renting the remaining percentage. Buyers can purchase a share between 10% and 75% and increase their share whenever they are ready to do so.

If you're a first-time buyer with a household income of £80,000 or less (90,000 in London) and can't afford the entire deposit and mortgage payments on a home, you will be considered eligible for shared ownership.

This scheme offers an affordable way for individuals to step onto the property ladder by splitting the cost of purchasing a home, particularly in areas they may otherwise be priced out of. The fact that you can increase your share of ownership by gradually purchasing additional shares in the property allows you to eventually reach full ownership.

 

The lifetime Individual Savings Account (ISA)

A Lifetime ISA helps first-time buyers save for a deposit by topping up their savings account once a year. Buyers can save up to £4,000 per year, and the government adds an additional 25% on top of the amount they save, reducing the amount of time it takes to save up for a first home.

To open a lifetime ISA, you must be aged between 18 and 40, however you can keep topping it up until you’re 50. Help to buy ISA is a very similar scheme to this, but it has been closed to new applicants since 2019. Despite this, anyone who opened a help to buy ISA before this date can continue to use it.

A key benefit of a lifetime ISA is that it’s a tax-free method of growing your savings. It is also a versatile option because the funds can be used to purchase your first home or saved for retirement.

 

The first homes scheme

This scheme offers first-time buyers discounts of 30% to 50% on new-build homes, so long as it is your primary residence. This discount is available on new homes built by a developer and homes that are purchased through an estate agent, which were previously bought through the scheme.

To be eligible for the first homes scheme, you must be aged 18 or over, be a first-time buyer, and be able to secure a mortgage for at least 50% of the home’s value. Like the shared ownership scheme, your household income must be £80,000 or lower (£90,000 in London). Councils may set their own local eligibility criteria, prioritising individuals such as key workers, people who already live in the area, and those on lower incomes.

The main advantage of the first homes scheme is that it gives you the opportunity to purchase a home at a significantly reduced price, which helps with affordability. Also, by prioritising local applicants, some councils ensure individuals can purchase a home in the area they are already familiar with.

 

The help to build equity loan scheme

The help to build equity loan scheme is useful for first-time buyers who are looking to build their own home. This scheme offers a five-year, interest-free loan to supplement a buyer's 5% deposit. The equity loan amount ranges from 5% to 20% of the overall estimated cost.

This scheme is eligible to anyone who is building a home or hiring someone to do so for them. The loan can be used to buy land, convert a commercial property into a residential property, and demolish an existing property to build a new one. It cannot, however, be used to build more than one home, to buy upgrades on your current home, or build a second home.

The help to build equity loan scheme enables buyers to fund their self-build projects while remaining within budget. By building your own home, you have the opportunity to create equity from day one, potentially increasing the value of your property over time.

 

Looking to buy your first home?

 

 

 

When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.

When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.

What’s the difference between a new build and an old build?
YWhen purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?

What are the positives of purchasing a new build property?
When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.

What are the negatives of buying a new build property?
A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.

What are the positives of buying an old build property?
When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.

What are the negatives of buying an old build property?
When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.

What’s the difference in price between an old build and a new build?
When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.

 

When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.

When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.

What’s the difference between a new build and an old build?
YWhen purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?

What are the positives of purchasing a new build property?
When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.

What are the negatives of buying a new build property?
A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.

What are the positives of buying an old build property?
When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.

What are the negatives of buying an old build property?
When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.

What’s the difference in price between an old build and a new build?
When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.

 

With the spring market seeing an 18%* increase in mortgage approvals, as home buyers got busy moving, you can't be blamed for being tempted to move. Getting ready to move, or ‘move-ready’ to coin a phrase, during the summer months will stand you in good stead for the cooler months on the horizon. This could make your move easier when you decide the time is right. So, with that in mind, here are a few things you can do.

Don’t mistake 'move-in ready’ for ‘move-ready’  

‘Move-in ready’ means a home is ready for immediate occupancy and involves a significant level of legal work, which may help to speed up a sale. Whereas being 'move-ready’, in this context, is simply doing what you can, so that you and your home are more prepared for moving, even if you are not planning on moving right now. 

Sort your home’s outdoor areas out  

There are a lot of advantages to moving in the summer with good weather, longer days, and the possible help of your children while they are off school. But if moving in the summer is not on the cards, taking advantage of the good weather, to make your garden and home’s kerb appeal more beautiful, will make your home more appealing to buyers. Having a sort out of the shed and a trip to the tip will de-clutter it, saving you a job in later months, when it’s time to move. 

Odd jobs inside the house

Summer is a good time to dedicate a few days to addressing any issues around the house that need your attention. From painting and decorating to simple mends. From emptying your attic space, to clearing out your closets. Whether you add a few days to your holidays or have a bank holiday DIY weekend or afternoon, doing it during the summer months will require so much less effort than it would during the colder months. Then, when the season of change sets in, you can change homes with relative ease. 

Check your paperwork 

Whether you are thinking of moving now or in the future, it’s always better to have your paperwork in good order. Perhaps you check your credit rating regularly and have all your important paperwork stored safely. But, if there is something missing, it could delay your sale significantly when it’s time to move. Things such as gas certificates, an updated EPC rating, or certificates for any structural modifications that have been carried out, show that the work is compliant with building regulations. 

Watch the property market closely

Apart from making life easier, you can take advantage of the market more easily if you are ready to move. It’s always a good idea to keep an eye on the property market. Perhaps you like exploring homes for sale online and are well-versed in tracking the progress of a home’s sale. Talking to your local agent will also give you extra insights into the markets and areas you are most interested in. The contemporary UK property market is made up of layers of localised markets, from street to street and from region to region, that can differ and are almost as unique as the various homes that reside within them. So, if you are prepared, you may be rewarded by finding your perfect property.  

 

Are you ready to move? Get in touch

 

 

Whether you’re considering buying a home with a partner, friends, or even family members, joint mortgages are there to make the process that bit easier. 

In this article we discuss the ins and outs of a joint mortgage and why splitting the costs and commitments of a property can be a beneficial decision.

 

What is a joint mortgage? 

 

A joint mortgage is a mortgage that allows you to buy a property with up to three people, it’s commonly used by two borrowers in a relationship. A joint mortgage allows you to combine your money and increase your overall deposit, as well as split the cost of monthly mortgage repayments, creating ease throughout the duration of your mortgage. 

A joint mortgage allows all parties involved to be held responsible, not just a sole person. Anyone is eligible for a joint mortgage, first-time buyer or not, but this could lead to you paying stamp duty if you purchase a property with a non-first-time buyer. 

 

What are the benefits of having a joint mortgage? 

When purchasing a home, a joint mortgage can bring several benefits, including the ability to borrow more money from the lender as your average household income increases. 

By having multiple people involved in a mortgage, it allows you to display a more responsible and trustworthy persona to the lender for repayments, as there are two or more of you having to meet the requirements of the mortgage. 

By having multiple people involved, it may allow you to place a larger deposit down, decreasing the cost of your monthly repayments and increasing your overall equity in the property. 

 

How does a joint mortgage work? 

A joint mortgage has the same principle as any regular mortgage: paying a deposit and meeting monthly repayments, but the lender will see your deposit and household income as one, not individually.  

When applying for a joint mortgage, you will have to decide with your co-owner(s) how you will split the equity of the property. 

 

A joint tenants mortgage means that all the borrowers will have equal rights over the property, and if you were to sell it, you would split the profits equally. Most joint mortgages act as one owner, with an equal split of the property and equal rights. 

When friends buy a property together, they typically opt for a tenants in common mortgage. This mortgage is where each person owns a different amount of shares in the property, which can be split however they wish. This will be in the deed of trust detailing each person’s ownership percentage. 

When choosing which type of joint mortgage you are going to opt for, it is important to understand which type suits your situation. 

 

Leaving your joint mortgage 

The main reason for wanting to exit a joint mortgage is usually because the relationship between yourself and your partner or co-owner(s) has broken down, and sometimes it can be hard to identify who is left accountable for the mortgage. 

 

Who’s responsible? 

You and the other borrower(s) continue to stay responsible for each monthly repayment until your name is not on the mortgage. Even if one of you decides to move out, you are both still liable for the mortgage and financially linked together. 

 

How can you leave a joint mortgage? 

 

Sell the property  

The easiest way to walk away from a joint mortgage is by selling the property. This allows you to split the profits from the property and restart your mortgage journey. This method is cost-effective and simple, all while being achieved in a shorter timeframe. 

Buy your partner out 

Buying your partner out of the joint mortgage is another method, but a slightly more complicated route. This means that the entire equity of the home will be transferred over to the remaining borrower(s), but it also means you must meet new requirements, which can sometimes be harder to meet as the overall household income decreases, which could also lead to the lender pulling out. 

Add a new name to the mortgage 

Another way to maintain the joint mortgage could be by adding a new name. This encourages the lender to allow you to keep your mortgage and property, as multiple incomes are more convincing. There is a fee to change a name on a mortgage, as you have to pay a solicitor to cover the costs of the legal work and pay potential lender and registration fees, so changing the name on a mortgage could set you back. 

 

Contact us today for more information on how you can start your joint property journey

 

When purchasing a property, there are many stages throughout the buying timeframe you need to face before you can finally call the property yours. During these stages, there are multiple factors that can get in the way and extend the process unnecessarily.

In this article, we discuss the different stages you go through after your offer is accepted and how you could potentially speed up the process of purchasing your dream home.

 

Stage 1 – Your offer is accepted

 

Finally, you found the home of your dreams, and your offer is accepted, but that doesn’t mean the property is yours just yet, as nobody is contractually obliged.

The 2 G’s

The buyer and seller are not legally bound until the signed contracts are exchanged, so there’s always the chance you could be gazumped or gazanged. Have you heard of these terms?

Gazumping is when another buyer offers more money to the seller even after your offer has been accepted, reversing your deal. To avoid the possibility of this happening, it’s common to ask the seller to take the property listing off the market.

Gazanging is where the seller decides to cancel the sale and not sell the property. A shift in the market could trigger this, potentially increasing the value of their property in the future.

Both are decisions made by the seller, making it hard for you to avoid them. Either of these decisions could result in a financial loss. This is why speeding up the buying timeframe is extremely important, as you are vulnerable until the exchange of contracts.

 

Stage 2 – Apply for mortgages

 

When purchasing a property, you are most likely going to need a mortgage to make this happen. Mortgage offers normally only stay valid for 30 to 90 days, depending on the lender. Ensure you complete thorough research when applying for mortgages, and don’t just accept the first offer.

By completing thorough research ahead of time, you can shorten the timeframe of your property purchase, as it can take as long as a couple weeks to over a month for a mortgage offer and approval.

 

Stage 3 – Discover a Conveyancing firm

 

Conveyancing is the legal process of transferring property from one person to another. Conveyancers are lawyers who specialise in property and complete all the legalities of exchanging property. It’s important to choose the right conveyancing firm that is reliable and offers clear communication. By choosing your conveyancing solicitor firm ahead of time, you can speed up the process.

 

Stage 4 – Property searches and surveys

 

While your mortgage application waits for approval, your conveyancing solicitor can begin to complete the necessary searches that are advised.

• Local authority searches
• Drainage searches
• Environmental searches

These searches come at a cost but are sometimes required by the mortgage lender.

When purchasing a property, it is highly recommended to get a property survey completed. This will highlight any hidden issues that may not be spotted with the naked eye. By having a property survey completed, this allows you to negotiate price reductions or repairs before the final transaction goes through. 

The lender will complete their own mortgage valuation of the property to see if they are prepared to lend you the mortgage. The lender completes this process because the bank would repossess the property if the mortgage repayments weren’t met.

 

Stage 5 – Mortgage offer

 

Your mortgage offer is accepted! Now it’s time to check your offer thoroughly and ensure that everything is accurate. A mistake as small as a misspelt name could cause delays and expenses, extending your wait.

Transferring your deposit

You’re almost ready to exchange contracts, which means transferring your deposit to your solicitor. Most banks don’t allow large sums of money to be moved in a short span of time, so you may need to contact your bank to organise this.

Signing your contract

At this stage, you will now sign the contract and commit to buying the seller’s property. The transaction still isn’t fully completed yet though!

 

Stage 6 - Exchange contracts

 

Finally, your solicitor and seller’s solicitor will swap signed contracts, and this is known as the ‘exchange in contracts’. Once completed, it’s time to celebrate! This exchange is legally binding between you and the seller, and now neither of you can retract it.

Your solicitor will deliver paperwork with a clear breakdown of the contract and any remaining costs of the property transaction.

Signing the transfer deed

The transfer deed is a contract that confirms you are taking ownership of the property; it needs to be witnessed and sent to the seller’s solicitor.

Paying for the property

The solicitor will arrange the payment to the lender, and this will kickstart the mortgage. You will receive proof that the seller’s mortgage has been cleared from the property, and you will begin yours.

 

Stage 7 – Move into your new home

 

It’s time to collect the keys and move into your new home! You can now start paying off your mortgage and begin your journey on the property ladder.

 

Contact us for more information on how you can speed up your property purchase

 

As a landlord, you have a lot to think about, and whether you are highly experienced or just starting out, there is always something new to learn. As a savvy investor in property, you understand the importance of keeping costs down. Managing one or more properties can be a full-time job, and with so many potential pitfalls looming, a managed letting service could save you time and money.

Less time-consuming  

Paying a monthly management fee for a fully managed service or even a one-off payment for a tenant-finding service may feel a bit counterintuitive. However, the saying time is money really rings true in the property industry. Arranging and conducting viewings, tenant referencing, property inspections, maintenance, and rent collection are not tasks you want to rush. Leaving this in the capable hands of a good letting agent frees up your time and reduces the opportunity cost for your other business or career interests and leisure time.  

Legal fees and fines  

It’s important to keep your property compliant and the reality of failing to do so could mean serious financial consequences. Worse still, if you put the health and lives of your tenants at risk, it could mean eye-watering fines or even imprisonment. Safety certificate breaches, illegal eviction, not protecting a tenant’s deposit, and failure to obtain the correct licenses and permits are just a few reasons why you could face penalties, and it’s worth noting that some of these fines have no ceiling. Letting agents could help you keep your property on the right side of the law, preventing these sorts of shortfalls from occurring.  

Achieve better rents  

Using a local-based lettings management service offers many advantages. One such plus is their local market knowledge. This is useful in getting to grips with and keeping on top of how much rent to charge. A good agent will also offer suggestions for improvements or tweaks that could increase the amount of rent you could charge. This is something you could use with a basic package if you choose a part-managed letting service, sometimes known as a tenant-find service.  

Property maintenance

A fully managed lettings service takes care of perhaps one of the most potentially awkward and time-consuming aspects of managing your property. Many offer a 24/7 emergency maintenance service, which is a big draw for tenants. Preventing small issues from becoming large, expensive refurbishments, could save you thousands. It’s also important to address the niggling things that keep tenants happy, so you do not have void periods—an empty property does not pay the rent. Carrying out essential work with the right contractors who have a better understanding of rental properties, is often another benefit of using a managed letting service’s maintenance team.  

Choose the right level for you  

A fully managed service could take care of everything from viewing to notice proceedings, including a final inspection and handling the return of your deposit, as well as everything in between, such as property maintenance. That said, you may opt for a more rudimentary level of service, such as a tenant-finding service. You could also add to this with a rent collection service, which means property maintenance would be down to you. It's always worth talking to your local agent to see if they can tailor a package that suits you and your budget.

 

Contact us today to explore our range of managed letting services