On this page you will find details of links to Estate agents and Property
Management Companies from the UK and beyond...
The process of buying a property in the
United Kingdom can seem complicated for a first time buyers with no
practical experience. We hope you find the following sure guide a useful
starting point. The main sources of information for finding
properties for sale are estate agents, Private Sellers, buying property
off-plan, auctions and of course, the Internet. You need to make friends
with estate agents in the prospective area you are searching. They will
have a good understanding of the market conditions and rental values if
the purchase is for investment 'buy to let' purposes. The will need to
provide your solicitors contact details to the estate agent and explain to
them about your needs and situation, particularly with regards to whether
you are what a cash buyer or stuck in a potential housing chain. Check
whether the estate agents you are talking to are a member of a National
Association. They will be regulated by the property Mis-descriptions act
of 1981. Remember, that estate agents are there to make commission from
the sale of the property and are primarily acting on behalf of the seller.
If you're looking to cut out the estate
agent, there are many advertisements for private sales in the UK and
beyond. This can save thousands of pounds and ensure communication is
direct and not delayed due to messages being continually passed backwards
and forwards between the agent and the buyer and seller. Most people start
with the Internet to contact estate agents in the first place. The
Internet is a great place to find local auctions where properties that
have been previously repossessed by mortgage companies. They are usually
advertised at lower than market rate prices, in order to recoup of what
default mortgage repayments. Sometimes these properties have been left
empty and are in need of repair. It is possible to undertake a survey (at
your cost) on the property being put up for the auction. Most auctions are
binding and so you will have to demonstrate you can purchase the property
financially before have you bid. Set a maximum ceiling level for the
property you are interested in and do not let your excitement level on the
day mean you go over this planned maximum bid.
If you are a buy to let investor or perhaps
moving to a new area (as part of a new job), it is always sensible to
analyse the surrounding areas transport links, shops, schools, sports and
leisure facilities and the level of potential pollution from local
industry and factories. Check local counties council tax rates, and
compare crime levels and news reports regarding crime or antisocial
behaviour in specific areas you are interested in. There is a huge amount
of publicly available information available at local level and doing your
homework market research will increase your chances of finding your ideal
home.
The next step is to view the actual
property and make sure you do this in a secure and safer way (particularly
in regard to Private Sellers). Always visit the property with friends of
check the identity of Sellers or agents before you meet them. Look out
for structural defects such as of look bricks and roof tiles, cracks in
the walls and general subsidence in the brickwork. These can provide
useful negotiating tools to reduce your offer. Always go back for a second
viewing before making an offer and try and compare your choice with other
similar properties in the area to ensure you are making the right
decision.
You will need to employ a solicitor or a
conveyancer to handle the legal aspects of the purchase. They will speak
with the seller's solicitor and ensure contracts are fair. They will also
undertake local searches to check that all the seller actually legally
owns the property and land and that it is not subject any ongoing legal
disputes by third parties. The solicitor will also so searches to check
the overall risk local planning projects, environmental damage or local
disputes would not adversely affect the future value of of your property.
The solicitor will also have ensured land registry of fees and stamp duty
is arranged for you.
When making an offer, try and put yourself
in the shoes of the seller and their expectations and needs. Markets
prices across the UK in 2008 are beginning to fall (its becoming a buyers
market) and there is what vacant empty property. This is
particularly true
of the apartment and flats sector where buy to let investors and rushed to
sell their assets as market conditions have worsened in light of the
global credit crunch. When making an offer always bit low and negotiate on
items such as the value of the contents, the cost of rectifying defects
and the speed of your ability to complete if a cash buyer.
You will need to employ a surveyor check
any to potential structural defects and the cost of employing this
professional person is at your own risk was if the seller decides to
change his mind and pull out of the sale. The introduction of the home
information pack for larger properties has attempted to have rebalance
this situation by making Sellers think twice before of withdrawing from
from a selling situation.
Your mortgage offer is dependant upon your
credit check, deposit, employment details and so on. It is normal that
have a 5% deposit upon exchange of legal contracts. However, more and more
lenders and becoming more risk adverse and insisting on 25% deposit to
ensure you the buyer shares some of the financial risk. At the point of
exchange of contracts you're committed to go through with the sale - if
you decide to pull out you would lose your deposit in risk being charged
financial penalties by the seller. These penalties are normally pre-agreed
in the housing contract that you signed upon exchange. Upon completion,
the majority of the monies from the mortgage company are transferred to
the Seller and then keys handed over to you on the same day by the estate
agent. Your solicitor will register the title deeds with the land registry
and you are now the proud owner of your new home.
