Below are some of the questions we are frequently asked by our prospective buyers;
Are you a member of any professional bodies?
We are members of NAEA Propertymark (The National Association of Estate Agents) and The Property Ombudsman so you have the peace of mind to know that you are dealing with an estate agent that is regulated.
Should I arrange a mortgage before I start looking for properties?
If you know that you will need to take out a mortgage in order to buy your property, then it makes sense to seek financial advice at an early stage.
Most mortgage lenders will be able to provide you with a Mortgage in Principle, commonly known as a MIP, DIP (Decision in Principle) or an AIP (Agreement in Principle). This provisionally lets you know how much you can borrow, subject to finding a suitable property in a specified time.
Establishing this proof of finance at an early stage in your property search can put you at a big advantage. Firstly, in terms of looking at properties via estate agents but more importantly, when it comes to making an offer, your position can be viewed by the agent and the seller with more purpose being you have an MIP.
Do bear in mind though, MIPs give absolutely no guarantees being they are subject to survey and your mortgage application will still need to pass the necessary credit and lender checks initially.
You can get advice directly from a lender who will discuss their own products. You can also speak to an Independent Financial Adviser to find out about a range of different lenders’ mortgages.
Our in-house mortgage brokers at MAK Estates have access to mortgages from the whole of the UK mortgage market and they’ve saved our clients thousands of pounds over the years on their mortgage repayments.
I have a property to Sell, do I Sell or Find first??
This is one of the most common questions. In truth, if you find a property and fall in love with it, chances are others have too, and it’s the party in the best position wins!
Our advice would be to get your own property on the market whilst you’re looking for a property to buy, if you find a buyer and you haven’t found a property, your buyer will wait for you if they like your property enough, if they don’t wait, we’ll find another buyer, but by having a buyer waiting for you puts you in the best position possible for when you find that dream home.
What are Sealed Bids?
A property goes to sealed bids when there is more than one person interested in buying it. We resort to this method in order to give all potential buyers a fair and equal chance to make their best offer. A date and time for the receipt of a sealed bid is set for all parties interested. You then send, in writing via email, your maximum bid, before the offers are then discussed with the vendor, with the winner often being the best in both price and ability to proceed.
When I make an offer on a property what information do you require from me?
We will require your position to proceed, i.e. first-time buyer or if you are selling, and the full details of agent and related sale if applicable. You will be asked for proof of deposit if obtaining a mortgage and either a copy of your Agreement in Principle or, if you have yet to arrange a mortgage, then to be qualified by one of our in-house financial advisors. Cash buyers will be asked for proof of funds, provided by your solicitor or bank.
How long will it take to complete my purchase?
The length of time it takes to take buy a property varies, and no two transactions are the same. On average, we find that it is usually around 8 weeks before contracts are exchanged, but this can vary depending if the property is involved in a chain.
How do I know if my offer on a property has been accepted?
Once we have received an offer for the property, we will speak to the seller(s). If the Seller(s) accepts your offer, we will normally contact you and inform you.
If your offer is accepted, we will contact you to congratulate you! We will speak with you about dates for completion and discuss exchanging contracts.
When should I instruct a Solicitor?
You will have to provide your solicitor’s details at the point you have an offer accepted. If you have a solicitor who you know that can work quickly and efficiently, you can continue to use that firm. However, if you have any doubts, we can confidently recommend one of our excellent solicitors.
Will I need to get the property I want to purchase valued?
If you are arranging a mortgage, then your lender will appoint a Valuer to inspect the property. However, this will often not consider the condition of the property in detail, so you should not rely on this report alone. Depending on the age and condition of the property, it might be best to get a Full Structural Survey, because if problems are found with a property after the exchange of contracts, the seller is not liable and as the buyer, you will have to pay for any necessary repairs. If you are buying a new build property from a developer, then there is greater statutory protection.
The Surveyor has found a problem with the property that I'm looking to buy, what I should do?
On occasions, buyers will find out that there are problems with a property before they have exchanged contracts. If this happens, you will likely have 3 options:
1. You can request that the seller corrects the problem at their expense
2. You can seek a price reduction to cover the cost of resolving the problem
3. If the problem is substantial, you may wish to withdraw from the purchase
What does ‘exchange of contract’ mean?
A house sale or purchase becomes legally binding at exchange of contracts. The solicitors acting for both parties will hold signed contracts – if either party fails to honour the obligations, this will constitute breach of contract.
When do I find out what date I can move in?
The date set for you to move into the property, known as 'completion', will be agreed with your seller during the sales process. This date is usually confirmed by the Solicitors. We recommend at least one week between exchange and completion, to give all parties time to pack etc.