Homebuyers Tips, Buying Considerations, Agents, Price, Negotiation , Surveys, Solicitors

Bricks & Mortar News from Sydenham Estate Agents. South London residential property experts since 1975
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Is now the right time to buy property?

Whether you’re a first time buyer, in a chain, renting or in an immediate hurry to move in people need to move for all sorts of reasons.

Today’s market is hard to predict, as prices are stabilising and the market shows signs of improvement the negotiation process becomes even trickier. When buying in a depressed property market, buyers in a good move situation are in a better position to negotiate a favourable price. However it’s important not to over stretch yourself as you’ll need to be able to ride out the recession yourself!

In a buyers market you may have a larger choice of properties to choose from and be able to negotiate a little harder on the price as some properties may have been on the market for some time. If buying a new build home you may find that the developers are offering incentives to help you make your decision.

Is it a buyers market?

In the current economic climate, many buyers are looking for a bargain. Many home buyers are
targeting repossessed properties – hoping to get a good deal and maximise their investment potential. If you see a property listed with a low price for an area get in contact with the selling agent and double check if it’s a repossessed property. These properties are often listed at low prices to facilitate a quick sale.

If you are a cash buyer or you are in a good move position (pre‐approved mortgage offer and chain free) you are in a good bargaining position to go for a repossession property.

How do I negotiate for a best property price?

Be realistic! When looking for property, know your limits and don’t get carried away with the excitement of your dream home. Set a maximum spend before you go house hunting and stick to it.

How can I buy a property quickly?

Before you go house hunting make a wish list of wants, likes and needs and prioritise this list in order of importance (E.G. bedrooms, storage, outdoor space, parking, garden, study, large family bathroom, downstairs WC, utility room, en‐suite bathroom etc).

If the seller is not in a chain, and you are in a good move situation it is possible to complete the property purchase relatively quickly.

Be decisive! If you find the right property move fast; it may be sensible to offer the asking price or slightly above if you really are sure that it is the right property for you.

What’s the low down on South London & Bromley property?

Do your home work and register with local estate agents in the area you are interested buying in. Search the internet using online property portal sites. This is one of the quickest and easiest ways of looking for properties in your chosen area and within your budget. Do not be tempted to look at properties above your maximum limit.

Ask the agent if there have been any other offers on a property you are interested in; how long it has been on the market, are they aware of any defects or disputes with neighbours. By law the estate agent or seller is obliged to tell you the truth, if you ask. Use this information to help you come to a buying decision and the amount that you are willing to offer for the property.

What’s my move situation?

Before you go house hunting get your finance in place. How much of a deposit do you have? Work
out the maximum that you can comfortably borrow and remember you will still need to pay mortgage arrangement fees, stamp duty, solicitor’s fees and moving costs. Use our free mortgage calculator to work out how much you could borrow.

Have you mortgage loan figure pre‐approved so that when you find the right property the bank will give you up to that loan amount providing the valuation matches up. Once the mortgage is pre-approved you are in a much stronger position to buy and you will be taken more seriously by sellers.

The seller will want to know that you have the money to buy and if they have been hit with more
than one offer they are more likely to accept the offer that has the finance in place as this speeds up the sale considerably. This is also more to help them in a decision to take their property off of the market and list as ‘under offer’

What is a HIP and is it necessary?

Since January 2008 a property cannot be marketed without a valid Home Information Pack or HIP.
The pack must contain:

Index
Property Information Questionnaire
Energy Performance Certificate/PEA
Sustainability information (new homes only)
Sale statement
Evidence of title
Standard searches
Lease (where appropriate)

Why should I choose an independent surveyor?

A home is generally considered you biggest asset, so having an independent property survey will give YOU peace of mind. Once you've found the right property to buy, your mortgage provider will arrange a home buyer’s survey, but you should also get your own chartered surveyor to do a full structural survey on your behalf. You can find a local surveyor in Yellow pages. Check your surveyor is a member of The Royal
Institute of Chartered Surveyors (RICS) and familiar with this type of property.

What does a conveyancing solicitor do?

Your solicitor’s job is to transfer ownership of a property from seller to buyer. Licenced conveyancing solicitors carry out all of the legal aspects of the house buying process on your behalf.

If you are buying a property with a friend or partner then you will also need the solicitor to draw up agreements that cover such a situation. If you are married then there are already automatic agreements in place. If you want these to be varied then you must seek the advice of your solicitor.

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