Tips on how to sell your home 11 – 15

It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the next 5 tips on selling your house

 

11. Access is essential

Homes that don’t get shown don’t get sold. Don’t make it difficult for the agent to make viewings. If you have very restrictive timeframes, or make prospective purchasers book viewings way in advance your property is less likely to sell.

 

12. Showing a Property

You are paying an estate agent to do this, so let them do their job and stay out of the way.

If you are showing the property yourselves.  Don’t unnecessarily point out problems. Do point out positives. Also make sure you allow them time to look around the house on their own.

On a first viewing be friendly but professional and don’t overload viewers with detail.

 

13. Choosing the Best Buyer

The person who offers the most is not always the best choice. Try and find out as much as you can about the buyers financial circumstances.

Cash buyers are best but if they are arranging a mortgage ask to see an “agreement in principle”.

If they have something to sell then their property should be “under offer” before you take your property off the market.

First time buyers with finance arranged can be great news because they have nothing to sell. However, they will be inexperienced so this can delay the process especially if they are trying to go it alone without a broker.

Find out what your buyers agenda is, does this match your own? Do they want to complete as soon as possible or are they fairly relaxed. You may want the latter if you are yet to locate a property.

 

14.  Accepting the offer

Your agent should present every offer to you. Make sure your agent has all the background information about the buyer’s position and their ability to move quickly. Also get all offers in writing.

Usually there is an element of negotiation, so make sure you know the lowest figure that you will accept.

Also know what items you are happy to leave behind. Curtains, furniture and white goods can all be used as bargaining chips.

 

15. Holding it all together

Make sure communication channels are kept open. It is important you speak to your estate agent and solicitor on a weekly basis. If things are dragging on a little, try to find out what is causing the hold up, also ask the estate agent to speak to the buyer to gauge their motivation / level of commitment.

I’m done with House selling tips – I hope they help… next week something different!

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

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Tips on how to sell your home 6-10

It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the next 5 tips on selling your house.

 

6. “Kerb Appeal”

I know it’s probably the most overused saying in property sales but it’s still important. Brighten up anything that looks tired with a lick of paint, remove unsightly things such as bins, put up some hanging baskets and mow the lawn. FIRST IMPRESSIONS COUNT!

 

7. De-clutter and spruce up

Mirrors can give the illusion of space, spruce up rooms with a paint job in neutral warm tones. Clear kitchen work tops. Clear “products” from the bathroom. Remove posters from kid’s bedroom. Remove photos.

If you have a pet try and send it to the relatives whilst viewings take place.

Remove as much of the “junk of life” as possible this will add to the feeling of space and will allow buyers to visualise living there.

Add flowers – they look and smell great.

 

8. Clean up

The kitchen & bathroom should look “mint”.  Clean the carpets and sofa covers. Make sure the garden is tidy and inviting. Replace broken fittings and light bulbs. The “little things” count.

 

9. Define each room

Buyers need to be able to picture themselves living in a property. So remove the papers from the dining room. If the spare bedroom is being used as a dumping ground, get rid of all the clutter and make sure it has a bed in there!

 

10. Preparing for viewings

If you know someone is coming round: sweep up, get rid of any animal hair, leave the pet with a neighbour. Turn lights on and heating up. Don’t smoke or cook a curry. If you have a driveway leave space for the buyer to park.

 

5 More House selling tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

 

Tips on how to sell your home 1-5

It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the first 5 tips on selling your new house

1. Get financial advice – first thing

Hey I’m giving you these tips for free – so you have to excuse the “plug”. But in all seriousness what’s the point in selling your home if you don’t know that you can raise the money for the new one.

A good broker will do the following things:

  1. Make sure you can get and afford the mortgage required
  2. Breakdown all the costs and when they are payable
  3. Chase down documentation and manage the process

Also if things move quickly you’ve done the ground work already……

2. Choose the right estate agent

Selling a house is a stressful business so choosing the right estate agent is important

Rule of 3

Contact AT LEAST 3 estate agents. Ask your friends, family and neighbours for recommendations then:

  1. Look on – line and have a look at their listings – are they eye catching with plenty of photo’s.  Do the descriptions “sell the property” There is no point in a cheap estate agent who doesn’t put any effort in.
  2. Mystery shop the agency – you can then see the sort of service and welcome your potential purchasers can expect.
  3. Don’t necessarily go for the one with the highest valuation as this is an old trick to try and get your instruction. If your property is overpriced it will sit there.
  4. Make sure you get a mix of corporate and independent estate agents. The larger ones may have policies to adhere to meaning they can less flexible on price unless pushed.

Negotiate on price

I know of Estate agents who will sign people up at 2%+ if they don’t haggle. Negotiate, Negotiate, Negotiate. Prices vary from area to area. However as a rule of thumb you want to look at getting below 1.5% of the sale price. However you may be able to get down to 1.25% or even 1% if you go Sole agency and the estate agent is low on stock.

Sole or Multi agency

  • Multi Agency – You can have as many estate agents as you like but you will pay a higher fee and they may not put as much effort in as they are less likely to win the deal.
  • Sole Agency – You’ll pay a lower fee and the estate agent is likely to be more focused on your sale. Watch out for the tie in period- Many estate agents will try and tie you in to a 12 week contact, go for 4 weeks tops or one weeks written notice if you can get it. This will incentivise them to get as many viewings in as quickly as possible. You can also “bin” them sooner if they are not performing

Flat free or %

One is a set figure and one is a percentage of the selling price (this is more usual)

Read the conditions of the contract

Make sure there are no hidden nasty’s that you are not aware of.

Play them off against each other

Get your lowest price and then speak to the one that you have the best feeling about and ask them to match the price to win the deal.

Switching agents

If you are not getting the viewings or the service you expect tell them you are going multi agency. Some will attempt to hike the fees but tell them you will sack them and most will back down.

So in summary

  1. Get 3 estate agents                      
  2. Haggle to get the lowest price    
  3. Get the shortest tie in period     
  4. Switch agents if not getting the results

 

3.Pricing your property

  1. Get Real – If similar properties have sold down your road are you really going to get £50k more for yours because you’ve got nice wallpaper and laminate floor?
  2. Be wary of using online pricing indexes – These are often conflicting and are not the last word in accuracy
  3. Do rely on your estate agents expertise – They are selling properties in your area all of the time. Perhaps taking an average of the 3 estate agents valuations could be a good starting point.
  4. Price lower than the competition – Now bear with me on this – I know everyone wants the maximum price for their house. However have a look at the price properties are advertised for in your area, most people will expect to drop their price so they may have “overpriced” somewhat. However if you are lower in price you will more likely get more viewings, which means more chance of finding that buyer that falls in love with your property. You just may have to be a bit more resistant to being bartered down and state politely that it has already been “priced to sell”.

 

4. Solicitors

Avoid online “conveyancing houses”

Try to avoid the online call centre type “conveyancing houses” they may be a bit cheaper but they generally turn into a nightmare.  You have heard the phrase “if you pay peanuts you get monkeys” this applies to these operation’s. Firstly these guys are going to be responsible for the transaction of £100’s of thousands of your property so I wouldn’t want “monkeys” doing this. Secondly If you want to use the type of operation were you will have to wait 30 minutes to get through, that never return your call, make mistakes and you never speak to the same person twice be my guest…but you have been warned.

Speak to your Broker, if he works closely with a solicitor then there are a few things you should be assured of

a) They are most likely to be good. Speaking from experience I went through a dozen before I settled on one that I have used for the last 7 years. If they are not good then you can shout at your Broker and he in turn will shout at the solicitor. I never get shouted at – that’s how I know mine are good!!

b) I speak to my solicitors on most days, a good Broker shouldn’t leave his client’s to deal with this one the own but have a foot in both the financial and the legal processes so he can help move things along. He can also assist you with the paperwork.

c) You will be important to them – As a broker I place 100’s clients with my solicitors. That makes me and therefore YOU very important to them. It also means I have a strong relationship with them, I have one dedicated contact, they do return my call and they do “pull it out of the bag” if I need them to.

Disbursements

Make sure you have the total cost of the legal’s not just the their fee.

 

5. Get the word out

Always have a board out, tell your neighbours, friends and families. Word of mouth is a powerful tool. What about social media – if you updated to say are selling your property and you have 200 friends and they each had 200 friends. That’s 40,000 people who know you are selling your property – one of them could be your potential buyer and it costs nothing!

5 More House selling tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips 21-25

It’s the biggest purchase of your life – Let’s make sure that you get it right!

21. Fixtures & Fittings

Make sure you let your Solicitors know what fixtures and fittings are to be included in the purchase and get written confirmation of this. Do not assume the light fittings, window blinds and such will be included in the sale, always ask and always have the solicitors tie this up otherwise you may find you have bought considerably less than you thought you have.

22. Surveys

Basic Valuation

This is paid for by you but carried out on behalf of the lender. Major defects such as subsidence should be picked up because they will affect the value but other minor defects may be missed. (Minor defects can still cost £1000’s to put right)

Expect to pay –  £0 – £350 depending on the lender and mortgage deal.

Homebuyers report

Much more detailed and looks at areas such as electrics, heating and plumbing. You will be able to get a detailed idea of the costs of any remedial work and may be able to use this information to get a reduction in the price!!

Expect to pay – £450 – £600

Full Structural                                  

Advisable on older properties and those of unusual construction. This is the most comprehensive of all surveys. It costs more but you will get no nasty surprises and you may well be able to recoup the cost if it gives you ammunition to knock down the price.

Expect to pay – £800 – £1000

Summary                                            

I know buying a property seems like a never ending set of bills and it may seem best to go for the cheapest, but…. rewiring a house might cost £5000….underpinning a property £30,000+.

If money is that tight then try and take someone around who knows a thing or two about what to look for.

23. Get quotes for work

The surveyor is offering an opinion. Get an “expert” in to quote for any remedial work that is recommended, this will make sure you have no financial surprises but also can be used as a tool for renegotiation on the price.

24. When can you pull out?

You can pull out any time before exchange – after this the costs are massive.

Just remember if you have paid out for a survey or search fees, these are property specific so you will have lost these. You may also lose your booking fee with the Lender.

A good point to remember is that a seller can also pull out at any time before exchange.

 

25. Protect your family and your belongings

Life cover

There are many types of protection – Life cover/ Critical illness/ Income protection. Whatever is the right package for you…. MAKE SURE IT IS ON RISK BEFORE YOU EXCHANGE CONTRACTS. This may sound simple but some insurers will require a medical/ GP report (I have had it take over 3 months to get a report back from a Doctor’s surgery). That’s why I start pushing and chasing these applications from day one – because I don’t want my clients’ families homeless if the worst should happen.

Building & Contents Insurance

This is an easy one to let slip with everything else that’s going on….(Well – unless I’m looking after things….)

But think about it, you are moving into a new home with all your “stuff” nicely boxed up for a burglar to swipe. You may be moving into a vacant property which has had the water turned off and springs a leak the moment you move in causing the downstairs ceiling to collapse.

And yes both of these things have happened to clients of mine. In fact, one called me at 10pm on a Saturday for the insurance claims phone number because he didn’t know which box the insurance documents were packed in.

Gas

Get a copy of the Gas Safety Certificate. If there isn’t one, get appliances checked by a registered engineer.

Alarms

Carbon monoxide and Smoke alarms. If they are in situ – test them. If they are not – buy them. Don’t put this off. It’s a few quid to potentially save the lives’ of your loved ones.

Ok, that’s it – I’ve run out of house buying tips for now……but don’t despair, next week we move on to House Selling.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tip 16 – 20

It is the biggest purchase of your life – let’s make sure that you get it right!

 

16. Credit File

Get a copy of your credit file from Experian or Equifax, to make sure that you know if there are any nasty entries.

In the modern climate even a couple of late payments can mean a decline or that you pay a higher rate or that you will need a higher deposit.

If there is any adverse credit at all, you need to speak to a mortgage broker as he may have specialist mortgage products or help you in repairing your credit file.

 

17. Check out the property

When you look around a property, check it thoroughly. Don’t be shy – you are spending 100’s of thousand’s and are entitled to check everything before parting with your hard earned cash.

You don’t need to be a surveyor to do these checks….

  • Check Windows and doors

Cupboards/ Draws to be opened to make sure they work

Check double glazing for signs of condensation as they may need replacing

  • Check for damp

Wet spots & mouldy peeling wallpaper. Look inside cupboards and does it smell musty?

  • Do touch that dial!

If it’s electric, switch it on – Switch on lights, test sockets, fire up that oven and switch on any  electric fires. Also make sure you have enough sockets (in the right places) for your needs

  • Locks

Ensure locks meet insurance requirements. Usually a 5 lever Mortice deadlock’s are required. Check windows for locks and make sure there are sufficient keys.

  •  Ceilings

Cracks, leaks, stains can all show signs of problems

  • Plumbing

Turn taps & showers on. Flush the toilet. Check that cupboards underneath sinks are dry.

  • Fire up that boiler

              Check the boiler works and isn’t making nasty sounds. Make sure all the radiators are getting hot and do not leak.

  • Lift mats and rugs

Are they being used to cover something nasty? If you look below you will know!

  •  Roof

             Check the roof for missing tiles or dodgy guttering

  • Walls

Cracks or mould could indicate something costly

  • What’s in the loft?

              Pop your head into the unknown and bring a torch. Check to see if any wood work is rotten.

 

18.       Consider resale value

If a property has been on the market quite a while – why hasn’t it shifted? Remember at some point you may wish to sell the property. When your secluded “niche” property, miles away from anything hasn’t sold in 3 years – it may not seem like such a bargain. Parking, garden size, transportation links, local schools and amenities should all be considered.

 

19.          So what ‘s it made of then?

Brick and tile are easy. However what if the property has a thatch roof or has concrete walls. Did you know that a property that looks similar but is made of concrete could be hard to obtain a mortgage on, or may be worth tens of thousands of pounds less than one made of brick?

20. Leasehold properties

Look for at least 80 years lease on properties. If it is less than this it may be harder to sell on in future. Leases can be extended but can cost upwards of £10,000 to do so.

 

5 More Home Buying Tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Have you considered becoming a landlord?

invest in property

Despite a turbulent economic climate, the buy to let market has been going from strength to strength. With the average first time buyer now being 37 years old*, there has been an increase in demand for the rental sector, so now may be a great time to invest in property.

The latest Paragon survey shows the highest level of buy-to-let mortgages per quarter since the financial crisis began.  With first time buyers finding it difficult to raise the deposits required to get on the property ladder, alongside improved mortgage products from lenders, landlords have increased confidence in the buy to let market and have seen significant growth.

Lenders have recognised this area as a growing market and there are a large number of competitive mortgage products to help investors take advantage of this opportunity and become a first time landlord.

As with any investment, purchasing properties to let does carry risks but by seeking financial advice you can discuss all aspects of the buy-to-let market so you can feel secure in your decision.

Why not speak to us here and we can take you through all your options and help find the right buy-to-let mortgage for you. We are able to provide a full advice service and guide you through the whole process. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance so why not contact us today?

Your property may be repossessed if you do not keep up repayments on your mortgage.

 

*Source: Money Supermarket

Home Buying Tips – Tip 1 – 5

It is the biggest purchase of your life – let’s make sure that you get it right!

Here are the first 5 tips to buying a new home

1. Get financial advice – Day one. I was deliberating this one because I am a broker and I did not want to use this thread to “sell my services”. However what is the point in going shopping without any money?!?

A good Broker can tell you how much money you are going to need for a deposit and fees. He can also work with you to find out how much you can afford and how much you can borrow.

If you are not ready yet he can help draw up a plan to get you in a position to purchase, or if everything “fits” – he can get you an Agreement in Principle from the Lender.

2. List all of the costs

Deposit required Varies
Mortgage Arrangement fee – Typically £500 – £1500
Valuation Fee Typically £200 – £300
Legal Fees Typically £800 – £1000
Stamp Duty 1% of the purchase price over £125,000, 3% over£250,000 as so on
Surveys More detailed surveys cost more money typically £400 – £800
Removals Depends on distances involved
House repairs and furnishings You’ve bought the house, now it’s time to fill it up. Don’t leave yourself so broke you have to sit on the floor!

3. Make a list of Needs and Wants

The Needs are what a property must have. For instance, if it has to have a minimum 3 bedrooms what’s the point in seeing one with 2?

The Wants are what you would like the property to have. You want to find a property with as many of these as possible, but if a property didn’t have some of these it wouldn’t necessarily be a deal breaker.

Just remember to be realistic, if you can’t find that 5 bed Town House in Kensington for £250,000 then perhaps you need to lower your sights.

When you are seeing loads of properties this will help you to keep track and short list those ones for a second viewing.

4. Don’t be shy – in the UK we don’t like to haggle but as the saying goes if you don’t ask you don’t get.

So, these are the golden rules….

  • Set a maximum / “walk away” price.
  • It is all too easy to get carried away whilst bidding but make sure you set a maximum price you are prepared to pay for the property.
  • Start low.

Put in a “cheeky offer” say 10% – 15% below asking price, if you have someone who wants to move in a hurry they might say yes!

If they say no –  ask them what they would accept. Then you can always put in another higher offer…. just remember to walk away when you hit your maximum price.

Usually you will meet somewhere in the middle.

  • Maximise your position.

If you are a first time buyer with no property to sell, tell them that it means you can move quickly.

Tell them you have your finance arranged and have an Agreement in Principle with Solicitors all   tee-d up and ready to go.

Tell them you have a highly motivated broker ( I’m sure I know one of those) who can get everything tied up quickly.

5. Arrange a Mortgage in Principle*

I know I touched on this earlier but the reasons for doing this are important:

1) It gives you a much more accurate reflection on how much you can borrow. A lenders calculator or a comparison site will only give a very rough indication.

2) It stops you falling in love with a property you can’t get the finance for.

3) It strengthens your buying position and show’s you are serious.

4) It can put an end to any Estate agent – “you have to sit down with our adviser……” tricks.

5) It allows you to move fast instead of losing out on a property.

6)  We know in advance if there are any issues on the credit file and arrange a plan to sort them.**

*Be careful about obtaining an agreement in principle from multiple lenders as this could stop you getting any finance for a period of time.

**Did you know a single late payment on a credit card will mean some lenders will not lend to a First Time Buyer

 

        5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tips 6-10

It is the biggest purchase of your life – let’s make sure that you get it right! 

6. What’s in the Neighbourhood?….

  • Do you like the local shops?
  • Is there graffiti on the walls?
  • What are your priorities? – What do you need in walking distance: Good schools, Pubs, shops,….?
  • Are there parks and open spaces?
  • Pop in to the local police station or ask the local bobby.

One of my clients thought it was wonderful to live down the road from a pub……that was until he found out that the local youths drunken pass time was to run across the roofs of cars on their way home. Unfortunately he had a convertible!!…..

7. The top ten things to ask the sellers:

1. Who lives upstairs/ downstairs, next door?

2. Have there been neighbour disputes?

3. How long has it been on the market and how many viewings / offers have they had?

4. If it is a flat – how long is the lease, how much is the ground rent/ maintenance charge?

5. How long have they lived there and why are they moving?

6.When was it rewired, how old is the boiler and when was it last inspected?

7. Have they found a property? If so how many people are in the chain?

8. Have there been any structural problems?

9. What is included in the sale?

10. What renovations have been done?

8. View at different times of the day/ week

Does a quiet road on a Sunday become a noisy speed track on weekdays?

Is it quiet in the day because the neighbours are at work only to play loud music at deafening volumes until the late hours?

….Do yourself a big favour and arrange a few viewings at different times

9. Take photos with your mobile

This can help you keep track when you are viewing many properties

10.  Check out the neighbours

It’s useful to find out who you will be living next to, also chat to neighbours who may be a little further away as they are more likely to be honest. They are less likely to be friends with the neighbours or anxious to get shot of them.

 

    5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application. 

I’m a Control Freak!

I’m going to admit it, I am a bit of a control freak and there are parts of my job that drive me nuts!

Let me just start by saying I love what I do. Chatting to my clients, finding the best deal that’s the fun bit. Even with the masses of paperwork there is a certain satisfaction to knowing its correct.

Things would be fine if that was the whole job but from day one sometimes it seems that everyone else is trying to put a spanner in the works:

Here’s the top 5 things that drive me nuts

1. Solicitors

When I first started as a broker I needed to find a reliable solicitor to work with to cover the legal work for my clients. Over the first 2 years I used multiple firms – most were fairly poor:  Asking for documents at last minute before completion, missing completion dates, losing documents, not returning calls ….I could go on.

If you think that sounds like your average solicitor you would be right….but after searching high and low 7 years ago I found that elusive thing a “proactive” solicitor – yes they do exist! His name is Mark Lloyd and he actually chases me for the mortgage offer, he updates my clients without being asked, always gets back to me, he asks me to get involved if I need to get something outstanding. In short he’s another control freak and my client’s love him for it.

2. Lenders

Now I have to be careful here because if I rant too much they might stop giving me the money I need  for my clients!

Lenders like to withdraw rates with little to no notice. I had a notification from a lender that a rate would be pulled by close of business that day (5pm) Thanks for the heads up at 4.45pm. You can’t even key in an application from a client that quickly!

Lenders that ask for documentation one piece at a time. ” I know we asked you to get this from your client yesterday but can you get this from them now” – GGggggggrrrrrrrrr!!!

Lenders whose own staff don’t know their own criteria. A suggestion – read your own manual!!

Don’t get me wrong some lenders are an absolute joy to work with, I just don’t know how other lenders can make the same process so painful.

 3. Doctors surgery’s

Don’t get me started here!

If you need Life cover to protect your family when getting a mortgage, sometimes an insurer will require a Doctors report. They pay the Doctor up to £90 for what is often a couple of paragraphs. So why can it take up to 4 months (if left to their own devices) to get one back.

Most Surgery’s attach no importance to the task. However if it doesn’t come back in time we have one of 2 things we can do:

1. Delay the date you move into your new house.

2. Proceed without cover.

Option 1 is a real pain but Option 2 is dangerous, because depending on the cover if you suffered an accident or died before the cover is “live” your family could lose everything and be out on the streets.

This is not being dramatic, I have had more than one client calling me within a week of taking the keys to their property needing to claim on their insurance. If it wasn’t  “live” then that family would be homeless as well as dealing with some devastating news.

The point is that it is so un-necessary. Some surgeries are very efficient, proving it can be done.

To those surgeries that have no administrative faculty….”Get your finger out, get organized and get me that report”!!!!!

4. Estate agents

From the offset:

1. Stop trying to force people to use your broker if they don’t want to because you are on a commission. If they decline leave it alone.

2. Don’t lie to them by saying that you have to financially vet them before you can put in an offer.  A purchaser has a legal right to bring their own financial and legal team to the process.

During the process:

Please, for the love of all that’s Holy, return calls when you say you will and communicate information up and down the chain when asked to.

 

5. Clients

Yes you!! – I’m talking to you!!

You see that Mortgage deed that has been sat on the coffee table for a week…. I need that back a.s.a.p if you want to complete by the weekend………

So next time you speak to a Broker find out if all he does is arrange the mortgage and leave you to it or does he like to be a little more controlling………

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tips 11-15

It is the biggest purchase of your life – Let’s make sure that you get it right!                  

11. Work out what you can afford

What you can borrow and what you can afford are 2 different things.

  • If you are going to stretch yourselves to buy the biggest property you can afford, will you be happy with the compromises to your lifestyle such as socialising less?
  • Would you be more comfortable spending less and having more disposable income?

This is where a Broker can really help. They can provide “real–world” figures and help you define a realistic budget you are comfortable with.

12. Private deal

If you see a road you would really like to live down, why not write a nice letter and post it through the letterbox’s of houses that you like.  Owners may be keen to sell because they won’t have to pay an Estate Agent’s fees. This can really work!!

13.Buying at auction

  • The Golden rule regarding buying anything at auctions is to go a couple of times before you want to buy – just to get a feel for things.
  • Make sure you get a full survey to make sure you know what you are buying.
  • Get a solicitor to check for legal issues
  • Have a maximum “walk away” price for the property and STICK TO IT!
  • This is different to a normal purchase – as soon as the hammer goes down it will cost a fortune to pull out
  • You will have to pay a 10% deposit, YOU WILL LOSE THIS IF YOU DONT COMPLETE WITHIN THE ALLOTED TIME (USUALLY 4-6 WEEKS)
  • Use a broker to arrange the finance first. The lender he selects may not be based solely on the lowest rate but also the ability to complete quickly.
  • If you have a property to sell then make sure you have completed on the sale before going to auction. As a delay could cost you BIG!

14. Ask them to take the property off the market

Make your offer conditional on the basis that they take their property “off the market”. This will help to stop you being gazumped (where a seller accepts a higher offer having accepted a lower offer).

Either part can pull out right up until exchange of contracts.

15. Minimise your financial exposure

Some property chains are simple -if it’s just you and the seller and both you of you want to complete as quickly as possible then you can pull out all the stops.

However most property chains are more complex and may take longer to form. As soon as you put in an application with a lender they will carry out the valuation/ Survey. This could be up to £1000 (depending on type), the way I work with my clients is to hold off on this until the chain forms. If the chain collapses then you haven’t lost the survey fee.

The same goes with search fee’s (£200 – £250). Get the mortgage offer in place and make sure the chain is fully formed before you fork out!

 

5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.