Things to Consider When Looking for a House Part 2

sell house for cashLast time we talked about considering the things that are important to finding an ideal home and that these things might have not have been considered. We looked at the importance finding the right location and how this is one thing that cannot be changed. This article will look at other key elements of finding and looking at any new potential home that you find to avoid any nasty surprises.

One big question on many people’s lips is ‘what potential does the house have?’ Many people are looking to develop their own house with an extension perhaps for a conservatory, porch or maybe even an additional bedroom. Look at other house in the street and see what they have done as this will give you an idea of the likelihood of getting planning permission for that extension.

You need to remember that the internal decoration of the property can be changed at any stage. Very few people move into to a new house they have just bought and keep it exactly that way that they bought it in, as people like to personalize it by putting their own stamp on it.

There are some people who really enjoy the sun, so for these people the way the house faces play a large part in what will be considered a good property or not. This is one thing that doesn’t change so it is important that this is something that is addresses right from the beginning. A rear garden that faces the right direction is for many people a deal breaker when it comes to choosing a house.

Another major consideration to a lot of people is the outside look of the property. It’s important that you like the look of the property. This is a very individual thing and what some people consider to be nice others would look to change. Many people do not really change the brick work of the building out the outside appearance except from the front garden.

If you don’t want a lot of work to do on the property a new build is probably what you want to be looking for. Yet for those of you who are looking for a bit more of a challenge and wanting to put your own stamp on it repossession is worth considering. Sometimes repossessed houses are a little worse for wear but that can be had at a bargain price.

To help eliminate additional stress of moving and starting a life else where many people have opted for a Quick Property Sale for Cash which enables them to get cracking on to the next big adventure. A Quick Property Sale can be just what you need to get you moving quickly in the right direction.

Once you have agreed a price of your new home

House hunting is a slow and stressful process. Many people are after a Quick Property Sale from a seller who is desperate to sell. Many of us won’t be first time buyers so we will be looking for someone who is offering to Buy your Home for Cash and give you a good deal.  Yet finding the right house in the right location is only a matter of time and when it comes around you need to establish the next step. Assuming that you have put in an offer and had it agreed, this article will look at the next step in getting closer to moving in.

The first thing to do is get the estate agent to remove the house from their website or place a ‘sold’ sign across the property and ensure that they do not allow any other prospective buyers to look at the house. Once this step is in place you will need to instruct your solicitors to contact the solicitors of the people who own the house that you are buying. If you do not have someone available to do that legal work you can ask the estate agent to suggest someone who can help.

The mortgage is the next step. Most people have already seen a mortgage lender before hand to see what they can afford and have an idea of what rates they will be expected to pay back. This is the time to agree to a mortgage deal and the lender will send you a letter if your application for the mortgage is successful in the form of a formal offer.  The lender will then want a valuation done which you will pay for of the property to ensure their money is being used for a property that is worth its price tag.

It is advisable to have an independent survey carried out in addition to the valuation as this will check the structure of the property. This is available in two forms:

  1. A full Structural Survey – in which the stability of the property is examined by a professional. This is usually required for building over the age of 80 years old or if there is some doubt about it’s structure.
  2. An Intermediate Survey – this gives a simple over view of how the property is and may recommend that you need to see a specialist. This sort of survey is ideal of properties less than 80 years old.

If the survey comes back with problems this is the point where you need to decide if you are going to pull out or renegotiate. You will be advised about the problems and the possible cost of them should you want to get them fixed.
The legal process of transferring the ownership is known as conveyancing. This can be done by a licensed conveyancer, a solicitor or by yourself but this can be a very complicated process.  Before making a choice of which you are going to use it would be worth while getting an idea of costs for the conveyancing. There is not set cost for this service so you might want to remember to ask the following:

  1. If the fee is fixed or depends on how much work is involved
  2. Check that the figure includes stamp duty, land registration fees and VAT – it will be worth getting a break down of these costs.
  3. Find out what charges if any will be made if the sale falls through before the contracts are exchanged.

The length of the legal steps really can vary depending on your position and efficiency of everyone else involved. People will advise that it will take between 6 – 8 weeks for the process to be fully completed and for you to get the keys to the house.

Once you have instructed a solicitor to act on your behalf then they will contact the seller’s solicitor who will draw up a contract that will eventually be signed by you and the seller.  There will be a few things that need to be ironed out which might include questions about ownership of the property, rights of way, access, future developments that might effect the property – this process is called ‘making enquiries and searches’.

Paying the deposit is the next step in the process. The deposit is usually 10% of the price yet this can vary. If raising the deposit is difficult you can always call on your family for a little help, but most people will have this in place before looking at properties.

It is also very important that the property is insured from the date in which you move in. As soon as the contracts are changed then you become responsible.

The exchange of the contracts means that the house purchasing process is drawing to an end. At this step the following should be in place:

1.       The solicitor (or licensed conveyancer) and you are satisfied with the outcome of all if the enquiries

2.       Any surveyors report has been received and any necessary action taken

3.       The formal mortgage offer has been received

4.       Arrangements about the payment of the 10% deposit have been made

5.       The date of completion has been agreed

This is the point when each party will have a final copy of the contracts of which you are expected to sign. These signed contracts are the exchanged once signed. At this point you become legally bound via legal contract.

It is also worth remembering to read the gas, electricity and telephone and ensure that the seller is making arrangements for the final meter readings. Completion usually takes place four weeks after the exchange of the contracts although it can be earlier. The next steps should follow this process:

1.       The mortgage lender releases the money

2.       The deeds of the property are passed over to your solicitor

3.       The seller hands over the keys and evacuates the property by an agreed time

That’s the final step in the house buying guide. You are now able to start decorating, knocking down walls and celebrating.

Buying a house – the process

cash for propertyThe economic downturn generally has a negative effect on society and is generally seen as a bad thing in the eyes of the public. Yet with all this going on there is some good news, houses prices have fallen and for those who have saved, this could be your time to snap up a bargain.

As property prices continue to fall houses become more obtainable and much more of a reality for many people. So what do you need to do to get the wheels in motion?

Step one would be all about how much you can afford. Speak to local mortgage lenders and give them an idea of your income, outgoings and any savings that you might have as this will have a reasonable impact on what money you can be lent and what house you will be able to afford.

Step two is choosing a house you like. Once the mortgage has been agreed then the fun part starts. Look around at everything on the market and see if that it offers all that you are looking for. Many first time buyers don’t get everything that they want so you may find you will have to make some sacrifices.

Step three requires getting a solicitor. This will mean that things are really in motion. This step is required to ensure that all legal requirements are met and fulfilled as to avoid and downfalls.

Step four is all about making an offer on the property. At this stage you have decided what you want and how much you can afford and it is now time to try and get a bargain. You don’t have to offer the full asking price you can offer less or even more.

Step five comes after your offer has been accepted. This is your chance to get a house survey done to find if there are any problems that you aren’t able to see just from looking at it. This might include such things as subsidence.

Step six means time to finalise your mortgage. Providing you are happy with the information received in the survey then this is your chance to close the deal.

Step seven is the exchanging of the contracts. This will ensure that all parties involved are happy and all systems are still moving forward.

Step eight requires organising the big move. Sorting all of the packing and getting the removal vans ready for the day you get the keys.

Step nine will all be about finalising the details of the contract. This is the last stop and once this have gone through then all is complete and you are ready to go.

These nine steps are just advice on the processes and procedures and are not set in stone. The orders in which they appear do vary depending on circumstances. Some people decide not to put their house on the market and instead choose a Sell House for Cash option or a Quick Property Sale as they do not have the luxury of time on their hands.

Things to Consider When Looking for a House Part 1

property for saleFor the majority of people buying a new house can be a very daunting concept. There are so many things to consider, some of which you haven’t even thought about. This two part article will look at a few of the main factors when looking to buy a property either as a home or as an investment.

The surroundings of the house is a very important factor. This really is one of the things that you can’t change about your house. It is well worth looking at how much space there is between surrounding houses. If there is a lot of space around you and it’s a new build property then you might find that the developers may still look to build future developments in front or behind your property so you may not keep the privacy that the house currently offers. Keeping privacy may also be an issue if the houses are already too close together. Not many people want the neighbors too close for comfort.

With a look at the surrounds in mind you need to access what the local area has to offer. There are some questions that you might want to ask yourself:

How far is it from the town? If you are looking for good nightlife then close to the town will be ideal, but for more peace and quiet then some where out of town will offer more solitude.

Are there any local schools? Many people looking to start a family will want to know if there are any schools and how far away are they. But for the people looking to retire might want to avoid areas where students pass through five days a week.

What about parking?
Some properties aren’t able to offer parking but there is always the opportunity to park on the road. Make sure that you check out the parking in the day as well as in the evening when everyone gets home from work to get an idea of how easy it’s going to be to park.

How far away is it from work? You need to remember that you will be commuting to work on a regular basis and that a house further away from work will add to the traveling time of each day going to and from work.

Another thing that people consider is the possibility of other family member’s locations. Some people choose to move closer to the family and some further away. After a week of traveling to and from work each day could you really face another trip to see the family?

Buying a house can be very stressful especially if at the same time you are trying to sell your own. Dealing with possible buyers for your house can be a nightmare. To avoid all of this hassle many people are turning to a Quick Property Sale through companies that offer a Sell House for Cash service which enables you to find a buyer and levitate the stress and grief from selling your home.

The Future of the Property Market

With the current Economic climate being what it is and no sign of it letting up, The property Market looks uncertain. Although April recorded a slight rise in property sales and prices it unlikely they will return to their former glory anytime soon.

With unemployment at a record high since 1997 is there a light on the Horizon?

With mortgage lenders and Banks still not allowing borrowing is there any real hope for first time buyers or even those in financial difficulty currently in their own homes??

If the banks refuse to lend, times are not going to get any easier, it’s almost like they fail to comprehend that lending will stimulate the economy, companies need credit to expand and to recruit, and Consumers need credit to buy the products companies are offering.

So with house prices continuing to fall, and lenders hoauding their cash is there any hope of the property market recovering in the near future?

Banks believe lending in an economic downturn is an open invitation for Trouble so they will not lend on current Mortgages or give mortgages to first time buyers. This in turn will increase the downward spiral that the property market is currently on.

It’s hardly surprising more and more people are turning to property buying companies for a quick property sale to get cash for property to avoid them having their homes repossessed.

The amount of Houses that are being reposed has dramatically risen in just the first 6 months of this year, an increase of more than 30% on last years figures resulting in 14,000 properties being repossessed.

So is there light at the end of the tunnel? Well unless the banks help Joe Public then we are likely to remain in an economic downturn for the foreseeable future. This doesn’t provide any comfort for those in dire straits and already tightening the purse strings.