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Property Guides

Below are a section of property guides covering every aspect of dealing with property and working with your Estate Agent to get the best deals for your money. Please click on your area of interest below:

• Buying a Property
• Selling a Property
• Letting a Property
• Renting a Property

Buying a Property

1. Decide what type of mortgage you want: Repayment, Endowment, Interest only, Fixed Rate or Capped *
2. Find out the maximum amount of mortgage available to you
3. Ensure that the monthly repayments are achievable (allow for living expenses, utility bills, council tax etc)
4. Make a list of essential and desirable property features (bedrooms, garage, close to schools or park)
5. Are you prepared to buy a property in need of improvement, new build or in immaculate condition?

1. Decide on the area you want and visit to familiarise yourself, talk to local people
2. Get property details from Estate Agents and the Internet
3. View as many properties as you can, ask the seller how long they have lived there and why they are selling
4. When you find a property you really like go back and look again in the evening or weekend (Is the street noisy/unwelcoming?)
5. One useful source of information about an area is Up My Street (www.upmystreet.co.uk) providing details such as council tax, crime statistics and property prices

1. If you want to make an offer don't start too high, leave negotiation room. Take any improvements into account
2. Ask to view again, people notice more on a second visit
3. If your first offer is refused talk to the Estate Agent who will know what similar properties have sold for and is a valuble source of advice
4. Once your offer is accepted engage a Solicitor, give the Seller and the Estate Agent the Solicitors details

1. Arrange a survey on the property you are hoping to buy
2. Arrange building insurance which needs to be in force from exchange of contracts
3. Arrange life cover for the amount you are borrowing (if applicable)
4. Raise any planning concerns regarding neighbouring properties with the Local Authority
5. Lodge the deposit with your Solicitor (normally on a purchase only transaction)
6. Ensure that all necessary papers are signed and returned to your mortgage lender
7. Ensure that all relevant documentation is signed and returned to your Solicitor
8. Make provisional removal arrangements

1. Confirm buildings insurance and life cover on mortgage
2. Transfer your mortgage funds to your Solicitor
3. Confirm completion date with your Solicitor, this is when you move into your new home

1. Confirm your removal arrangements
2. Arrange for meter readings to be taken
3. Make arrangements for the hand over of the keys with the estate agent
4. Notify your change of address to banks, building societies, credit card companies, insurance companies, DVLA, doctors, dentists, Council Tax department etc
5. Arrange mail re-direction with the Post Office

Congratulations you have successfully completed the process and can enjoy your new home!

Selling a Property

The difference between selling your property and having it on the market for a long period of time can be dependant on how you prepare your property correctly. Therefore before you have any potential buyers to view make sure you have covered the following:

1. Complete any small DIY jobs such as painting, get a professional for larger tasks that you cannot handle
2. Clear away any clutter. If possible store it off-site, storage facilities exist across the country and are relatively inexpensive
3. Clean everywhere. This point cannot be overstressed. Get carpets professionally cleaned, clean windows and curtains
4. Air the property by opening windows. Also remember that some buyers may be allergic to pets so make sure that all signs of animal smells and hair are removed
5. If any of the rooms have very bright colours or carpets, you may want to neutralise them. This does not mean you need to buy an expensive carpet. A coat of paint and rugs/cushions can be enough to make a difference.
6. If your bathroom or kitchen looks tired apply some of the following practises to make a difference

1. Re-paint the ceiling and walls
2. Clean or re-grout any tiled areas that are going black
   It may even pay to install new white bathroom or kitchen
3. Cut the lawns and tidy the gardens, including shed or garage
4. Make sure front door is immaculate as first impressions count
5. De-personalise by removing personal items such as family photos until the property is sold
6. Choose the correct lighting for each space, which can improve the mood of the room
7. Organise rooms so that their purpose is obvious

SET YOUR ASKING PRICE

When selling your property, the asking price is critical in attracting potential buyers. Too low and you could lose thousands of pounds, too high and nobody comes to view. Contrary to popular belief Estate Agents do not set property prices. All they do is estimate a reasonable asking price of a property based on their knowledge of the property market. At the end of the day buyers determine the price of a property based on what they are willing to pay. Follow the steps below and you will be able to easily price and set your asking price like professional Estate Agents. When setting your property price do not be tempted to inflate your price as this will simply drive buyers away and your home will take longer to sell.

Get three different Estate Agents to value your property. Then use the mean average as a guide Find out what other properties in your street have sold for over the last 18 months. This is a good reference (http://uk.houseprices.yahoo.net) You could hire the services of a professional property valuer. These are the people used by the Mortgage companies to ensure a property is the correct value for a mortgage. To find a professional property valuer visit The Royal Institute of Chartered Surveyors (http://www.rics.org)

TIME TO SELL

There are always buyers looking for the right property. Spring is the time when demand is highest followed by September after the summer holidays. Christmas and August are low demand times when buyers are busy. Home improvements and presentation make a massive impact and a clean and tidy home will always be worth more than a dirty home.

MARKETING YOUR PROPERTY

Engage a local Estate Agent who will know the area well, have an established reputation and be prepared to escort potential buyers if required. Decide how you want to market the property, Sole Agency, Sole Selling or Multi Agency * It is commonly believed that Estate Agents fees are expensive, but the best Agents easily pay for themselves. Charging typically 1% to 2%, the best Agents will be able to justify this by achieving a higher selling price for you.

The main advantages of an Agent are:

1. They do all the work for you. You have to do very little
2. They arrange the viewings
3. They photograph and prepare your brochure details
4. They advertise your home in newspapers and the internet
5. They assemble the board
6. They take all phone calls
7. They negotiate with the buyers to maximise your price

VIEWINGS

Have a diary set-up so that you can manage your viewings. For each potential buyer make sure that you have taken their name and number just in case you have to re-arrange the appointment, and also in case they are late or have just got lost.

Before a viewing:

1. Have a print out of your property details, as they may want to take this away
2. A blank piece of paper so that you can take any notes while you are showing the buyers around
3. Know how much the council tax is
4. Know how much a quarterly gas and electric bill is
5. Know how much your water and sewage rates are
6. All the doors are shut so that you can present the room to them
7. You have planned a route through the property
8. Your have prepared your property
9. Any pets are out of the way

SHOWING PEOPLE AROUND

1. Always lead the buyers through the property. When you open a door to the room let the viewer enter first
2. State the positives of each room. Paint a picture for them and help them imagining living in their new home
3. If a room is too small to fit everybody in then allow the buyers to enter the room while you stand outside pointing out positive points.

1. Are they a first time buyer
2. Are they in a chain and how many in the chain
3. Do they have to get a mortgage and if so have they got an amount authorised

ACCEPTING AN OFFER

If you are happy with the offer you are now ready to get a Solicitor involved. Your Estate Agent can recommend if you don't know one already

1. Make a list of items that are included in the sale price such as washing machine.
2. Take details of buyer
   1. Name
   2. Address
   3. Telephone Number
3. Take details of buyer’s Solicitor if available.
   1. Solicitor’s name
   2. Solicitor’s address
   3. Solicitor’s telephone number
4. Pass these details on to your Solicitor.

HIPS

Home Sellers information packs will be legally required from 1st June 2007. They are being introduced to improve the buying and selling process, however the debate on their effectiveness continues.
The official government website for HIPS is http://www.homeinformationpacks.gov.uk/home.aspx The packs will mean:

1. You cannot start marketing a property until you have a HIP
2. They will cost from £600 to £1000
3. They contain various documents including searches, building permission, valuation, and home condition report

*Sole agency also means the Estate Agent is the only one with the right to sell your house but if you find a buyer yourself, you won't have to pay the Agent.
Sole selling means your Estate Agent is the only one with the right to sell your house. Even if you find a buyer yourself, you'll still have to pay the agent.
Multi agency means that you can choose several Estate Agents to market your house but you will only have to pay commission to the one who sells it.

Letting a Property

PREPARATION

Start by preparing your property correctly for your intended market, this can mean the difference between letting your property or having it empty for a long period of time. Therefore before you get either your first or the your next tenants to view your property, make sure you have covered the following: Complete any small DIY jobs such as painting or decorating Air the property by opening windows. Also remember that some buyers may be allergic to pets, so make sure that all signs of animal smells and hair are removed. If any of the rooms have very bright colours or carpets, you may want to neutralise them. Get carpets professionally cleaned and clean the windows & curtains If the bathroom or kitchen looks tired then replace dated or damaged items. It may even pay to have a new white bathroom suite or kitchen units put in If you are letting the property firnished then ensure that all upholstered chairs and settees have a fire safety label Have the boiler serviced and ask for a Landlord's Gas Safety Certificate During this process always remember that you have now decided to let your property and not to get personal about any changes, as the changes that you implement are to attract the widest possible tenants in your area.

FINDING A TENANT

You could try finding a tenant yourself using a classified advert in the local paper, but is is usually better to engage a local Letting Agent who is part of a Estate Agency. Letting Agents usually charge around 10% of rental income to find tenants. If you want Letting Agents to manage the whole tenancy they normally charge about 15% of rental income. The advantage of using an agent is their ability to reach potential tenants quickly through their large budget advertising. As well as photos of properties on the windows and walls of the Estate Agents office they advertise every week in all the local newspapers. Always choose an established agent who has experience in the letting field, not just selling properties. A good agent will offer to value your property and give you a realistic monthly rental figure. They will be able to advise on the legal implications of renting your property and provide a Tenancy Agreement setting out the obligations that the tenant (and landlord) must adhere to. This should be an Assured Shorthold Agreement of not more than 12 months duration. Make sure that the clauses include provision for inspection visits, so that you can ensure that the tenant is not wrecking the property, ideally these should be quarterly.

In renting your property, the asking price is critical in attracting potential tenants. Too low and you could lose thousands of pounds, too high and nobody comes to view. Contrary to popular belief, Letting Agents do not set letting prices. All they do is estimate a reasonable property rent based on their knowledge of the property market. At the end of the day tenants determine the price of renting a property based on what they are willing to pay.

There are two ways of dealing with the utilities issue, water, gas, electric etc. The first is to insist that the tenant informs them at the commencement of the tenancy and signs contacts with each to pay for the period they are in occupation. If you choose this option then ensure that you give the tenant a list of the utilities with their phone numbers and the account numbers for the property. The key issue is to avoid a host of large bills from the utilities when your tenants move out. If you are at all unsure phone the utilities yourself and inform them that the property is being rented from this date and that the tenant is legally liable to pay for all utility bills. This way if the tenant does not register with the utilities you will soon be informed by them of this. The alternative option is to calculate the monthly cost of all the utilities and add this to the rent. Make allowances for the higher usage of electricity and gas during the winter months. Never include telephone service as an option as there is no way to calculate future usage.

Have a diary set-up so that you can manage your viewings. For each potential tenant make sure that you have taken their name and number just in case you have to re-arrange the appointment, and also in case they are late and have just got lost.

Before a viewing:

1. Have a print out of your property details as they may want to take this away
2. A blank piece of paper so that you can take any notes while you are showing the tenants around
3. All the doors are shut so that you can present the room to them
4. You have planned a route through the property

1. Always lead tenants through the property. When you open a door to the room enter first, pointing out all of the positive points of the room.
2. If a room is too small to fit everybody in then allow tenants to enter the room while you stand outside pointing out all the positive points.
3. During the course of viewing gather some information about the tenant for example.
   1. About their job
   2. When are they looking to move
   3. Pets

Of course a good Letting Agent can do most of this for you freeing up your time for other things, you can also obtain useful feedback which is well worth having, just ensure you ask the agent to get feedback before viewings start.

REFERENCES AND CONTRACTS

Once you have found a tenant, your Letting Agent should complete the following tasks.

1. Request references from previous landlords and from their employers.
2. Do a credit check.
3. Go round with the prospective tenant checking the inventory and both date it. If more than one person is renting make sure that all Sign and date it. This should be done the day of tenants move in.
4. Make sure all name sign and date the assured shorthold tenancy agreement. So that if one defaults on rent payment, the remaining tenants are responsible to make up the difference so that you are paid in full.

Renting a Property

INTRODUCTION

Before you start looking for a property, if you are renting with other people sit down and agree on what you are looking for. List your priorities such as distance from work, schools, parking etc. Your new landlord will ask for references, which could include previous/ current landlord and/ or your employer. Make sure you have contact details to give to the landlord once you find a property that you wish to rent.

Now you have your finances in order and you know how much you can afford. Find your property from the following areas:

1. Newspapers
2. Letting Agents’ shop windows
3. Boards
4. Internet

Always view in daylight hours as you can spot problems more easily and also see how much natural light enters the property. When you go to view the property take the following with you.

1. A family/ partner or friend: For 2 reasons, one is safety and the other is for a second opinion.
2. Pen and paper: So you can note anything about the property such as work to be done or any answer to questions that you have asked the vendor.
3. Digital camera: As no film cost why not take some pictures so that once you have left you can review what it was like. You will probably find other things from the photos that you did not realise when you were viewing the property.

During the viewing you may want to ask the following questions.

1. Council rates. Don’t forget you can get this from www.upmystreet.co.uk
2. Water and sewage rates. Sometimes this is the same company and therefore included all in 1 bill however can be separate bills.
3. How is it heated?
4. How much it costs to heat? An estimate of gas and electricity bills.
5. What are the neighbours like?

1. Is there a ground rent and who is responsible for the cost.
2. Is there a maintenance charge and who is responsible for the cost? This covers items like cleaning common areas such entrance, gardening etc.

If you have not already researched the area then now is the time before you start paying out. The following websites will provide you with some basic information about the area such as the council tax, crime: http://www.upmystreet.co.uk
In addition to this website it is best to visit the location at the following times so you can assess the noise level.

1. Weekday during rush hour. This will help you to deduce whether people use the road as a shortcut.
2. Weekday evening. This will as per 1. and also see what parking is like on the road.
3. Saturday during the day.
4. Saturday evening

1. Go round with the landlord to do an inventory check for both to sign and date it on the day you move in. If more than one person renting make sure all names sign. This should be done on the day you move in.
2. Make sure all name sign and date the assured shorthold tenancy agreement.

If the above is not done then insist on it. It saves problems when you ask for your deposit back at the end of the agreed term. The landlord also has responsibilities such as

1. Gas installations such as your boiler tested by a Corgi registered engineer either once a year and also when you re-let to new tenants. A copy should be given to the tenant.
2. Comply with fire safety regulations by providing fire exits, smoke detectors and fire extinguishers. This will depend on the type of property that you are letting out so check with the local council.
3. Furniture must comply with the 1988 fire and safety regulations.
4. If the building was built after 1992 it must have smoke alarms on every floor.
5. Water supply and waste removal pipes must be kept in good working order.
6. External maintenance is also the responsibility of the landlord who must give you a UK contact address.
7. Repairs are the responsibility of the landlord.

Now you have moved in to your new property you will probably want to get all payments in order. Below is a general list of items that will require you attention.

1. Telephone: Change this into your name
2. Gas: Change this into your name.
3. Electric: Change this into your name.
4. Contents insurance
5. Water rates
6. Sewage rates (this may be the same company who supply water)
7. TV License
8. Maintenance fee: This covers the communal parts if you are renting a flat.

Finally why not get to know your new neighbours by inviting them to your flat-warming party!