It’s a good time to expand your buy-to-let portfolio in the ever-evolving landscape of the UK rental market. Opportunities often arise when you least expect them. As some landlords start selling their properties, a silver lining has emerged if you are expanding your portfolio, particularly if you are a seasoned landlord.

Rental-ready properties await you
The current climate offers a golden opportunity for individuals interested in acquiring buy-to-let investment properties. The demand for rental properties remains extraordinarily strong, and eager tenants are actively seeking properties to rent like yours. The databases of letting agents are filled with an increasing number of tenants waiting to rent a property. The good news is that you might even find properties with tenants already in place, ensuring immediate returns on your investment. With an existing tenant base, you can quickly start earning rental income, and your agent will source them and take care of the entire process for you.

Inflation is on a downward trajectory
The outlook for seasoned landlords is looking good. Inflation falling suggests that things are going in the right direction, and now is the time to invest. Projections suggest that interest rates and inflation are set to trend downward in the long term. With falling interest rates, your mortgage payments are likely to be more manageable, contributing to healthier profit margins. There are currently many mortgage products available, and if property prices rise again in the future, you will gain a better return on investment as the value of your portfolio increases. Perhaps you have good levels of equity, and cash is king right now which will reduce your need to pay interest.

Expert guidance
Smaller homes, ideal for buy-to-let investment, are arriving on the market, and a good agent will guide you through the best places to invest. Furnished properties that are ready to let, make your investment more straightforward. This allows you to prioritise cash flow, which can be used to gradually improve your property. By doing this, your portfolio will evolve over time, become more desirable, and, as such, command a higher price. This safeguards your investment and helps secure a promising future price.

Comprehensive property management solutions
Managing your portfolio today is no easy task. There is a lot to juggle, and the buy-to-let market has become a little more complex. Staying on the right side of the law is important if you want to avoid fines. Property maintenance can be time-consuming, and changing legislation can become confusing. This has perhaps caused some landlords to exit the industry. Agents are experts in all aspects of managing property portfolios and, as such, will keep you on the road so that when changes come, you are already prepared. You can choose what level of managed service best suits your needs. So, if you are hands-on but are not great with the paperwork of placing good tenants, then simply opt for a let-only service. On the other hand, if you want the entire process taken care of, including maintenance, rent collection, and compliance checks, then a fully managed service is the way to go.

Contact us today to discuss the right steps to take when expanding and managing your property portfolio

 

 

Now that the entire family has settled back into work or school, many people are getting on the move again. Even if you do not have a young family, it can be a bit frantic during the summer as you prepare for your holidays. If you start now, you could be in for Christmas, or in time to start the New Year in a new home. It may be getting colder outside, but there's plenty of reason for the property market to start warming again.

Larger homes are looking like a good option
The first-time buyer market is doing well, and many young buyers are saving their deposits while with parents, skipping renting, and choosing to buy. And their parents are selling their larger homes! If you are outgrowing your home and are already wondering where everyone is going to sit this Christmas, now is a good time to consider buying bigger.

Property is pride
Your property is possibly your most important possession. Why would you not want to enjoy a better home? Home is a feeling that never abandons you, which becomes enhanced when you find the right property. A home should be exciting, rewarding, comforting, and give a feeling of safety. With so many amazing homes to choose from, whether it be a rural retreat, a suburban new-build, or an apartment with a stunning view of the city skyscape. Maybe you would prefer a large Victorian townhouse with a study and a gym, or a beautifully presented and characterful village terrace—they are all beautiful and have the power to enchant you.

Home movers are becoming acclimatised
The UK property market has been fascinating these past few years, and as we enter a stage of calm, new doors of opportunity open. Cash is king, and the UK property market has many faucets. Generally, home movers and homeowners are adjusting to the higher cost of mortgages and costs of living. There are, of course, some who will find it difficult. Nowadays, there are initiatives such as cost of living support to help those struggling. However, for the most part, affordability levels are still strong, with many home movers in a good position in terms of equity. This will encourage them to make their move, and this in turn will make the market resilient. The property market is also underpinned by a shortage in supply and a large proportion of buyers who are mortgage-free.

Life is too short to wait
Life is for living, and many people are now fed up with waiting to see what happens. In the long run, it can cost you more money as values increase. Modern estate agents can tailor pricing strategies and connect you with the homes and the means of purchasing a home you want, due to their understanding of the market. There is always a way to get the keys to the home you want. It may take a little searching or a relocation to another region. But you will get there if you want to. This attitude is prevailing in the property market, and as such, more people are on the move again and eagerly looking forward to a great new year. This in turn means there are buyers on the databases of agents looking for a home like yours.

Thinking of moving? Book a valuation today

 

 

You know the feeling. It happens during so many important events in life. You go on a viewing, it’s such an interesting and exciting process that you become a little flustered. You walk from room to room, loving what you see. You are enamoured and excited, so you forget to ask an important question. While you can always contact your agent at any time to gain more information, it's important to remember that your agent is an invaluable partner in your moving journey. So here are a few questions that you might not think to ask to add to your list.

If you are selling

 

Contact us today to see how we can begin your successful moving story

 

 

There is so much more to your local estate agent than meets the eye. The skill set, depth of knowledge, and range of skills that are needed to succeed in the industry today are staggering. It’s little wonder most people still use a traditional estate agent over an online-only estate agent, and much of this is down to market knowledge and technology.

Technology
Your home will get great exposure to ready-and-waiting buyers thanks to connecting home buyers and sellers like never before. With access to databases of home movers, property listings, market analysis tools, and customer relationship management (CRM) software, your agent has the technology to sell your home quickly. Additionally, your agent may use virtual reality or 3D tours to provide immersive property viewings for remote clients. Add to this the huge social media reach, and you are on the move in no time.

Great personal service
There is no substitute for the friendly face of your local estate agent. It’s comforting to have a professional person to offer assurance and emotional support through what is an exciting time but is also a little nerve-racking. When you are moving, you have a lot of what-ifs. There is a lot to do, and having someone on the other end of the phone to guide you through all aspects of your move is very comforting.

Valuation
Valuing your home at the right level is critical in today’s complex and fluctuating market. If the asking price is too low, you could cost yourself some serious money. Too high, and your home will not sell. Potential buyers start to ask questions like; How long has the property been on the market? Your house sale becomes stale. This can lead to achieving a much lower price, as you are forced to sell at a lower price to regenerate buyer interest.

Market and area knowledge
Your local estate agent will know your local property market better than anyone else. Modern agents are made up of a talented team of people, from valuers to marketing strategists and property experts. Staying on trend with everything to do with property, they will know your local area as well as you will after living there for years.

Mortgages and other services
Modern estate agents have a broad network of contacts within the industry, from mortgage brokers and conveyancers to removal companies. Putting you in touch with a good mortgage advisor could be the difference between finding the right road to your new home and getting lost. This all makes for a seamless, less stressful move.

Marketing expertise
Gone are the days of traditional marketing methods. Modern estate agents are well-versed in digital marketing strategies, including social media, online listings, and virtual tours. They know how to present properties in the best light, creating eye-catching listings that attract potential buyers. Their marketing efforts extend beyond just listing a property; they also know how to stage homes for viewings and use professional photography to highlight your property's strengths.

Negotiation skills
Negotiating the price of your home can be a complex and emotional process. Your agent will make sure you get the best possible deal in the time frame that works for you. They act as intermediaries, helping to bridge the gap between buyers and sellers and ensuring that both parties are satisfied with the outcome. And this experience and knowledge make their fees worth every penny.

Contact us to see how we can guide you to a smooth home move

 

 

The days are getting shorter and darker, and as autumn leaves begin to fall and the temperature starts to drop, it's time to prepare your home for the cooler months ahead. You want to be snug and cosy without worrying about the costs of energy bills before the cold of winter bites. Then you can relax and enjoy your home in the colder seasons of the year.

Book a checkup for your boiler
Before the cold weather sets in, it’s always wise to book a boiler checkup. A certified technician can ensure that your heating system is in good working condition, identify any potential issues, and perform necessary maintenance. This not only helps your system run efficiently but also extends its lifespan, saving you money in the long run.

A change is as good as a rest!
It's important not to block radiators where possible, so consider rearranging your furniture as the cold seasons begin. And your new arrangement might leave more space for seasonal decorations or a stash of logs! If you have a radiator heating system, it's essential to bleed them regularly. Trapped air can prevent them from working efficiently, leading to uneven heating. Bleeding your radiators will ensure they operate at their best.

Get a smart thermostat
Instead of heating your home too early or too late, flick the heat on as you leave for home. So, you don’t have to waste energy setting your thermostat to come on at the same time each day. All that waste can be costly. It’s a game-changer when it comes to heating your home efficiently. This is because it allows you to control your heating remotely. Many smart thermostats also learn your preferences and adjust the temperature accordingly, optimising energy usage.

Only heat the rooms you need
There's no point in heating a room you don’t use! Perhaps turn off the radiator in the kitchen if you are cooking; the heat from your oven will warm it sufficiently to dry your tea towels! Heating specific areas of your home instead of the whole house is an energy-efficient way to keep warm. You could also use portable heaters or adjustable radiator valves, so you can focus warmth where you need it most, such as the living room or bedroom, while keeping other areas cooler.

Insulate your home
Proper insulation is crucial for maintaining a comfortable indoor temperature while reducing heating costs. Check for gaps and drafts around windows and doors, and seal them using weatherstripping or caulk. You may also consider adding extra insulation to your attic and walls for better heat retention.

Dress your windows
Maybe it’s time to buy some new curtains; they may freshen up your rooms. If the answer is no to this suggestion, keep them closed during the evenings and at night to reduce heat loss. During sunny days, open them to let natural sunlight warm your rooms, saving energy.

Solar panels that pay for themselves!
Solar panels are becoming more affordable and are available on finance from big energy suppliers. You may have the option to sell your electricity back to your local supplier which means your solar panels could pay for themselves. Consider a heat pump. Both of these technologies harness natural resources to provide heating and can be both cost-effective and environmentally friendly in the long term. They will also add value to your home and make your home more desirable.

Are you interested in buying a more energy-efficient home?

Investing in multiple-occupancy homes (HMOs) can be a great way of increasing yields, making them very attractive investment opportunities for landlords. Although the potential return on investment is greater when letting HMOs, they do require slightly more management than single lets, so here is a guide to help you through the process.

What is a multiple-occupancy home?
An HMO is a property with at least three people from more than one household who share basic facilities such as a kitchen, a bathroom, and a living space. HMOs can take many different forms, including large homes that have been converted into several self-contained flats with shared amenities, properties with separate bedrooms and shared common areas, and accommodations purpose-built for multiple residents. Properties with five or more tenants are considered large HMOs.

What licences are needed for HMOs?
It is mandatory for all large HMOs to have a licence, and landlords must use their local council’s application process to apply for it. HMO licences outline the maximum number of people that can live at a residence and will state the date on which the licence needs renewing. Smaller HMOs usually do not need to be licenced unless the local council believes the area’s HMOs are being mismanaged. Licences typically cost between £700 and £1000, but the high profitability of HMOs should result in a strong return on investment in no time.

How to manage an HMO
There is quite a considerable difference between managing a single tenant and managing an HMO. But there is no need to worry, as there is plenty of help available to landlords looking to invest in HMOs, especially from letting agents. They can help with tenant acquisition and screening to make sure there is a steady flow of tenants, even if there is a high turnover rate. Your letting agent can also help you draft a tenancy agreement, which is a slightly more complex task due to the extra regulations involved in letting an HMO. 

Steady flow of tenants
With several tenants in each property paying their own rent, you multiply your income stream, therefore increasing your return on investment. Even if one room becomes vacant for any reason, you will still receive income from the other tenants. In a single let, your property could remain vacant for a period of time, but this is less likely to happen in a HMO.

Increasing opportunities
Over the previous two years, the overall number of HMOs has fallen by 4.1%, leading to an increase in opportunities for landlords.* HMOs attract a range of different demographics, such as students, young professionals, and people new to the local area. For tenants, living in an HMO can be a cost-effective way of finding a home, as the rent is shared between multiple people.

Overall, despite the additional management and licencing required, letting HMOs is a great way to increase your return on investment as a landlord. With a continuous flow of tenants and increasing opportunities in the market, HMOs are low-risk investments that can produce high yields. With support from a letting agent, investing in HMOs is a very attractive proposition for landlords.

 

Thinking of making your next investment? Contact us today

Octane Capital*

 

 

 

As a landlord, it is important to understand how to increase rent in a fair and reasonable manner. While maximising return on investment may be appealing, you should assess the impact on your tenants and ensure that any rent increases are justified. This guide will help you increase rent the right way while maintaining a positive relationship with tenants.

 

What are the rules surrounding rent increases?
Although landlords are generally allowed to increase rent, there are rules and regulations that must be followed. Rents cannot be raised during a fixed-term tenancy unless there is a clause in the agreement that states a pre-agreed increase. Rents can be raised once a year in a periodic tenancy, as long as the tenant is provided with sufficient notice.

 

How can landlords increase rent?
Here are the four most common ways landlords can raise rent:

 

Signing a new tenancy agreement
The most common way of increasing rent is by signing a new tenancy agreement with altered rates. This is the most straightforward way of increasing rent because there are fewer regulations to follow, and landlords are free to adjust prices to reflect market value and cover additional costs.

 

Activating the fixed-term increase
If a fixed-term agreement contains a clause allowing the landlord to increase rent at a certain point during the tenancy, a written notice must be issued stating when the increase will take effect. The notice period should ideally be at least two months, and both parties must sign a rent increase agreement.

 

Reaching a mutual agreement
Landlords can contact tenants to discuss potential rent increases. When taking this approach, it is crucial to be honest about the reasons for proposing a rent increase while also considering the impact on the tenant. If a deal is reached, a rent increase agreement must be signed to make it official.

 

Serving a Section 13 notice
If a landlord cannot reach an agreement with a tenant, they may choose to serve a Section 13 notice. This is a more formal method of increasing rent and can only be served in a short-term periodic tenancy. The landlord must fill out ‘form 4’ and serve it to the tenant, who may then accept or challenge the rent increase. If a tenant challenges a rent increase, it will be referred to the first-tier tribunal, which will consider the arguments presented by both parties before deciding whether or not the rent increase is fair.

 

How much can landlords increase rent by?
There is no specific limit on how much landlords can raise rent. However, the government stipulates that any increases must be fair and realistic based on the local market. A rental charge that significantly exceeds the local average rent of similar properties would not be seen as fair or realistic.

 

How can an estate agent help?
Estate agents play an important role in assisting landlords with increasing rent in a fair and reasonable manner. They research the rental market on behalf of landlords and recommend an appropriate rate to charge, as well as assisting in negotiating with tenants to achieve the best results for both parties while maintaining a positive relationship.

 

Final thoughts
To ensure a stress-free and profitable tenancy, landlords must strike a balance between increasing rental income and maintaining positive relationships with tenants. After all, losing a reliable tenant because of an unreasonable rent increase could cost you more money than it’s worth. Rules and regulations differ depending on the type of tenancy and the method of proposing a rent increase, so it is important to keep up to date with the latest legislation with the help of a trustworthy estate agent.

 

Looking to maximise your return on investment as a landlord?

 

 

 

Gazumping and gazundering are not always carried out intentionally to save money. Sometimes buyers and sellers experience challenges while they are between homes, and a good agent can help you overcome them.

 

What is gazumping?
You are elated that your offer on the home you have chosen has been accepted. A few days before completion, the person selling their property accepts an offer from another buyer. Although you may feel furious and a little heartbroken, this is perfectly legal.

 

How can you avoid gazumping?

• Get organised
  Don’t delay or waste any time. If you are organised, then you can move quickly. So, communicate with your agent and start the paperwork process as soon as possible.
• Sort your mortgage
  Working with a good agent helps speed things up, but if you don’t have your mortgage agreement in principle in place, delaying gives your seller more time to consider offers.
• Choose your conveyancer or solicitor wisely
  You don’t want a slow solicitor or conveyancer. Call them regularly for updates until they get the job done. Your agent could recommend a reputable firm for you.
• Negotiate the removal of the property from the market
  When making an offer as part of the deal, ask your agent if the seller is willing to remove their property from the market.
• A lock-out agreement
  You may be able to draw up a contract that will set out a given period of time in which the buyer has exclusive rights to buy the property.
• Gazump your gazumper
  If you really love the property and are determined to buy it, and your finances allow it, you could simply make a higher counter-offer; a small increase can make a big difference.

What is gazundering?
The boot is on the other foot in this case, as a buyer of a property lowers their offer, usually at the last minute. Like gazumping, this is perfectly legal until the exchange of contracts.

 

How can you avoid gazundering?

• Set a date for the exchange of contracts
  This is like setting deadlines for solicitors or conveyancers, the buyer, and the seller to work to. This will keep momentum going and reduce the risk of a buyer reducing their offer.
• Pricing is critical
  Understanding the property market is important. Your agent’s skill and experience in pricing accurately are crucial in valuing your property accurately.
• Valuing your home
  Good agents conduct face-to-face valuations and will find the right value for your home, and this will help prevent gazundering and gazumping in the first place.
• Avoid leaving surprises
  Hiding issues that may affect the value of your home, which will inevitably be discovered during a survey could encourage gazundering.
• Consider chain-free buyers
  There is no guarantee that this will prevent getting gazundered, but a chain-free buyer will move more quickly than a buyer in a chain.
• Be prepared
  The golden rule when moving home is to be organised. Anything that could delay your move, from paperwork, mortgages, and poor communication to choosing the wrong agent.

A good agent is crucial
An experienced agent could prevent and will certainly minimise the risk of either of these scenarios happening by matching the right buyers with the right homes. But even if these situations do arise, a discerning agent will help manage your situation so that your moving dreams do not become thwarted. Agents do not just sell properties but also represent your best interests and position in the market. They can improve your ability to buy or sell by always presenting you in the best possible light so that your home move is a success.

 

Get in touch today for a successful and smooth home move

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With average rents increasing by 7.5%* in the year to January and better buy-to-let mortgages becoming available, the market is looking good for landlords. With a shortage of properties on the market and a growing number of students and young professionals, landlords are spoiled for choice when it comes to finding tenants.

Know your responsibilities
Whether you are letting to young professionals, students, or both, it’s vital that you understand your responsibilities. Going down the HMO route (house in multiple occupancy) can be very lucrative, but as with any rental property, it’s vital that you know your responsibilities. As an HMO landlord, you will need to ensure that annual gas checks, electrical checks every five years, and fire safety checks are carried out, to mention a few.

Create the right tenancy agreement
It's really important to have a good tenancy agreement in place as a landlord. This will protect you, your property, and your tenants and help prevent disputes. Letting to students or young professionals may require a more flexible approach, and the tenancy agreement you create should reflect this. Students may need fewer amenities; young professionals, on the other hand, may be a better bet if you prefer long-term tenants.

Find good tenants
Good tenants who pay their rent on time, do not damage your property, and don’t behave in an anti-social way are worth hanging on to. With the Renters Reform Bill expected to become legislation later this year, your rights as a landlord will be reinforced thanks to the proposed strengthening of Section 8. Reference checking and rent collection are important, and a well-maintained, nicely decorated property will attract good tenants.

Advantages of renting to young professionals
It’s not unheard of for young professionals and students to rent the same property. As a landlord, you may find that a former student wants to remain living in your property as a young professional. Young professionals, who are seasoned renters, may take better care of your property than students. As they are earning, bills are more likely to be paid on time, and with fewer parties, noise should not become an issue.

Advantages of renting to students
Every rental property is unique, and your decisions are based on many factors. For example, you may choose to rent to students, knowing that noise will not be an issue if your property is located next to other student homes. Other advantages could include lower furnishing costs, potentially higher rental yields, and the fact that students may pay in advance of each semester and could come with guarantors.

Consider using a letting agent
Whether you let to students or young professionals opting to do so via the HMO route or prefer to rent your property out as a single let, using an agent can be a good move. Having their support will protect your investment by staying on the right side of the law. Rent collection, finding referenced good tenants, and even your property's maintenance could be something you no longer need to worry about with a managed letting service.

 

Do you need a good agent to manage your property?

 

HomeLet*

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?

 

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When selling your home, you want to make the most out of its value. Whether that is by creating kerb appeal or renovating the bathrooms, there are plenty of ways to increase your property's price. An Energy Performance Certificate could add value to your home, and understanding the significance of an EPC rating is crucial.

What is an EPC rating?
The Energy Performance Certificate was first introduced to the government in 2007. It then became a legal requirement in 2008 to have an EPC rating when selling or renting a property.* This was put in place because 13% of emissions that contribute to global warming come directly from homes.** The result encouraged sellers and renters to adopt saving-energy measures, and the EPC ratings helped identify energy-efficient properties on the market. Energy-efficient homes were able to fetch a higher price on the market as they added value to the home.

The EPC gives you a rating from A to G on how energy-efficient your home is. With A being the most efficient and G being the least efficient. This EPC rating has been put in place to increase people’s knowledge and awareness of the effect homes have on global warming and hopefully decrease the overall emissions from properties within the UK.

How is my EPC rating calculated?
Numerous property-related factors go into calculating your EPC rating. To get an EPC rating on your property, you will need to find an energy assessor. An energy assessor will conduct an assessment and study the contributing factors in your home. The factors that contribute to your home's EPC rating are your overall energy costs, your property’s internal layout, the boiler, insulation, windows, your central heating system, and any hot water tanks. It is important to plan for your assessment, for example, if you have loft insulation or have just had double glazing fitted, you need to present the paperwork to the assessor; they cannot just take your word for it.

How does my EPC rating affect my home's value?
An EPC rating can determine how attractive a property is to potential buyers. This is because the more efficient a property is with energy, the lower the property’s monthly bills. The average home could increase its value by up to 14% if it improved its EPC rating from a G to a D.*** This increase in value is dependent on the property’s location.

How does my EPC rating affect my home's value?
An EPC rating can determine how attractive a property is to potential buyers. This is because the more efficient a property is with energy, the lower the property’s monthly bills. The average home could increase its value by up to 14% if it improved its EPC rating from a G to a D.*** This increase in value is dependent on the property’s location.

 

How can I improve my EPC rating?
When you have your EPC assessment, you will be handed a certificate, which will introduce you to ways in which you can improve your rating. The main method for improving your EPC rating would be basic energy efficiency. Installing insulation within the home and surrounding pipes, light bulb replacement with energy-saving bulbs, upgrading your boiler and heating system, installing solar panels, a smart meter, and double or triple-glazed windows. These are the main contributing factors that can improve your EPC rating.

How can I maintain my EPC rating for the future?
An EPC rating costs around £60 to £120, as there is no set price as it depends on the size of your home. An EPC rating is required when a property is being sold or rented out. Unless a large renovation project has changed the property, an EPC can last up to 10 years on a property. If you plan to sell or rent your property out, we recommend getting an updated rating, as it could allow you to improve your rating overall and increase the value of your property in the future.

 

When it’s time to move on, it pays to be an early bird. So, where do you start? Let’s take a look at a few tips to help you on your way.

Start your search
Finding a letting agent is a good first step. They will be able to advise you on the entire process and keep you on the right path. Finding the right property can be a swift process or may take longer than anticipated. But, when you do find the right place, you will have the option of putting down a holding deposit. This is usually one week's rent and is refundable, and will help you make your move seamless and ensure you get the property you want.

Book some viewings
Getting out and seeing potential properties is important. It’s tempting to rush this process but when you're emailed a potential property, it’s a good idea to be ready to view it. On the other hand, you may decide to clear your calendar to book multiple viewings. Some homes will surpass expectations, while others may not. Calculating potential bills can create some pleasant surprises in more energy-efficient homes, so it is worthwhile checking the energy rating of your potential property.

Moving out and moving in
Communication and planning are key to a smooth move. Setting a moving-out date for your old place and a moving-in date for your new home on the same day is important. You don’t want to leave things to chance. Pin each party down to exact dates and times, then prepare your belongings and organise removal firms or ask your friends to help. Don’t forget to update your new address for the electoral register, your bank, and the DVLA. Then, inform your energy suppliers and take meter readings of what will become your previous address, and any other parties that need to know you are moving.

Checking the inventory
You should do this whether you are moving out or moving in. Paying attention to this process will help you get your deposit returned at the end of your tenancy. Don’t be afraid to be thorough. The inventory will give details on the condition of everything, from walls and ceilings to appliances. You will want to get your entire deposit back so cleaning your old home and leaving it as you found it is important. But, it is also important to check your new property as soon as you move in.

Using an agent makes the paperwork so much easier
The beauty of using an agent is that they can take care of your deposit, reference checks, and give you a clear understanding of your tenancy agreement. You don’t need an agent to place your deposit in a deposit protection scheme; however, having someone to guide you helps make the process more straightforward. Fully managed properties benefit from 24-hour maintenance support should any issues arise. A good lettings team is always easy to get in touch with to guide you before, after, and during your tenancy to help you in any way they can.

Make your new place your own
With a good letting agent on your side, you can concentrate on enjoying your new home. Adding the little details that make a home your own makes a big difference and you may decide to decorate. If you are organised and well ahead of time you can plan your new layout and discuss any plans you have for decorating with your agent before you move in. After you have handed back the keys to your old home and got your new keys, you know because you have used an agent that the property is compliant. When all the necessary paperwork is in order, your home is decorated nicely, and you know you are supported by your agent, you can relax and make the most of your new life.

 

Are you looking for a fresh start? Contact us today

 

When it’s time to move on, it pays to be an early bird. So, where do you start? Let’s take a look at a few tips to help you on your way.

Start your search
Finding a letting agent is a good first step. They will be able to advise you on the entire process and keep you on the right path. Finding the right property can be a swift process or may take longer than anticipated. But, when you do find the right place, you will have the option of putting down a holding deposit. This is usually one week's rent and is refundable, and will help you make your move seamless and ensure you get the property you want.

Book some viewings
Getting out and seeing potential properties is important. It’s tempting to rush this process but when you're emailed a potential property, it’s a good idea to be ready to view it. On the other hand, you may decide to clear your calendar to book multiple viewings. Some homes will surpass expectations, while others may not. Calculating potential bills can create some pleasant surprises in more energy-efficient homes, so it is worthwhile checking the energy rating of your potential property.

Moving out and moving in
Communication and planning are key to a smooth move. Setting a moving-out date for your old place and a moving-in date for your new home on the same day is important. You don’t want to leave things to chance. Pin each party down to exact dates and times, then prepare your belongings and organise removal firms or ask your friends to help. Don’t forget to update your new address for the electoral register, your bank, and the DVLA. Then, inform your energy suppliers and take meter readings of what will become your previous address, and any other parties that need to know you are moving.

Checking the inventory
You should do this whether you are moving out or moving in. Paying attention to this process will help you get your deposit returned at the end of your tenancy. Don’t be afraid to be thorough. The inventory will give details on the condition of everything, from walls and ceilings to appliances. You will want to get your entire deposit back so cleaning your old home and leaving it as you found it is important. But, it is also important to check your new property as soon as you move in.

Using an agent makes the paperwork so much easier
The beauty of using an agent is that they can take care of your deposit, reference checks, and give you a clear understanding of your tenancy agreement. You don’t need an agent to place your deposit in a deposit protection scheme; however, having someone to guide you helps make the process more straightforward. Fully managed properties benefit from 24-hour maintenance support should any issues arise. A good lettings team is always easy to get in touch with to guide you before, after, and during your tenancy to help you in any way they can.

Make your new place your own
With a good letting agent on your side, you can concentrate on enjoying your new home. Adding the little details that make a home your own makes a big difference and you may decide to decorate. If you are organised and well ahead of time you can plan your new layout and discuss any plans you have for decorating with your agent before you move in. After you have handed back the keys to your old home and got your new keys, you know because you have used an agent that the property is compliant. When all the necessary paperwork is in order, your home is decorated nicely, and you know you are supported by your agent, you can relax and make the most of your new life.

 

Are you looking for a fresh start? Contact us today

 

With many homeowners making the most of the equity they have in their homes to move to a better property, having good levels of equity in your home gives you more options. Even if you don’t have quite as much as you would like, it does not take a long time to build up. The first step to take if you want to find out what these options are is to calculate how much equity you have in your home.

What is equity?
Equity is the amount of your home that you own. It's not difficult to calculate, simply subtract the amount of debt you owe in mortgages or loans from the market value of your property.


Get an up-to-date valuation of your home
The more accurate your valuation, the better. So, use a good local agent, their instant online valuation tool will value your home in just a minute.

Find out how much you owe on your mortgage
Get in touch with your mortgage provider to find out exactly how much you owe. If you have borrowed for home improvements, get an up-to-date balance on these loans also.

Subtract your debts from your home’s value
For example, if your home is worth £375,000 and your outstanding mortgage balance is £180,000, you have equity of £195,000 in your home.

 

How to calculate this equity as a percentage?
To calculate equity as a percentage of your home’s value, simply divide equity by your home’s value and multiply by 100.

Using the figures above as an example:


In this case, the percentage equity is 52%.

 

As the year unfolds, the property market is continuing to surpass expectations. Instead of a great crash, we find ourselves in a bit of a sweet spot, as many home-movers stand to make a healthy profit on their current properties. But the even better news is that alongside this, you can enjoy reasonable pricing, opening the doors to a nicer home. According to Zoopla, 90% of homeowners who sold up in 2023 made a 25% profit, with the average seller of a £275,000 property making £74,000.* In March 2024, average asking prices increased by 0.8% compared with the same time last year, and by 1.5% in the space of a month.** That means your deposit for your next home is sitting within your current address. Depending on your current and new home’s location, you could make substantially more than the average. We have all heard it before – ‘if house prices go up, it’s not necessarily a good thing because you have to buy another one’. The slowdown in house price increases in 2023 means that this year, homes are more affordable. So, you have great equity to use to buy your next home, an additional home, or to make home improvements. But, if you do decide to move, you can buy at reasonable prices. This puts homes that may have been previously out of reach within your grasp.

Interest rates are set at realistic levels
Yes, interest rates are a bit higher than in previous years, but this has helped balance the market, reducing competition for property to more normal levels. Super-low interest rates can lead to an overheating of the market, causing house prices to rise too rapidly. Many home-movers are becoming increasingly aware that mortgage rates are going to hover at the current, more realistic levels, which represent good value. If they fall a bit, house prices are likely to rise more rapidly.

It's not about making a profit, it’s about realising your dreams
Making gains on your property is a fantastic feeling but for most people, it’s not about the numbers and more about enjoying a better home. Making a healthy profit on your current home helps you move to a better property. Whether you are buying a two-bedroom country cottage or an eight-bedroom Victorian townhouse with a gym, study, and sauna, it's getting what you want that feels amazing.

Zoopla*
Rightmove**

 

As summer rapidly approaches, on the back of a more than buoyant spring, homemovers are achieving good asking prices and getting offers accepted on their new homes. House prices are firming up, instead of rapidly rising, due to sensibly paced house price inflation. This creates good buying and selling conditions; however, it’s as important as ever to price your home correctly, so you can ‘mind the gap’.

 

What does ‘mind the gap’ mean? 

‘Minding the gap’ refers to the difference between the asking price a vendor is willing to accept and the agreed selling price of a home. The good news is the gap is narrowing, with the average difference between the asking price and the agreed sale price growing smaller, with average discounts at 3.9% in March, falling from 4.5% in November 2023.* These figures are yet more proof of an improving market. In some cases, this gap may not exist and it’s also worth remembering that homes are usually priced knowing that there will be room for negotiation. 

 

The art of negotiation

When an agent places a value on your home, they will do so knowing that buyers, will more often than not, try to negotiate on price, so they will take this into account. As a seller, you want to achieve the best possible price for your home and as a buyer, you want to get a lower than asking price offer accepted. Your agent or agents, if you are selling with one and buying with another, are working in your best interests. So, when it’s time to negotiate, even though it’s completely up to you what price you want to offer or accept, listening carefully to your agent's advice is crucial. 

 

Your home and your position in the market are unique 

Your home is as unique as you are, and may achieve more than the asking price, if it gets a lot of buyer interest. This could bring about a sealed bid. Even if this does not happen, you may not have a gap between your asking price and the agreed selling price of your home. On the other hand, if a cash buyer makes an offer below your asking price, then you may decide to accept the offer so you can make your move more quickly. Setting the asking price correctly in the first place should mean you will not have to reduce your price by too much. But, that does not mean you should simply choose the agent who places the highest value on your home.

The best valuations are not always the highest 

A good agent will value your home thoroughly, which is what you want. This is because they will find the features and positives of your home, its location, and the local market, so you can achieve a good selling price. It may be tempting to choose the agent who places the highest value on your home; however, it’s not always a good idea. Overvaluing your home can lead to your sale becoming stale. Some homemovers have found that they sell with a second agent, after not selling with their first choice, because the asking price was set too high.

Know your market 

In March, the percentage of asking prices achieved in the UK stood at 96.1% and with a 9% increase in sales agreed, the market is getting stronger.** However, your local estate agent will be an expert in your local market and in advising you on how to prepare your home for sale. They will also put local market analysis and a database of buyers to good use which will help your home find the right buyer at the right price. It’s good to keep track of the market yourself, by checking out recently sold prices, and comparing the condition of other similar properties. Then you can come up with the right pricing strategy with your agent, that gets you to where you want to be, without a big gap.

 

Get in touch to get moving this summer

 

Zoopla*
hometrack**

 

 

 

Maintaining the right balance of your income spent on rent is crucial when getting involved in the rental market. By sustaining this balance, you have a better chance of creating financial stability and retaining a comfortable way of living. One-in-five of the UK's residing tenants spend more than half of their income on rent, reducing their overall financial freedom dramatically.* Renting a home allows you to have a freer, enhanced lifestyle; it's not meant to burden you financially.

Why should you rent?

Renting is a great way to create your own safe space from the outside world without becoming permanently tied down. When renting, there are some well-known guidelines to help steer people in the correct direction on how much of your income should be spent on housing per month. There is no one-size-fits-all situation when it comes to your home, you should rent whatever property suits you and your lifestyle.

What affects the price of rent?

Multiple surrounding factors of the property affect the price of rent, and you need to ensure that these align with your lifestyle and overall budget. Considering these important factors can help you navigate through the rental market and discover what price and property is right for you.

Location – When choosing your new home, location will always have the largest impact on the price. Choosing to live in a city increases the monthly rental cost because the property will be close to a variety of shops, activities, and opportunities.

Type of property – More space leads to a higher price, so deciding how many bedrooms and bathrooms you require can help you discover a perfect budget. Having access to certain amenities, such as the rental property being furnished, or parking can also influence the price. It is important to recognise your needs in a property before committing to your new home.

Rental market trends – Local and national trends easily influence the cost of rent, especially supply and demand. It is important to observe all rental market trends constantly, allowing you to stay in the loop and enter the market at the right time. Renting through a letting agent can help you identify good opportunities in the market and make well-informed decisions.

The infamous rental guidelines

Finding a place to call home can sometimes feel overwhelming, but proactively planning your income with one of these guidelines can help you feel confident about how much you can afford. These are some well-known rules to help guide you to the correct cost you should potentially be spending on housing.

30% rent rule – This renting rule has been a very popular model since its establishment in 1981. This rule suggests spending 30% of your gross income (before tax) on housing costs, as over 30% could create a strain on your monthly finances.  This is the best guideline to use when starting out in the rental market, as it helps you identify an affordable budget.

Under 30% rent rule – Commonly used, this rule is for people able to live in more affordable areas, allowing a larger increase in financial flexibility. This rule is in place to show people that they don’t have to spend the full 30% of their income on rent and still get their desired home. This allows you to save and live a more luxurious lifestyle.

50/30/20 rent rule – This rule is a great guide to use when you begin to have a steady monthly income and allows you to maintain a stable budget. 50% of your income should be spent on your needs, which would include rent, bills, and any constant outgoing monthly costs. 30% can be spent on your wants, allowing you to continue to enjoy life outside of work hours, and 20% should be placed in savings for a potential house deposit or any debt that needs to be covered. 

What’s your end renting goal?

When renting a property, you want to ensure that it is the right property for you. It is a personal decision based on your individual preferences and needs. These rules have been put in place to provide vague guidelines, ensuring that no one becomes lost when entering the rental market. Make sure you have identified your budget, monthly expenses, and what kind of lifestyle you want to lead, before entering the rental market.

 

Get in touch today and rent right, through us

 

A well presented, four bedroom detached family home, situated in this excellent cul-de-sac location, in this highly popular part of north Leamington.

£650,000

 

With the seasons changing, the UK property market is beginning to heat up. In light of the current economic climate, you can be excused thinking the housing market may be in decline, however this is not the case. Here are a few reasons to be optimistic with an increasingly bright property market. 

New normal

In the past, accepting increased mortgage interest rates was something the consensus of the general public was not willing to do; however there has been a shift in mindset as this is beginning to be considered the ‘new-normal’. Buyers have accepted paying slightly more interest in return for a house which is less prone to rapid pricing changes and instability. Good levels of affordability increase the palatability of the so-called ‘new-normal’ as home movers are no longer waiting for sudden changes in the market. 

Improving market conditions 

The number of sellers coming to the market was 12% higher than last year, with the number of sales agreed up by 13%.* And with over 96% of asking prices being achieved, moving conditions are more than good.** Other positives, such as 0% stamp duty up to £250,000, (£425,000 for first-time buyers) until March, 2025, and increasing mortgage choice are bringing more buyers to the market. Reasonable pricing, thanks to house price inflation remaining under control, means you can achieve a good asking price, while not overpaying for your next home, and is a win-win situation for home buyers and sellers.  

Pricing in perspective  

House prices are settling rather than rapidly growing.  You may say ‘house prices feel high’, however it’s important to put higher interest rates in perspective and the same goes for house prices. Inflation can blur the reality of house prices. Simply put, houses are not as expensive as you may think, when you compare how inflation has increased the prices of goods and services generally. Interest rates in years past have been three times higher than today's level. The bottom line is mortgage rates and house prices can represent good value for money.

The advent of 1% deposit mortgages 

If 1% mortgages become more popular, it will have a lot of positives for the market. Allowing first-time buyers to get on the ladder for a fraction of the deposit normally required, makes buying a first home much easier. Some lenders may require a minimum deposit of £5,000. However, compared with, by way of example, £12,500 or a 5% deposit traditionally needed to buy a home valued at £250,000, means first homes are suddenly more accessible. This could have positive ripple effects for the entire market as demand for second-stepper homes increases. This is because starter homeowners will achieve good selling prices thanks to increased demand, and then use the extra gained equity to move on. 

Your agent’s skills have never been more important 

The market may be heating up but that’s no reason to be complacent. As the housing market becomes more realistic and stable, it requires greater attention to detail, and smaller gains have a bigger impact. The market is still erring on the side of caution, hence you don’t want to do anything that upsets your home’s sale. This is especially true when it comes to pricing and marketing your property. However, with all that the market has going for it, moving for most people is about buying a home they love. Achieving the right price and making the process as straightforward as possible are important, but nothing compares to the emotional impact the right home brings. 

 

Browse our properties to find your hot property today

 

Rightmove April House Price Index*
hometrack March House Price Index**

 

 

 

With the sea, sunshine, and happy holiday memories just around the corner, it’s time to prepare your property with a pillow of protection for when it stands empty. As a landlord, your property can sometimes be empty, leaving it exposed to more danger and the possibility of a break-in. For landlords, it’s important to keep the property looking alive in between tenants. So, here’s some advice on how to keep the property looking alive when you’re on holiday or when it’s standing empty.

Postal deliveries 

When your property is standing empty or you’re on holiday, it is common that post and parcels can pile up outside, creating the impression of an empty property. To prevent this appearance, it’s important to ensure your post is either redirected to your neighbours or that a close friend or relative collects your post regularly. Leaving post and parcels to pile up can give burglars a clear target.

Social media

We get it. When you’re having a blast while away from home, it’s easy to share all your fun on social media. But by posting pictures and updates on social media, you can inform burglars that you aren’t on the property. This can make your home an easy target, so it is best to delay your social media posts until you return to the safety of your home. It is common for thieves to use social media as a tool to help them decide when to target properties, so try not to make this mistake.

Home security

By increasing your home security, you'll be able to keep track of your home 24/7 when you're away. By having security cameras, or even a live-monitoring doorbell, you can know if any movement is happening in or near your property. Through having a home alarm inside your property, you can allow the alarm company to register any movement, and then they can inform the police if there is no answer to alert them that it was you. There are also apps that allow you to monitor your property through cameras and turn your lights on and off.

Minimise valuables in sight

When you're away from your property, you want to make sure it looks alive and liveable. This can be done by placing timers on lights and lampshades or by having someone live on the property (house sit) while you’re away.  However, be careful you don’t accidentally advertise your belongings in the windows, as this can encourage burglars and make your property a potential target. Don’t give burglars motivation; move your valuables out of sight before leaving your property.

Emergency contacts

When you are not always going to be around to protect your property, it is important to ensure your neighbours have your back. By getting to know your community, they can easily spot strangers wandering and identify burglars ahead of time. Having an emergency contact in place with a spare key allows the police to know who to contact if there are any issues when you aren’t near. Additionally, knowing you have a trustworthy emergency contact in place allows you to relax when you are away from your property.

Summer is the peak time for crime rates in the UK, with an increase occurring each year. Just implementing one of these suggestions could potentially deter burglars, reducing the chances of your property becoming a target. Ensure you have protected your property as a landlord or tenant, so you can feel relaxed when leaving your property behind.

 

Contact us today for more information on how to protect your 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 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

 

Zoopla*

 

Searching for the right home is rarely a simple task, but throw family into the mix and you’ve got a seemingly endless list of wants and needs to consider. We’re proud to offer an extensive range of suitable properties for a variety of unique households. But if you’re unsure where to start, here are the key things you should look out for.

Community

The community surrounding your property is all the more important when you’re raising children. You’ll want a location that feels safe, with friendly neighbours and a warm community spirit. You can find out a bit more about the local community through online forums, checking the local crime rates, or even paying the place a visit before committing to finding a home.

Schools

Proximity to schools should sit high on your list of priorities if you have young children. Many schools have a catchment area, so you should start your research as early as possible. Catchment areas are calculated based on the distance to the school, but each school will calculate this differently. You will most likely need to directly contact your chosen school to find out more about their specific catchment area.

 

Outdoor space

You may not need a huge garden for your family home, but you do need access to outdoor space. Whether it’s a balcony, a communal outdoor area, or a pretty nearby park, fresh air is vital for everyone in your household. 

Transport links

Whether you drive or not, it’s important to research the area’s transport links. You can find most of this information online, or you could ask questions during your viewing. Are the buses reliable? How close is the railway station? Are there any roads you should avoid on your commute?

If you plan on making use of the local public transport regularly, you can also find out the fastest and cheapest routes using Google maps and ticket apps.

Family-friendly fixtures

The fixtures and fittings inside your family home should cater to the practicalities of modern life, with a healthy balance of durability, safety, and convenience. This might include a large fridge and plenty of cupboard space, hardwood flooring, or a reliable washing machine with a large load capacity. Every family is unique, so draw up a list of wants and needs before you set off on your search.

 

Need help finding a home? Contact our expert team today

 

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

 

Selling your home involves countless difficult decisions, and knowing which offer to accept is no exception. You might have asked yourself: What if the first offer is the best one? While achieving the highest possible price for your home is an important goal to keep in mind, there are several other factors that might come into play.

Here are some key considerations to help you make your decision.

Buying position

The term ‘buying position’ refers to the buyer's readiness to proceed with the sale. Therefore, factors such as being in a chain, having a mortgage agreement in principle, and being a cash buyer, all affect the buyer’s positioning. A first-time buyer, for example, might be in a great position to buy your house since they don’t have one to sell first.

If you’re hoping for a quick move with fewer complications, you should take buying position into consideration when comparing offers.

When the first offer comes in

The first offer is an important one for a multitude of reasons. You aren’t obligated to accept the first one that comes in (or any offers for that matter) but there may be circumstances in which you do accept the first offer made on your home. 

For example, if your home has been on the market for a long time without generating much interest, you might be more inclined to accept your first offer. Conversely, if you’re in need of a quick sale, you might accept the first offer in favour of waiting for more to come in. 

There are also some compelling reasons why you might not accept your first offer. For example, you might fear that the offer is too low and you could risk missing out on a better offer if you hold out. There’s no way to be certain of this, which is why it’s important to have an agent guiding you through these tough decisions.

What happens if I receive two or more offers on my home?

If your house draws in multiple offers, you could be well-positioned to sell it for a high price. If both offers are identical, you have two options:

1. You can accept the offer from the buyer who is in the best position to close the deal fast. This could be someone without a chain, or someone who has a mortgage deal in principle.
2. You can move to sealed bids. This is when your estate agent asks each party to put in writing the highest amount they are willing to pay for the property. The bids must then be sealed and sent back to your agent by a specified date.

Should I pick the highest offer?

Sometimes the highest offer is the right one to choose, after all, it makes logical sense to sell your home for the highest price possible. However, some sellers might choose a lower offer in favour of a better buying position. For example, a cash buyer might offer a lower amount in exchange for a less complicated sale. 

The same goes for first-time buyers, or those with a mortgage agreement in principle. If the seller places more value in a quick move, they might lean towards offers from these groups. 

Our experts aren’t here to tell you which offer to choose, but we can use our local market expertise and sharp negotiating skills to guide you towards the best outcome for your sale. Remember – it’s your home, so the choice is yours!

 

Need help getting your home on the market? Contact our dedicated team today to get started