Buying and Selling Property
Buying
Selling
Renting
Mortgage & Financial Advice
Advice for Owners
FAQs
Books
|
Buying and Selling Property » Buying Property Advice » Buying property in UK
Buying property in UK
The sky rising price of housing has made it very complicated procedure for potential buyers. A lot of people are gradually on the lookout for substitute means of getting on the property ranking. Since buying alone is becoming difficult many people are buying with their friends or families which are the two accepted options. There are shared ownership scheme which can be utilized too. With this facility you will be able to buy a percentage of your new home, and pay rent on the remainder. The good thing is you will also be able to have the option of increasing your share as and when you can manage to pay for it. Many of these homes are new-builds, with initial shares starting from around a quarter of the amount and the ultimate option of owning the whole property.
You should check with the Communities and Local Government Advice about different housing authorities as they have different criteria for who can participate in shared-ownership schemes.
Finding a property
The first step would be to start looking at available properties. You could look at newspapers or references. Looking in estate agents' windows, the internet is also an excellent research tool for finding properties. There are now many websites specifically geared for property searches, as well as those catering for people who want to sell without an agent altogether. Most estate agents also have their own websites.
Viewing properties
Here are some functional guidelines to keep in mind when looking for the house you really want to buy.
Make sure you view the properties as soon as you can because if you leave it too long and you could lose out. Take the important guidelines with you in print.
If you are buying with your family or in a group, make a decision about who will be the chief viewer, and be a better candidate by taking time out in between work to check it yourself.
Don't hesitate in making numerous visits with tradesmen to find out what you're letting yourself in for.
Double check the records of any unkempt dealings and therefore cheaper property. If it's been rented it may have had a series of landlords and they may have done the bare minimum in repair and upkeep.
It is a good idea to check how long the property has been on the market. If you're interested in buying a run-down property to renovate and put up for sale if it's been there a long time, it suggests there isn't a lot of profit to be made.
Look for serious undone work which might not be superficial. Don't get carried away by new carpets, bathroom fittings and kitchen cabinets.
Deciding about the offer amount
When you are ready to hit an agreement and have decided on an offer amount consider all the factors that are major for you. Incase if you do find your ideal home and are sure that the price is acceptable, you could consider offering the full asking price. By doing so, you will be considered as a serious buyer. Most sellers would not waste time on other possible buyers and the chances of you being gazumped will not arise.
All offers should be made with the stipulation of taking the property off the market. Getting a 'Sold' board outside is a good way to dissuade others from looking. You might also want to ensure that all internet adverts for the property have been removed, to prevent any further interest.
Chains
One in three property chains fall apart. This can happen for numerous reasons, from one party not having their finances in order, to an unpleasant surprise in the survey.
Under present British house-buying and selling practice, little can be done to alter the process, although the Government has introduced legislation that will require home owners or their selling agents to provide a Home Information Pack (sellers pack or HIP) to prospective buyers on request.
The best way to ensure a chain progresses smoothly is through good communication. Stay in regular contact with your conveyancer and estate agent to make sure everything possible is being done to speed things along.
It can also help to stay flexible. Be prepared to move in with your family or rent as a short-term measure if it means you can keep the chain going.
Whether buying or selling you will probably use the services of an estate agent. Although they don't need to be registered to set up in business, many do belong to the National Association of Estate Agents (NAEA) and the Ombudsman for Estate Agents (OEA).
Choosing and working with an estate agent
You may want to choose an estate agent that is registered with the NAEA or the Ombudsman, as this will mean they have to abide by a code of practice. You can find one in the area in which you are interested by searching on the NAEA website. All estate agents are bound by the Estate Agents Act, whether or not they are registered with a governing body.
If you have a complaint about the conduct of an estate agent you can contact the Ombudsman for Estate Agents. The OEA provides an independent service for dealing with disputes between estate agents who are members of the Ombudsman Scheme, and consumers who are actual or potential buyers or sellers of residential property in the UK.
The OEA will advise on alternative routes to take if the estate agent you wish to complain about is not a member. You can also contact the trading standards department of your local council.
Gazumping
Gazumping - Many times just in the very last minute people go all out and outbid rivals. The estate agents are helpless in stopping even though they might not approve of it. Scotland locals are fortunate where there are laws to protect the buyer.Under the Estate Agency Act, estate agents are obliged to pass on all offers they receive, although a determined buyer will probably go straight to the vendor.
There's little you can do to repel a determined bidder, but there are ways to lessen the chance of it happening, or at least reduce the impact if it does:
- Offer the full asking price and request that the property is removed from the market as soon as your offer is accepted.
- Be flexible with the vendor and don't quibble over minor points.
- Make it clear you're willing to complete on their timescale, not yours.
- Be nice to the vendor - if you've established some kind of relationship with them, it should be harder for them to let you down.
- Take out insurance - you must do this before you instruct your solicitor, but then if you're gazumped, you can be refunded the cost of your various fees.
|
|
