Buyers Advice

HOW TO START THE PROCESS OF PURCHASING YOUR FIRST PROPERTY

Buying a property in the UK requires careful planning and decision. This guide takes you through the process or buying your first property including applying for mortgage and saving your deposit.

1.Confirm your moving cost

Most first time buyers make the mistake of not confirming broker fees, legal and lender fees. It is expedient to work out how much your move will cost to avoid unforeseen events. There are professional financial consultant that can help with your move calculations in the house buying niche.

2.Be sure of how much you can Mortgage

First, we advise that you have an initial appointment with a financial consultant on the type of mortgage you can afford. Then with access to a full range of mortgage across the market, mortgage advisors are in the best position to guide you on a range of options to choose from.

3.Begin your search

Having chosen what mortgage you can afford, now is the time looking for the property to buy. Many property portals and Estate agents permits registering for new properties updates daily. You can also minimize cost by looking afield in commuter towns or tops tips for some new neighborhoods.

4.Schedule a Visit

You can do this when you have finalized what property you are interested in and would love to inspect.

5.Make an Offer

Now you have the 'Decision in Principle' i.e. your lender is ready to consider your mortgage application for a stated amount. Having a solicitor with you is also an advantage. Now is the time to make an offer, do not get discouraged if your initial offer is not accepted, you and the seller are working on the best price.

6.Agreement

When seller's real estate agent has the agreed details of both parties solicitors, this is where sale is confirmed and subject to contract. A Memorandum of Sale will be issued to you for confirmation.

7.Get a Solicitor

Ensure you do all that is required legally to make the property yours officially. Although 'Conveyancing' can be a confusing process, you will require the expertise of a solicitor.

8.Conclude your mortgage application

This is the time you need the expertise of your mortgage advisor to decide on a suitable mortgage deal for you and complete the application. It is also an awesome time to protect you mortgage. Due to unforeseen circumstances to avoid the lender taking possession of the property if the mortgage is not paid for.

9.Valuation of Mortgage

Most times, your mortgage lender will want to arrange the valuation which may confirm that the property is worth the amount. However, the details of the property condition will not be given, hence why you should book a house inspection ahead of valuation. Without house inspection, you may be ignorant of the costs of work to be done in the house.

10.Start your Conveyance process

When the offer has been accepted, now is the time to commence tightening lose ends of the paperwork and other complex legal matters by instructing your solicitor.

ORGANIZE YOUR FINANCES

About buying a property or still in thoughts? You need to be sure that your finances are sorted ahead of having a meeting with the mortgage bank or lender. We have highlighted some basic things you should do to increase your chances when applying for mortgage.

APPLYING 6-12MONTHS IN ADVANCE

1. In UK, you need to register to vote as it is one of the major ways most lenders can verify your address and most importantly your identity. In case you are not a UK or EU citizen, the lender can ask for another information to verify your identity and address as an alternative.
2. Save up, as the sooner you commence saving up for your savings the more deposit you can have ready and also the bigger the deposit the more your probability of getting a better rate. Also, you can have more options on mortgage deals. Also, at most 5-10% of the property selling price is all that is needed minimum.
3. Have your Credit History in order. Having to prove you are a prudent and responsible borrower is important, also you need to put it into shape to avoid stretching yourself thin. Therefore you need to close old and inactive accounts, pay of debts promptly, avoid the urge to apply for extra credit, and close any outdated joint current accounts you hold with another person who is not responsible with their money.
4. Have a stable source of income, e.g. stable job. It is advised not to change jobs close to when you want to apply for mortgage because mortgage lenders are more comfortable lending money if you have maintained a job for a longer period. However, 3-6 months duration is considered minimum.
5. Organize credit record to ensure it is in the best shape before you have your mortgage lender have a look. Credit reports provides knowledge in payment behavior and lenders turn to this as part of the process of decision-making. Therefore, take the time to observe credit record and make corrections on any errors you may come across.

APPLYING 6 MONTHS IN ADVANCE

1. Collect Important Documents. Most mortgage lenders want an impressive view of your financial situation, hence why the following is asked by the mortgage lender;

• 3 month's pay-slip or proof of income (as an employee, your employer may be contacted).
• Latest P60
• Bank statement of 3 months.
• Proof of commission or bonuses
• Proof of current UK address i.e. utility bill or council bill from 3 months.
• Proof of ID i.e. passport or photo card driving license.
• Proof of deposits e.g. savings account statements.

2. Get familiar with spending pattern. Prior to getting a mortgage, mortgage lenders or advisers will want to understand your habit of spending so as to recommend an affordable mortgage for you. To do this, an interview of about 1-3 hours will be held. Even though the interview may later be in process, getting familiar with yourself with the areas you will be question about is a good idea.

HOW TO START THE PROCESS OF PURCHASING YOUR FIRST PROPERTY (II)

As a continuation of the first article on the process you need to go through when you want to purchase your first property in UK. Below are the following process you need to complete as regards legal and financial process to owning your first property in the UK.

1.Have seller's solicitor draft out a contract

As soon as seller's solicitor receive title deeds from the seller, the solicitor will draft out a contract which will be sent to your solicitor.

2.Your Solicitor confirms the details of the contract

Your solicitor and seller's solicitor will both confirm all that is included in the property sale. Your solicitor will ask about boundaries, alterations, and any disputes that have been made.

3.Solicitor will perform further searches

Your solicitor will have to perform searches of Land Registry and Local Authority information. Your solicitor will be searching for planning history and also any possible developments around drainage, roads, and mining near the property to be purchased.

4.Confirmation of Mortgage

During this time, your mortgage offer will be received and also with all the terms and conditions attached to the mortgage. This is needed before contracts are exchanged.

5.Sort out Insurance

Getting your property insured is important. Therefore, this is where you can get quotes for your building and contents insurance. You can search for companies that have Insurance service departments who offer several competitive products from panel of insurers. Also, relevant insurance policy is needed to exchange contract dates.

6.Sign the contract

This is the point where your solicitor advises you when the best time is to sign the contracts.

7.Come to an agreement on moving dates

Both solicitors (yours and the sellers) will approve a specific date for the exchange of contracts and for completion. Also, it is a good time to start getting quotes for removals as well so as to set a potential moving day.

8.Exchange Contracts

Deposit will be sent to your seller's solicitor alongside the signed contract. This makes you legally bound to purchase the contract. All relevant insurance contracts should now be put into force.

9.Inform every one of your address change

Inform utility companies in charge of meter readings of your change in address. Also, do not leave out all other people that needs to know i.e. royal mail, bank, your employer, etc.

10.Removals

Now is the time to contact your preferred choice of Moving or Removal Company to confirm and begin your process of moving.

11.Completion

This is where your solicitor will have the balance ready to purchase your first property to seller's solicitor. When payment is received, the seller's solicitor will inform estate agents and keys to the property will be released. Now you have your first property purchased. Congratulations!

GOVERNMENT-APPROVED SCHEMES FOR FIRST-TIME HOME BUYERS AND EXISTING HOME OWNERS

There are several government schemes that can help you buy a home. Some of these includes Help to Buy, Right to Buy or Right to Acquire, Shared Ownership, etc. Below are details of how to go about these schemes in England, Wales, Northern Ireland, as well as other parts of UK.

1.Help to Buy

You need to calculate stamp duty to be aware of how much that needs to be paid when purchasing a property in England, Wales, and Northern Ireland. If you have a small, you can be eligible to utilize the Help to Buy scheme.

The Equity Loan scheme is available to first-time property buyers and also existing homeowners who are looking to purchase a 'new build' house. The buying price must not exceed 600,000 pounds. In this scheme, you can loan 20% of the total purchase piece at an interest-free rate for the first 1-5 years as long as you have at least deposit of 5%. For those living in London, you can borrow up to 40% of purchase price. Help to Buy scheme equity loan scheme is extended till 2023. Although this extension will be limited to first-time buyers buying newly built homes.

2.Right to Buy/Right to Acquire

Right to acquire is for tenants in North Ireland, Wales, and England who rent their home from their local council. It permits tenants who qualify to buy their home at marked down rate. The size of the discount may vary depending on the location and property type you want to purchase. Tenants who were once occupants in a council home before it transferred to another landlord e.g. a housing association may be eligible to purchase home under 'Preserved' Right to Acquire or Right to Buy schemes. Mostly, tenants may have rented from the public sector e.g. armed services, local councils, etc. for 3 years before they can purchasing under this schemes. it is possible for the 3 years not to be non-consecutive. Therefore you still qualify if you rented from any private sector between the times.

3.Shared Ownership

This scheme is where first-time buyer can share a home from the land who is most times the housing association or local council, and rent out the remaining share. Here, you will need a mortgage to pay for your share which can be 1/4 or 3/4 of the property's full value. You then pay a discounted rent on the share you do not own. You can always choose to purchase a larger share of the property up to 100% of the total value later. Also, eligibility restrictions on the shared ownership have been lifted. You can purchase a home via Help to Buy ownership - Shared ownership in England if you have household income lesser than 80,000 pounds (outside London) or 90,000 pounds (inside London) or If you are a first-time buyer, you used to have possession of a home you cannot afford to buy another or own an existing shared ownership and you are looking to move. In this case, only military personnel has the priority over any other groups, but this scheme apply across England.

THE COST OF PURCHASING A HOUSE AND MOVING

AS a first time property buyer, you need to consider how much it cost to buy a house or flat. Below are a number of charges to get familiar with as a first-timer to help you work your budget.

Upfront Fees

1. Stamp Duty: is a government tax paid on properties costing 125,001 pounds or more calculate using any stamp duty calculator to work out how much you will need to pay when buying a property in Northern Ireland or England. No stamp duty will be paid by First-time buyers on the first 300,000 pounds for properties worth up to 500,000 pounds.
2. Deposit: the bigger the deposit you can pay, the higher you are to be given a mortgage that is subject to a mortgage affordability assessment and reduce your interest may be.
3. Deposit: is the payment you pay towards the cost of the property when you want to buy your home. On the average, about 5-20% of the purchase price e.g. for example: 20,000 pounds to 50,000 pounds when buying a 250,000 pounds home
4. Valuation fee: your mortgage lender will assess the value of the property to decide how much they are willing to lend you. Most times, the cost can be within the range of 150-1,500 pounds depending on the property's value.
5. Surveyor's Fee: before purchasing any property, ensure you inspect it and have it inspected by a surveyor. It is crucial so you will be aware if there are any issues before making purchase. Surveys vary from basic home condition survey costing around 250 pounds to a complete structural survey from 600 pounds. Paying for quality survey may save you future repair headaches.
6. Legal Fees: A licensed conveyor or solicitor is important to carry out all the legal work when purchasing or selling a home. Legal fees are typically within 900 - 1,500 pounds with 20% VAT.
7. Estate Agent Fee: This is paid by seller and not you the buyer to the estate agent for their services. It is negotiated when they put the property on the market. This is usually 1-3% of sale price with 20% VAT.
8. Removal Cost: this range from 350-600 pounds, though you can move it with a van yourself.

Mortgage Costs

1. Mortgage Fees: this may include a booking fee, a mortgage valuation fee and an arrangement fee. It is best to make payment upfront instead of adding them to your mortgage, else you may be paying interest on the mortgage.

Ongoing Costs

1. Repairs and Maintenance: The average repair bill for first-time property owners is 5,750 pounds. Your survey fee should cover the highlighted issues that requires immediate repairs.
2. Insurance: the lender will need you to take out building insurance to protect home against any danger.
3. Council Tax: is the amount paid based on the location of the property and its valuation band to which the property is in except for Northern Ireland where rates are individually set.
4. Running Costs: This is where you ask sellers how much is spent on utilities every year e.g. water, gas, electricity, etc. Also, do not forget to consider broadband, phone charges as well as TV packages.

HOW TO AVOID COMMON MISTAKES BUYING A HOME

It is important to be aware of mistakes to avoid when buying a home. For starters, below are some of the list of properties most mortgage lenders are not interested in.

1. High-rise flats: e.g. ex-council flats in tower blocks particularly if they have issues with lift maintenance where most of the other flats are still in the hands of local authority.
2. Short leaseholds: oftentimes flats are sold on leasehold which means you only have ownership for a specific period of time. Leaseholds of about 80 years or less can be a potential problem, so look to negotiating the extension of the lease before purchase.
3. Character homes: these are windmills, pubs, schools, and converted lighthouses that may need funding f0rm a specialist mortgage lender.
4. Property with close proximity to the sea: coastal erosion may lead to the property becoming dangerously close to a cliff edge.
5. Home of unusual construction: this is any property that are not of standard brick and mortar construction.

Things to Inspect before Purchasing a Property

Anytime you are house-hunting, note that the property may not be a perfect at first. There may be loads of mistakes that may be avoided when buying your new home by simply looking beyond the aesthetics. There may potentially be hidden problems and repair bills like Damp, Noisy neighbors, and faulty wiring. This may contribute to higher cost and extra effort after moving in.

Inside the Property

Inspect for problems that may be expensive to fix such as faulty guttering, missing roof tiles, rotten window frames, damp, weak toilet flushing, etc. If you have a trusted builder, family or friend with experience in fixing properties, you may want them to tag along with you to visit the property. A builder will guide you on an idea of how much it will cost to fix these issues. You can also be at an advantage as you tell them to help bargain the price with the seller to lower the price. Ask how old the roof and wiring of the house are and when the boiler was fitted as well as any renovations to be done.

Outside the Property

1. Inspect the surrounding area: inspect the state of the nearby streets, shops in the area to get to feel the surrounding.
2. Parking permits: will you be in need of a permit to park your vehicle? How difficult is it to find parking if you do not have off-street parking or garage.
3. Flooding: is the house in a flood zone? Getting a mortgage for houses in this area is nearly impossible also the building insurance for flooded homes is quite expensive.
4. Subsidence: inspect outside the property. Are there huge trees in the neighborhood that may cause subsidence problem in the future.
5. Visit at different times of the day: your street may be extremely quiet during the day, busy during rush hour and noisy at night. Noisy neighbors may be a pet peeve of yours, ask seller the kind of floors your neighbors may have.

TOP TIPS TO PLAN FOR MOVING DAY

Now that you have successfully purchased your house, it is so easy to downplay actual cost of moving due to so many things to put in place. Knowing how to plan ahead helps reduce the stress. Below are tips that can help you as regards to moving.

1.Be aware of the cost

When you are aware of the cost of your new mortgage payments, estate agent, solicitor's fees and new insurance policies. Now is the time to find out cost for moving day. Either it is your first purchased property or you are a seasoned buyer, you need to be prepared.

2.Be prepared

As your move day approaches, you would be surprise at the rate at which cost become high, however, careful preparation, you can move without any surprises. Below are some of the things you should be aware of.

i.Cleaning costs: if packing out of a rental property, it is advised to leave the property clean. a\You may contravene the tenancy agreement if left untidy, hence hire the services of a professional cleaning service.

ii.Storage costs: shop around and compare the prices as well as security arrangements. Also, have an idea of the average costs. Calculate the period of time needed for you to store as the price is dependent on duration.

iii.Extra moving-day costs: think ahead of the day itself. Do you require a budget for extra services e.g. childcare.

3.Get Insurance

As a first-time property owner, you will probably need building insurance. If you have a mortgage, your mortgage lender will insist on this. You can purchase insurance that covers the damage or loss to the contents of the property e.g. electronic goods and furniture.

4.Sort our bills of the new house

Be familiar with your new household utility bills immediately. You do not need to live on what previous occupant provided. Shop around for best deals for you. Also, you may want to set up direct debits for payments to permit automatic payment from your bank when payment is due. It helps to avoid late payment charges as well as help you track your budget. You may be eligible to discounts if you sign up for this method. Find out your council Tax open in new window.

5.Track your budget

This is an amazing idea as it helps to review your budget for times when there is any change in financial situations. As you settle in your new home, ensure that you make out time to work out how cash inflow and cash outflow every month.

SELLERS ADVICE

THE HOUSE SELLING PROCESS IN ENGLAND AND WALES

Selling a property or house for the first time or you are not a novice at this? Here are some of the processes to keep in mind when selling a house in the UK. These includes;

1.How much is the home or property worth?

At this moment, one of the most important question to ask yourself is "which agent will get me the best result?" Here you get a better estimate of your home. You may find an expert to value your home.

2.How much is the process likely to cost?

Sum up legal fees, estate agent fees, removal fees as well as all other costs related to selling your house. It is important to do it now to avoid unpleasant surprises along the line. You may employ the services of a Financial Consultant to help you get an estimate of the cost.

3.Arrange an Energy Performance Certificate (EPC)

In England and Wales, it is a legal necessity that all properties are marketed with an EPC, hence giving the property a rating on its energy efficiency.

4.Place your house on an advert

Now is the time to get all details of your property to be accurate. You can employ the services of a professional photographer to your property to depict your home looking its best. Then, work with your real estate agent to select the best images that best captures the best spaces of the house. Always choose images that are enhanced digitally.

5.Advertise your property online

In this day and age, most buyers search for interested properties to buy inline, therefore endeavor to take advantage of the internet. Ensure  your estate agent list your property on our Website BuyLetRent.co.uk. Make use of advanced web positioning on any property listing portals. Doing these ensures that your property stands out during the most important days of the market. Then, finally, make better use of social media channels. Upload your property on Facebook and Twitter to increase reach. Also, you can discuss with social media pages that are strictly for advertising real estate or pay for promotional ads for your property to be advertised.

6.Prepare the property for Inspection

In this stage, you want your potential buyers to be able to imagine they are living in the house. Therefore be aware and pay close attention to these places as three most common things that irks or put off buyers includes dirty bathrooms, dirty kitchens, and unkempt exteriors. Take your time to think back to the special features that can make any average person fall in love with the property and the vicinity as well. Draft out a list to ensure that these spots are pointed out during inspection of the potential buyer.

7.Potential Buyers Visits for Inspection

You may choose to ask your real estate agent to show them around or you can personally conduct the inspection. Potential buyers will want to see all parts of the property, hence be prepared to be detailed with your answers and show them storage spaces. Ensure that your estate agent gives you a detailed feedback after each viewing.

8.Accept Offer

Here you will be notified of offers verbally via phone can and also in writing. Give the amount being offered a thought, the financial capacity of potential buyers, your timescales, and their chain if they are looking to sell another property.

9.Employ the services of a solicitor

Here, conveyancing is extremely important. It is basically the legal transfer of ownership from the seller to the buyer. Although, this can be a confusing process, you will need the services of a solicitor to handle this for you. Ensure that the solicitor employed keeps everything easy and well documented to avoid future ruckus.

10.Sale Agreement

Here the solicitor of both the seller and the buyer will confirm the sale agreement and subject to a contract. Here the Memorandum of Sale is issued. However, at this stage, either the seller or the buyer can withdraw from property sale with zero penalty.

TOP TIPS FOR SELLING A PROPERTY IN THE UK

When you are ready to sell a property, you need all the advice and heads up you can get to avoid some costly mistakes. Below are some top tips for selling a property (house) in UK.

1.Is it possible to add value to your house?

Since it is a long-term decision, it requires prolonged consideration if you are selling or planning on selling a property in few months or in the future. However, it is worth thinking about it if you want a return on investment. Adding a loft conversion, new kitchen a mini extension of your home, central heating, or double glazing can increase the value of your property.

2.Draft a plan

Take your time to decide on what you want to achieve and when you want to achieve it. Certain sellers will need to move promptly due to certain personal reasons such as job relocation. While for some, they may be under less pressure. Take a step back and seek advice on the local market, check and compare locally sold house prices and most importantly be realistic about sale price you want to accomplish in your timescales.

3.What are the things to look for in an estate agent?

Take not of this, the estate agent that may suggest the highest asking price for your property may not be the best fit for you. You want to attract buyers by setting realistic price in the first days your property is on the market. Also, remember you will be working with an estate agent for possibly few to several weeks on what can potentially become an emotional roller coaster. Make your choice of agent someone who you know will be most helpful and pleasant throughout your journey.

4.Get your digital aesthetics (i.e. photograph) right

When you want to sell a property, what should clearly not be underestimated is the importance of first impression. Potential buyers will decide if they see a future in the property or not within few seconds of seeing the picture. Hence why we strongly recommend you employ the services of a professional photographer.

5.Be prepared for all inspection of the property

Ensure that the property is fresh, clean and spacious will present the property in an inviting manner when the potential buyers comes to inspect the home. After each viewing, ask your estate agent for feedback, you may be able to locate a quick fix to any negative feedback received.

6.Do not forget your free property valuation

When you are ready to sell your property or you want to know how much your home could be worth. You can request for property valuation from BuyLetRent.co.uk and we can help you with the selling process also from start to finish.

HOW TO PREPARE YOUR HOUSE FOR PHOTOGRAPHS

In a matter of seconds a buyer who is browsing or scrolling through properties online or in a real estate agent's particulars can make a decision on their choice i.e. if they are interested in purchasing that property or not. This is why having digitally enhanced photographs of your property is very important. Get your photographs right and it could mean quicker sales and in some cases higher offers. This is because first impression counts.

To do this, you need to invite or hire a professional photographer to take the best snapshots of your property. BuyLetRent.co.uk can also help you source professional real estate photography services that is sure to attract buyers. However, even if you hire a professional photographer, there are certain steps you need to take to ensure your house is prepared for photographs and can show your property at its very best. Without further ado, below are the process you need to take to prepare your house for photography, these includes;

1.Getting the Exterior right

Choose during the day and when the front of the house is at its best in natural daylight.

Mow the lawn.

Choose a day that is bright and clear (preferably spring or summer).

Take out any clutter from the vicinity of the property e.g. hoses and bins.

Move vehicles from the exterior of the property.

Clean the window panes.

2.Reception Rooms

Take out unkempt rugs, especially on tiled or wooden floors.

Arrange the dining room tables.

Take out unkempt throw pillows from the sofa.

Arrange the cushions to look tidy.

Any piles of magazines, DVDs, and children toys should be discarded out of sight.

3.See the Scene Inside

Open all blinds and curtains.

Ensure the room is well lit and replace any faulty light bulbs.

Moving furniture may help present the look of the room as spacious.

Fresh flowers can help bring life to a space.

4.Bedrooms

Ensure all wardrobe and drawers doors are shut.

All things stored under the bed should be kept out of sight.

Make the bed and choose bed spreads that complement the room.

5.Kitchen

Clear away any appliance.

Ensure all work tops are cleared and there are no chopping boards or tea towels on display.

Take out bins.

Hide any fridge magnet.

Tidy up the sink.

Shut all drawers and cupboards.

Hide pet's food bowls and beds if you have any.

6.Bathroom

Ensure the toilet lid is kept down.

Take out all clutter like tooth brushes and shower gels.

Any towel should be folded and arranged neatly, ensure it is chosen to compliment the room.

Close the shower curtain.

Take out toilet paper from its holder.

HOW TO CHOOSE THE RIGHT ESTATE AGENT

The best real estate agent for you is any agent that you can trust to guide you through the process professionally. Below are some few indicators of a good estate agent i.e. Industry qualifications and professional memberships. You need to verify your real estate agent is a member of or has a holding qualification from the following.

• Royal Institute of Chartered Surveyors (RICS)
• NAEA Property mark, and?
• The Guild of Professional Estate Agents.

All members are obligated to work according to the agreed codes of practice and the relevant logo must be displayed in their respective offices. Also, you can check on the trade body sites to make sure an agent is a member to clear off any doubts. As a major part of being a professional and having a membership, there are a number of major areas an agent needs to make sure are in place. These includes;

• Professionalism and training.
• Redress schemes.
• Knowing their clients.
• Reputation
• Compliant i.e. being registered with HMRC to make sure they are in compliance with the rules under the money laundering regulations.

Other Requirements include;

1.A strong reputation

Being aware of the local market is important to getting the best price for your property, also if your agent has an identifiable local presence. This will help you reach the maximum number of buyers. Locally sold boards will demonstrate what they have sold along with a detailed website and portal listings.

2.Positive First Impressions

An expert agent will know how to make a positive impact on sellers and buyers alike. In case your agent creates a poor impression with you, the chances are it will also have the same vibe with potential buyer. This also applies to online presence and websites, therefore if it does not work well with you as a seller, it will not have any effect on the buyer. The relationship with your agent is more important and if you are not confident the agent will do an amazing job, then that is not the right agent for your property.

3.Recommendations

Referrals, Reviews and recommendation from friends, colleagues and neighbors are solid endorsements for any agent's services. You can browse through reviews on websites or portal listings that will show you both positive and negative reviews on an agent.

4.Creating your Shortlist

We duly recommend having a shortlist of at least three agents to value your home. They should each give you a sample of their work, a copy of their terms of business and also a copy of their marketing recommendations for your house. Compare these prices, their services, and their projections. Although the price of the estate agent is a major consideration, however remember that getting a better offer for your property and getting the selling process done impeccably is more than any price tag.

Selling your Property Privately

It is possible to sell your property on your own without involving an estate agent, however there are some major risks attached to doing this. For lots of people, selling a home is the most important and biggest transaction they will do in their entire lifetime while for some it has become some sort of business.

Making use of professionals for each part of this process will provide you with extensive knowledge and legal protection. Selling your house may be an emotional experience, therefore having a professional to guide you will ensure you make the best use of the opportunity. As any mistake can be time-consuming and expensive.

Therefore, as a private seller, you will need to be responsible for the selling process from start to finish, these includes;

• Valuing and Setting selling price.
• Marketing
• Arranging inspections
• Offer negotiation.
• Progressing sale through conveyancers and solicitors.

Reaching a wide market as possible can be a challenge to you as a private seller, as you just have a single product available, hence your potential buyer audience may be small. Private sale marketing websites generally have small stock to attract a significant volume of buyers.

COST OF SELLING A HOUSE

There are several fees, charges and costs associated with selling a house that you will need to factor into your budget. Having this knowledge will make sure you are not caught unaware further down the line. If you are looking to buy a house at the same time you are looking to sell the one you are in, then also review the buying costs. You can employ the services of a financial consultant to help you estimate or calculate the costs. Below are some of the costs you should be prepared for.

1.Estate Agent Fees

Estate agent fees include conducting inspections, advertising your property and also partnering with other parties involved to get sale to completion.

2.Mortgage Exit Fees

Check if there are any penalties for exiting your mortgage early. You are likely to incur early repayment fee or exit fee.

3.Energy Performance Certificate

In Wales and England, it is required for sellers to provide an EPC for the property to potential buyers. The EPC document sets out the energy capacity and efficiency of the home with "A" being the most efficient and "G" being least efficient.

4.Home Reports

Home sellers are required to provide Home Reports to buyers in Scotland. The home reports includes separate results such as Energy Report, Property Questionnaire, and a Single Survey.

5.Conveyancing Fee

A legal convincer or solicitor will deal with the aspects pertaining to legal parts related to selling the property which is called 'Conveyancing'. The cost mostly depends on the sale value of your property, however it is considerably lower than fees involved when purchasing a property.

6.Removal Costs

If moving to a new house, do not forget to factor in moving costs. The cost will differ depending on how much you are moving and also how far you want to move. It is recommended to get 2-3 quotes and go over customer reviews to select the most suitable removal or moving firm that best suits your needs.

RENT ADVICE

UNDERSTANDING TENANCY JARGON

1. Arrears: means outstanding rent. Arrears may be in part or a full amount for a rental period.
2. Assured Short hold Tenancy: is the most frequently used tenancy agreement and also known as AST.
3. Break Clause: is a clause that is included sometimes in a fixed tenancy agreement. It is included if initial fixed term is for a year or more.
4. Council Tax: is a local authority tax applicable to England, Scotland, and Wales. It is the responsibility of the tenant to pay.
5. Deposit: is paid by tenant to cover damage or unpaid rent. It is usually the equivalent of 6 weeks, however it is the right of landlord to set any amount for deposit.
6. Dilapidation: Is the damage caused to a property that is more than acceptable wear and tear.
7. Fixtures and Fittings: is the content of a rented property that may include window coverings, carpets, light fittings, kitchen units etc. In case you are renting fully-furnished property, furniture may be included.
8. Grounds for possession: is the aim for applying to courts for repossession of a property.
9. Guarantor: is any individual who agrees to append signature to a tenancy agreement and guarantees that they will undergo full obligations under the tenancy agreement on behalf of tenant. If tenant cannot make payment, guarantor makes the payment.
10. Holding Deposit: is the amount of money paid to landlord or letting agent to reserve rental property before appending signature to tenancy agreement. This deposit is nonrefundable.?
11. Initial Term: first period of tenancy
12. Notice Period: is the period of time landlord or tenant gives to end tenancy agreement.
13. Period Tenancy: is the tenancy that continues for a successive periods till tenancy gives landlord notice to end tenancy.
14. Renewal: at the end of an AST, some tenants and landlords choose to renew the tenancy for another fixed term. It gives the tenant more security. In case of any update in tenancy agreement, landlord may ask tenant to sign renewal.
15. Tenancy Agreement: is signed before a property is let out. This is a contract between landlord and tenants that makes up for the terms and conditions of the rental agreement.

Advantages of Renting Through an Agent.

Across residential markets, standards can vary substantially from a landlord to another, which is difficult to know in future what your new landlord is going to be like. Presently, there are no national review sites to help choose which to work with and most times choice is made based on property and not landlord. Making use of an agent will help ensure that your experience is at a standard and reassures you it is being handled by a professional. The agent will be employed to find a tenant to search for tenant and also manage a property for tenancy duration

In England, agents are not registered, therefore always look for agents who are members of trade bodies like Propertymark (ARLA) and NALS. In case you have any doubts, you can check them out on trade body sites. Ever since November 2016, agents and landlords who let and manage resources in Wale are mandated to be licensed via official scheme. While the Scottish Government is introducing something similar in Scotland. Therefore it is an offence for any agents to do lettings work in Scotland after this time if unregistered. There are a several major areas an agent needs to make sure are in place. These includes;

Client money protection: all estate agents need to state if or not they have this so buyers can make a choice. This is likened to insurance which provides security or compensation to tenants, landlords and other clients in case agent misappropriate their funds. Registered agents should have CMP as part of their professional membership and also have important procedures for managing money to make sure the funds deposited is kept away from that is used to run their business.

One of the major independent Client Money Protection schemes that makes sure each of registered agents are in compliance with codes of practice of handling client deposit is SAFE agent. Also look out for the SAFE agent logo in their offices.

• Knowing their client.
• Professionalism and training
• Reputation
• Redress Schemes.

THINGS TO LOOK OUT FOR ON PROPERTY VIEWINGS

Property viewings are the opportunity to make clear the detail of what you would be renting if you took the property, hence why it is important to ask questions. Below are few things to consider;

• Generally, properties do not change and you should be looking to let the property in an 'as is' state.
• In case property is being let furnished or occupied, it is important to clarify what is included within the tenancy period as some contents may belong to occupant. Therefore have an inventory on what should be there.
• Be certain what is behind locked doors.
• In case items are to be replaced between tenancies, you need you be clear on the condition and clarity of the new items to be sure you are not being ripped off.
• In case the current tenant is around when inspecting the property, ask questions on what works and what does not in the property.
• Ask who is managing the property, the agent or landlord? Ask if they are full-time or only does part-time when needed.
• If inspecting or viewing via agent and they still have interest in the property, they are obligated to inform you in advance to avoid conflict of interests.
• Repairs: If they are apparent repairs to be done, include them as a requirement that must be done as a part of your offer. Be realistic with your repair requests and ensure you coordinate the repairs to avoid future headaches.
• If there are terraces or gardens, ask who is responsible for its maintenance.
• If viewing property more than once, ensure the viewing is done on different day and time to get familiar with the neighbors and neighborhood.

RENTING WITH PETS

As a pet owner, you need to understand that accepting pets may be a difficult decision for landlords. Below are some of the advice for renting pet-friendly properties includes;

1.Do your homework

Have a pet biography e.g. veterinary history, practices, record of vaccinations etc. and all documents that contains relevant information to indicate you are a responsible pet owner. Also, it is important to get a pet reference by asking your previous landlord for reference to vouch for your veterinary practices. Ensure the timing is right, be intentional and immediate with it, check your notice period and make sure your search fits within significant period.

2.Be Flexible

Increase your search criteria, try not to limit your excessive requirements considering other property types and location. Property types may also provide more possibilities. Also, deposit options can reassure your landlord of your intents to be a responsible tenant by being prepared to recompense a higher deposit to cover any pet-associated damage. Cleaning solutions is also something to consider as strong odors, flea infestation may be something of concern to landlords. Offer to have the property cleaned by a professional at the end of your tenancy period.

3.Communications should be clear

Be honest as not informing your landlord you want to move in with a pet can pose a breach of contract and may potentially result to eviction. Have a written permission. Make sure there is a written and signature appending documents to confirm this permission in case of future misunderstandings.

HOW TO FIND PLACE TO RENT AS A FIRST TIMER

Before you begin you r search, ensure you have carefully thought about what you want and the kind of property and what best suits your lifestyle presently. Ask yourself these following questions;

i.Do you want a garden or terrace for your children, pets or yourself?

ii.Do you need off street parking or a garage?

iii.Do you need a fully furnished property?

iv.Do you need an unfurnished rental or you want it partly furnished?

v.If you a comfortable with a fully or partly furnished property, will all your deposit cover damage and handling cost?

Which Part of Town would you like to live?

• Do you want an area close to your work place or children's school?
• Do you want a place closer to town?
• Do you want a rental property that needs to be close to public transport stations?

When you have this done, make a list of your important search principles.

Where to Search?

Sign up to BuyLetRent.co.uk property alerts to find out about new market rental properties. This gives you access to the website's favorite or recommended properties. Also you can speak with local letting experts who can help you find rentals, they can advise you on the best areas to match your criteria.