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mollyharrisuniverse-blog · 2 years

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Are your buy-to-let properties worth selling?

One of the significant reasons for investing in buy-to-let mortgages is they are assumed to be tax efficient, but unfortunately, you cannot benefit from it the way you used to until Brexit. It is assumed that these properties are tax-efficient, but the fact is that they are much less tax efficient than assumed.

To most the people, buy-to-let mortgages seem to be a money-making opportunity. Investing in property could allow you to make some money in the form of rent, but when you calculate the overall cost, including the letting agent commission and tax you paid, you find that you are left with very little income.

It is likely that you may decide to sell your buy-to-let property and use the money to buy another house for your residential purpose. However, it is not as easy as it seems. There are many things you should consider before deciding if it is worth selling buy-to-let properties.

Should you sell the buy-to-let property as tenanted or vacant?

Once you have decided to sell your property, you should inform your tenant because you never know if they might be interested in buying your property. If so, you really do not need to ask the agent to look for a buyer for you, and you can easily save your money on those formalities.

If it is not on your cards, you need to decide if you should sell it as tenanted property or a vacant home. Both have their advantages and drawbacks. Carefully peruse it, so you do not regret it later. If you tend to sell the tenanted buy-to-let property, you will have limited market options to sell.

Most of the buyers and investors are generally interested in buying vacant property. Further, if anybody gets ready to buy your property, you will not be able to sell it at market price. It will likely be a loss deal. If you have decided to sell your house to a sitting tenant, make sure that you have explained to your tenant what the sale could mean to them.

Frequent sale agent visits will be there, so they should always be ready to get through such hassles until it is sold. Try to explain to them its benefits so they could be helpful when property agents come to take photographs or view the house. Their cooperation is required to make it much easier.

You need to check your tenancy agreements, however. The agreement may give them certain rights, for instance, quite an enjoyment, which means you cannot force them to allow people in to take the view of the house or take photographs. If there is any kind of such clauses, you will have to wait until the termination of the letting contract. If you have a good relationship with your tenant, they may be lenient and avoid being stuck to the clause given in the agreement.

Here are the advantages of selling the property with a tenant:

You will keep earning a rental income until the sale is complete. You will be able to earn money as rent until the sale is made, so cash is coming in throughout the period.

The buyer will have the advantage of getting rent from day one.

If the sale falls through, you still have a chance to prevent the loss of rental income.

If you sell a vacant property, you will likely be put on the open market because now, people other than investment buyers may also be interested in buying buy-to-let properties. Further, you may be able to sell at a higher price.

However, the drawback is that you will have to wait until the tenancy period expires. Further, you will have to do it up so you can sell it up at good prices.

5 Factors to think about initially

You must have decided whether you want to sell your buy-to-let property with a sitting tenant or vacate, but before you get into action, you will have to look at the following factors:

Mortgage implications

You do not have to worry about anything if you have already settled a mortgage, but if it is yet to be settled, you will have to consider its implications on your sale process. The ideal time for selling your buy-to-let property is when your fixed-rate interest period is going to expire.

This is the period when you are charged fixed interest rates for two, three or five years and afterwards you are put on a standard variable interest rate. You will end up with hefty interest if a longer fixed rate interest period is left.

However, not all lenders charge very high early repayment fees. Make sure you should consider the best buy-to-let mortgage. This will likely help get money at affordable interest rates.

When to sell

The next thing you need to look at before selling your buy-to-let properties is the right time to sell them. Although the housing market performs well throughout the year in the UK, it is always recommended that you should do some research to know the condition of the local market.

Sometimes the market moves sluggishly due to economic factors. With the help of research, you will be able to know the market selling price. You will get an idea if it is actually worth selling it.

Should you refurbish?

This is another thing you need to consider before deciding on selling buy-to-let property. Doing up your house can help improve the chances of getting good prices but ensure you get a return on the cost you are investing. Refurbishment does not always help get higher prices.

Vacant possession

You cannot just throw them out if you already have a tenant. You will have to wait until the tenancy period expires. You will have to follow the strict legal process. However, if the agreement has the clause that you can ask them to leave any moment before the tenancy period expires by giving a notice period in advance, you can go ahead then.

Take the help of an advisor

Even though you know the entire procedure and you have decided to sell buy-to-let mortgages, you should consider an independent mortgage advisor in Edinburgh. They can help better guide you on what you can do about it.

The final word Well, if your purpose is just to make your property tax efficient, it is recommended that you sell it, as this property is not as tax efficient as it seems, especially for those who are high taxpayers. However, it does not mean that you just have to take into account this factor only. There are a lot of other things you need to look at, for instance, whether you should sell the vacated property or with a sitting tenant.

Both have their own advantages and disadvantages. You will have to look at them carefully, so you choose a better option. Apart from it, other factors include mortgage implications, when to sell, whether you need to do it up, vacant possession, and taking the help of an advisor.

Original Source : https://mortgagebrokerinformation.weebly.com/blog/are-your-buy-to-let-properties-worth-selling

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umegalettingsblog · 3 months

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Navigate the Edinburgh Property Market with Umega: Your Trusted Partner

Embarking on your property journey in Edinburgh can be an exciting yet daunting task. Whether you're a first-time buyer, a seasoned investor, or a relocating family, finding the right partner to navigate the Edinburgh property market is crucial. Look no further than Umega, one of the city's leading Edinburgh estate agents, to guide you through every step of the process and help you find your dream property.

Umega isn't just your average real estate broker; they're a team of passionate and knowledgeable specialists with over 15 years of experience serving the Edinburgh community. Accredited by respected organizations such as the Property Ombudsman and the Association of Residential Letting Agents, Umega upholds the highest standards of service and ethics in everything they do.

Understanding that purchasing a property is one of life's most significant decisions, Umega offers a personalized and bespoke service tailored to your specific needs and preferences. They'll take the time to listen to your requirements, provide expert advice on the best options available, and support you throughout the entire process, from property viewings to completion.

With access to a wide range of properties for sale in Edinburgh, ranging from cozy flats to spacious houses in various locations and price ranges, Umega ensures that you have plenty of options to choose from. You can explore their online portfolio or visit their office to see what's available, and if you can't find what you're looking for, simply register your interest, and they'll notify you as soon as a suitable property becomes available.

But Umega doesn't stop at just finding you a property; they're committed to providing a seamless and enjoyable experience every step of the way. From arranging mortgages and surveys to recommending solicitors and other services, Umega is your partner, friend, and ally in your Edinburgh property journey.

Don't wait any longer to find your perfect property in Edinburgh. Contact today at 0131 221 0888 and let them help you turn your property dreams into reality.

#Edinburgh Estate Agents

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adsthumbsblog · 2 years

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Discover If Real Estate Investing Is For You

Is real estate investing for you? This is a very important question that should take much thought as you read through this article. It's not a get rich quick scheme. Real estate investing can be rewarding and profitable relatively quickly, and you need to understand how to make it work for you. It takes hard work and often long hours. It's not for the faint hearted or the lazy. To be a successful real estate investor you must enjoy it. You must have a passion for the business. A real estate investor must be committed. You must do the work.

Time is of the essence. How you spend your time in this business will determine if you are successful or not. You must plan what to do every day, week, as well as every month, and follow that plan.

Learning the industry is essential to become a successful real estate investor. Never stop learning! Your education in real estate investing never ends. You must keep up with the ever changing market and market trends. Becoming knowledgeable about real estate investing is most important. Also, you must gain the correct knowledge or education. There are different courses offered in different areas and you may not be interested in certain segments of investing. Choose the areas that interest you and enjoy.

The true real estate investor must be willing to accept rejection and face that rejection head on. Every rejection is one step toward acceptance. In other words, every no you encounter is one step closer to a yes. Fear is the biggest deterrent of many not getting started in real estate investing. Fear of rejection, fear of people saying that it can't be done, fear of making a mistake, and fear of not having the financing to do the deals. Fear of an offer being rejected, fear of the appraisal coming in low, fear of inspections, fear of the loan may not go through, any number of things associated with the industry. All of these fears can be overcome, and must be to become a successful real estate investor.

There are many different areas of real estate investing that involve various strategies, types of properties and techniques and methods in acquiring properties. My recommendation is to choose one or two types of properties in which to invest in and become an expert in those areas. It's very difficult to become an expert in all areas of investing. Remember, you must enjoy what you are doing. You may be interested in preforeclosures, foreclosures, wholesaling, property management, tax deeds, tax liens, mortgage notes, mobile homes, commercial real estate of a myriad of other areas. You are the one that has to be comfortable in the areas you choose.

I have touched on many areas for you to ask yourself the question, "Is real estate investing for me?" Think about it. Is it something you want to do? If it is, and I know you can do it. Then, you will need to go forward and become educated on the many steps in real estate investing, the different strategies, techniques, types of properties and funding avenues that can be found in the myriad of tapes, compact disks and books available in book stores, online and in your local library.

Michael Hrisko is a real estate investor, mortgage broker, and home inspector. His past experience in the construction trade is carpentry and roofing. He's worked on projects ranging from single family homes, condominiums, apartments and custom built homes. His hobby is wood working.

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mortgagese-blog · 4 years

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When considering a new mortgage, or looking for a Mortgage Broker in Edinburgh, you should consider Mortgages Edinburgh first! We search the entire market for the best mortgage to suit your budget and circumstances. This includes High Street banks, building societies, and independent lenders. That’s why we’re called a whole of market broker, and one of the most respected in Edinburgh. To top it off, our service is 100% free. We don’t charge you a penny!

Website: https://www.mortgagesedinburgh.co.uk

Address : 27 Corstorphine High Street, Corstorphine, Edinburgh, EH12 7SL

Phone Number: 0131 210 0289

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uskelda · 4 years

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The latest mortgage broker serves as a intermediary somewhere between individual and therefore mortgage company who actually simply helps you the actual people and perhaps each and every brokers compile all the appropriate forms through the folks and afford this task into the creditor. If your specific buying the latest household or perhaps even just about any real-estate after that the woman / man requires a mortgage advisor of which makes it much easier with regard to to find a home loan.

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hinald · 4 years

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themortgagebureau · 4 years

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Tips For First-time Buyers in Peterborough

First-time Buyers in Peterborough

Buying a house is a big decision for first-time buyers in Peterborough, or anywhere else for that matter.

Get Advice from a Mortgage Broker

Unless you get the correct mortgage advice, things can get confusing, stressful and time consuming for you. It can become even more stressful later if you have acted without the sorts of full information that an adviser would provide.

At The Mortgage Bureau, our mortgage advisers will help remove the confusion, save you time and provide the correct first-time buyer mortgage advice.

Being an independent mortgage broker here in Peterborough, we are not tied to any lender or estate agent. When we have a full understanding of your current situation this allows us to match you with the most suitable lender.

Because we want to help our customers make the right decision as first-time buyers in Peterborough, here are some tips you should consider:

Responsibility: All lenders will check your financial situation so you should be in a position to show that you are responsible. For example, pay off your credit card bills and other debts on time to show that you can be responsible for the mortgage payments. That way you build up a healthy credit history that shows that you can be trusted.

Save Hard & Boost Your Savings: As a first-time buyer, you should be prepared for the deposit and the mortgage repayments. Work out how much cash you are left with at the end of each month. Instead of keeping it in your current account, it should go straight into a savings account. That way you will not be tempted to spend it. Similarly, you should look for ways to boost your monthly savings. Cut down on any expense that isn’t benefitting you or your family. The bigger deposit you have, the better choice of mortgage deals you will have.

Choose Your Mortgage Wisely: While our experts will help you get the right mortgage deal, you should still choose it wisely. The most important factor to consider is the overall cost of the deal, not just the interest rate. Don’t get tricked with a low rate deal, as it may come with fees and other charges payable at a later date. We will point these out to you.

Compromise: Sometimes things don’t turn out the way we expect. It could be the location of your new property, or its size or its condition. Being able to compromise on any of these things could make the world of a difference for you, especially when it comes to buying your first home.

About Peterborough

Peterborough sits just off the A1, so it’s very accessible from all major cities by car. Once you arrive you’ll find the city remarkably easy to navigate.

Rail: Easy access to London (50 minutes), Newcastle, Edinburgh and also to Liverpool, Manchester, Birmingham, Nottingham, Leicester, Derby, Lincoln, Norwich, Ipswich and Cambridge. The railway station is an important stop on the East Coast Main Line between London and Edinburgh.

Bus: You can get travel advice and National Express tickets, plus tickets for day trips at the Visitor Information Centre on Bridge Street, Peterborough. Free bus timetables and various leaflets on places of interest are available, and you can also get concessionary bus passes.

Air: Stansted Airport is just over an hour away by car and is on a direct train line from Peterborough. Luton airport is approximately 75 minutes by car.

The Mortgage Bureau, Stuart House East Wing, St Johns Street, Peterborough, PE1 5DD | Telephone 01733 358488 | Website | Facebook

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https://www.themortgagebureau.co.uk/uncategorized/tips-for-first-time-buyers-in-peterborough/

#Mortgages #Mortgage Broker #Mortgage Adviser #Independent Financial Advice

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mollyharrisuniverse-blog · 2 years

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#joint mortgage calculator #joint mortgage calculator uk #joint mortgage how much can i borrow #Joint mortgage with parents #first time buyer joint mortgage #best places to live in edinburgh #independent mortgage advisor edinburgh #Mortgage Broker in Edinburgh #free mortgage advice edinburgh #Free mortgage advisor Edinburgh #mortgage broker edinburgh #mortgage advisor edinburgh #best mortgage advisor edinburgh #your mortgage broker edinburgh #Best places to live in Edinburgh for families

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umegalettingsblog · 6 months

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Embarking on Your Edinburgh Property Journey with Proven Estate Agents

Are you looking for a new home in Edinburgh? Whether you are a first-time buyer, a seasoned investor, or a relocating family, you need a reliable and experienced partner to guide you through the Edinburgh property market. That’s why you should choose Umega, one of the leading Edinburgh estate agents, to help you find your dream property.

Umega Is Not Merely A Real Estate Broker. They are a group of enthusiastic and knowledgeable specialists who have been serving the Edinburgh population for more than 15 years. They have a wealth of knowledge and experience in all aspects of property sales, letting, management, and investment. They are also accredited by the Property Ombudsman, the Association of Residential Letting Agents, and the Scottish Association of Landlords, so you can trust them to uphold the highest standards of service and ethics.

Umega recognizes that purchasing a property ranks among the most significant decisions you'll ever have to make. That's why they deliver a customised and bespoke service to match your specific requirements and likes.They will listen to your requirements, advise you on the best options, and accompany you throughout the whole process, from viewing to completion. They will also provide you with honest and transparent feedback, regular updates, and expert negotiation skills to ensure you get the best deal possible.

Umega has access to a wide range of properties for sale in Edinburgh, from cosy flats to spacious houses, in various locations and price ranges. You can browse their online portfolio or visit their office to see what they have to offer. You can also register your interest with them and they will notify you as soon as a suitable property becomes available. They will also help you with arranging a mortgage, a survey, a solicitor, and any other services you may need.

Umega is more than just an estate agent. They are your partner, your friend, and your ally in your Edinburgh property journey. They will make sure that you have a smooth and enjoyable experience, and that you end up with a property that you love and can call home. So, what are you waiting for? Contact us today at 0131 221 0888 and let them help you find your perfect Edinburgh property.

#edinburgh estate agents

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mortankel · 4 years

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#mortgage broker edinburgh

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zingafs · 2 years

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Why You Need to Seek the Best Mortgage Advice

Finance & Investment It does not matter if it is your first time buying a house, or if you already own one, there will come a time when seeking advice is needed, most especially if you are pursuing the best mortgage brokers London. This is an assurance that your loan for the house is secured enough. This is necessary for whatever personal circumstances that may come along. The Evolution of Mortgage- Most mortgage brokers in Edinburgh will agree that this industry is becoming more and more popular and interesting. This is why obtaining mortgage advice in Edinburgh is just right. To have the most sophisticated mortgage in the work is what Edinburgh is all about.

There are no products available for the public. It starts from a great number of lenders. This best mortgage broker London is open even for people who have unstable credit histories. The same is also true with individuals who have employment situation issues. This investment purpose is the answer. Before, it was not even like this. Since the market is delicate, seeking advice is seen as an option these days. This applies both to independent brokers and financial advisers. However, the big question is – when is this necessary? This is a way to ensure that the product offered is at its best.

Advisers usually keep an eye on the industry like no other. They know what a certain area needs to go for for continuous professional development. Advice may be provided in various ways. This can be about ancillary finance products including pensions and insurance. These kinds of products are always automatic with home loans. Suggestions on a home loan may also be sought through this. This is coupled with the contents insurance. This is also an opportunity to receive advice regarding life assurance products, or even mortgage and income protection insurance. The truth is that it is not easy to find the best broker for mortgage to give mortgage advice.

This is a challenge that would call for the person to perform a decent amount of research. For whatever it is worth, do not fail to stick to registered brokers. There are thousands of them. They must be given attention accordingly. The internet may be a good source of this. This may also be seen in the local press. There is also a wide array of offline and online directories that may be checked. These normally have the listings of the brokers that are now in the local areas. After seeing the list, communication is the key. It is okay for this to take a couple of days. This may happen. Referrals from your friends may also be helpful. Exhaust the means of researching!

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urnsaytan · 4 years

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What Makes Mortgage Broker So Special?

Within this time, mortgage loans might possibly be the key need for almost all of the folks and lots of customers have a bank loan to be able to virtually instant receive some price. These home it's essentially mortgage finance exactly where borrower’s property owner used as security and a purchaser may need to hint a binding agreement through this quite line of credit which has numerous interest rates. Many of most people acquire the assistance of any kind of mortgage broker to get the personal loan promptly. A fabulous mortgage broker can be a mid-level between property owner along with loan merchant what individuals conveniently enables the home owners as well as lots of home loans earn all mandatory reports out of your individuals and gives doing it to the bank. Whenever a man obtains a different real estate as well as any sort of residence then that woman / man requires a mortgage advisor whom makes it much simpler for to receive a mortgage. There are papers called for whenever a individual implements for any home mortgage.

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housebuyers4u · 4 years

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How to Negotiate the Best Offer for your House (Step by Step Guide)

Let’s face, Haggling sucks! Too high? Too low? Am I being taken for a ride? When it comes to negotiation on house price, most of us have woefully little experience.

That’s where we can help. We share our industry expertise on our top tips for negotiation – applicable for buyers and sellers – to ensure you hold all the cards when it comes to settling on the final house offer.

Let’s get started.

Negotiation via Estate Agents

Low Bids: Cheeky Or Worth a Try – What Should you Offer on a House?

Alternative Buying & Selling Scenarios

What Happens After a Home Offer is Accepted?

A Final Word

Interesting Facts about House Negotiations

Source: Thisismoney

1) Negotiation via Estate Agents

In this section we’ll look at 3 key areas:

Pre-planning: The house offer strategy

How to make a house offer

Negotiation: The house offer process

Pre-Planning: The House Offer Strategy

According to recent government figures, 83% of homes in the UK are sold via estate agents. Agents traditionally work for the seller – a contract is drawn up between the two parties, and their job is to negotiate the best offer for their client.

For buyers this means the home buying offer strategy begins with that crucial first contact with an agent.

Meeting an agent: The first question agents understandably want to know is your budget. Downplaying this a little is key, as agents are notorious for their ability to upsell, showing you properties that are a little overbudget. If you’ve hinted that you could go higher than your original quota this effectively lowers your bargaining power.

Do your research: Online resources such as Zoopla and Right Move make it easy to see what similar properties in any area have sold for, and that of those on the market today. The Land Registry website is also a reliable source to search average house prices in any given area.

Have you got buyer appeal? Perhaps you’re a chain free or cash buyer. If so, be sure to make this information is known to the agent as some vendors might be more open to accepting a house offer lower than the asking price for a hassle-free transaction.

Don’t use an agent for financial services: According to the Home Owner’s Alliance, a major source of complaints from both buyers and vendors is that of an agents conflict of interests. This can occur when buyer’s use the seller’s agent as a mortgage broker. When this happens the agent earns commission – and such a situation can lead to both buyers and sellers losing out financially. The Money Advice Service recommends shopping around to get the best mortgage advice, including that of your bank and independent mortgage brokers.

After the groundwork is in place, the next step is to find your dream property. When viewing this should be considered as the first step in your house buying negotiation strategy, so take care to ensure the following:

Research the property carefully

View more than once (different times of day, during inclement weather if possible, make notes of work that will need to be carried out, etc.)

Get sight of the EPC

Promote your buyer appeal (first time buyer, chain free etc.)

Even if you love the house try not to appear too keen

How to Make a House Offer

Once you’ve found the right property the next step is to make your offer. This is where those all-important house negotiation tactics begin to come into play. You put in the offer through the estate agent who then communicates this to the vendor.

It’s recommended that you put the offer in writing to the agent (an email following a phone call will suffice, and you can easily set up a house offer letter template prior to the time, filling in the relevant details). Doing this negates the risk of any confusion further down the line.

The seller then has three choices:

Accept the offer

Refuse the offer

Begin the dreaded house sale negotiation process

If your initial offer is in the right ballpark, the latter is the most likely scenario. The haggling process takes place through the agent. For buyers this might represents a disadvantage, because the seller has a professional working on their behalf. It’s possible to appoint a buyer’s agent, if you’re really concerned, but this isn’t necessary (plus it adds further costs to the house buying process).

Negotiation: The House Offer Process

Can you negotiate on a house offer? The short answer is yes and here’s how.

As a buyer, your opening gambit (AKA your first offer) should be considered the start of an exploratory process. The key factor here is to determine how flexible the seller is. To this end, the following tips will help direct you towards understanding what your first house offer should be.

The first offer should be below what you’re willing to pay: This gives you flexibility to increase it, should it be necessary. This is a key psychological aspect of house offer negotiation, as upping your offer will appear attractive to the vendor.

Give the reasons for your offer: Mention any work that needs doing (installing double glazing, roof maintenance, new boiler, etc.) and state estimated costs.

Use other properties as examples: If similar properties in the area have sold for less, this is a valuable bargaining tool.

Imply interest elsewhere: Even if this property is ‘the one’, there’s no harm in implying that there’s another property you’re interested in. Estate agents routinely use the ‘there’s lots of interest in this house’ trick to get you to make or up an offer. Telling them you’ve got options is a cheeky way to stop this tactic in its track.

Even if a seller refuses to budge on their asking price, all is not lost. Asking for extras is another strategic move in how to win a house negotiation. Such requests could include:

Asking the seller to contribute towards purchasing fees

Requesting that certain items are included in the sale (curtains, appliances etc.)

2) Low Bids: Cheeky or Worth a Try – What Should you Offer on a House?

Clues that a low offer might be accepted

How low can you go on a house offer?

How to respond to a low offer

Clues that a Lower Offer Might be Accepted

There are many reasons a vendor might accept an offer lower than the guide price, the key is to be aware of what they are. Spotting the signs is vital part of how to get your house offer accepted as well as knowing how much less you should offer to maximise your savings – the following are clues to whether or not the seller might be, to put it bluntly, pretty damn desperate to sell.

The house has been on the market for a long time: Reasons for this include being overpriced or that there’s an issue with the property, such as needing major structural work).

The house has been reduced in price multiple times: Apart from probably having too high of an asking price in the first place, constant reductions in price show a desire to sell ASAP.

The seller is stuck in a long chain: Property chains are a necessary evil when it comes to selling a property. However, they can cause indeterminable delays. If the seller has found their next property and is keen not to lose it, they may well be open to a lower offer for a quick sale.

The house is advertised with multiple agents: In such a case, the estate agent will be keen to clinch the sale in order to get their commission.

Related: Why your house isn’t selling & how to fix it step by step

How Low can you go on a House Offer?

According to This Is Money houses in the UK sell for an average 3.5% less than the original asking price. The image below shows the percentages for a number of the UK’s largest cities.

This, naturally, varies around the country.

From the above image we can learn that the lowest average properties are sold in Bristol and Manchester (2.2%) and the highest average property is Edinburgh (8.3%).

Houses in London on average are 4.8% lower than the asking price.

A rule of thumb would be to go in at around 10% below the asking price. There’s a fine line between negotiation and insulting a vendor. What is a cheeky offer on a house that’s worth consideration to one person could completely undermine your credibility as a genuine buyer to another. Take into account the reason the house is on the market – the owners of a treasured family home that’s just been offered for sale are not likely to be impressed by a derogatory offer.

How to Respond to a Low Offer?

If you’re the seller, receiving a low offer can bring about many reactions – most of them emotional. Of course, you’re perfectly within your right to refuse. But before you do so, consider the following:

You've Actually had an Offer!

Take time to reflect

Consider the Buyer

Review the Market Again

Would you be Better Off Using a House Buying Service?

Someone is interested in your property, and this is the starting point from which the house negotiation can begin.

No matter what, always remember that as a seller you’re the one in control. If you don’t like an offer, you don’t have to accept it.

3) Alternative Buying & Selling Scenarios

In this section we’ll take a look at a couple of alternative buying and selling scenarios and they are:

Auctions and negotiations

New builds

Open negotiations

Sealed bids

While estate agents remain the more common sales route, other alternatives don’t necessarily mean you can’t negotiate a better deal.

Auctions & Negotiations

Regular house auctions, as in where bidders (either in a room or online) bid until the hammer falls, are only open to negotiation if the property fails to sell. In such cases there might be a case for the vendor accepting a reasonable house offer post-sale.

More common scenarios are that of open and sealed bids.

Open negotiations: In the same way as negotiating a house offer through an agent, make your opening gambit lower than the price you’re prepared to pay (by around 5-10% is a good guide). You’ll usually be informed if a higher offer is received, giving you the opportunity to increase a second or even third time.

Sealed bids: Although you might be desperate to clinch a deal, do not be tempted to bid more than you can afford. The vendor will usually accept the highest bid, so a top tip is to not offer a round number. Offering £255,075, as opposed to £255,000 could mean you trump a bid close to yours.

The key approach with both open and sealed bids is to carry out the same due diligence as when buying in a more conventional manner.

New Builds

Many people mistakenly believe that there’s no room for negotiation on the house price of a new build. Nothing could be further from the truth, and buyers often have more wiggle room in such a case.

The following are our top house buying negotiation tips for purchasing not only new builds but also standard properties too.

4) What Happens After a Home Offer is Accepted

When is an offer legally binding?

Gazumping

When is an Offer Legally Binding?

Agents are legally obliged to pass on any offers right up until contracts are exchanged, the point at which an offer becomes legally binding in England and Wales (different rules apply in Scotland). Up until that point either party can pull out. However, according to Co-op legal services, doing so may still leave buyers and/or sellers liable to various fees.

When this occurs due to the vendor accepting a higher offer, it’s known as ‘gazumping’. If you’ve managed to negotiate a particularly low sale price the chances of this happening are, naturally, higher.

Gazumping: Is Gazumping Illegal?

No and being gazumped can be extremely costly, with the potential risk of losing large amounts of money in solicitor’s fees, search fees and survey costs. If it happens to you, the only choice you have is to increase your offer over and above that of the gazumper. One way to lower the risk is to request that the vendor removes the property from the market. If they refuse, consider whether or not it’s worth the risk of losing out should another buyer make a higher offer than yours.

A Final Word

The majority of house buying negotiations take place through an estate agent, removing the need for awkward face-to-face haggling. Research is the most crucial aspect of the negotiation process, providing you with the necessary knowledge as to how to make the best house offer.

Despite your best efforts, a vendor might not accept your final offer on a house. If this is the case, and it’s the maximum you can afford, then it’s time to look elsewhere. However, by following our key tips for house negotiation, we’re confident you’ll be well-placed for securing your chosen property at a truly realistic price.

This article was brought to you by http://housebuyers4u.co.uk/

#Property #real estate #estate agent

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hinald · 4 years

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#mortgage broker edinburgh

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uskelda · 4 years

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#mortgage broker edinburgh

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shinemortgages · 4 years

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How a mortgage broker helps you cross the chaos of confusion?

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Here are the ways in which a broker helps you cross the maze of mortgage

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The nearness of services is a significant reason that makes people hire a broker. They are not aware how many lenders are there in their area but a broking company can solve this purpose very easily. It becomes the best tool to detect the nearest one and the best one in mortgage options.

Conclusion

People may have different perceptions about the brokers but in reality, they are always the saviours of bad time for bad credit people. Yes, the due preventive measures should be followed to choose a right broking company. The one with undue demands of fee and charges without giving the required services does not deserve your notice. However, once you finalise a correct broker it takes care of rest of the mess and stress to get your mortgage approval done. Isn’t it a useful service? Yes, it is.

#Mortgage #Edinburgh #Mortgage broker #UK

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