Published: 29/04/2021 By Jessica ChalmersAre you in the market to buy a property? We've put our heads together and have collated and answered the most commonly asked questions by 'buyers':
What is the vendor's position?
This is a straightforward but critical question. A buyer's primary concern is how quickly they can move into the property. In most cases, people move up or down the property ladder, and you would generally expect an onward chain. Of course, the ideal buyer scenario is a chain free property.
Do I need a mortgage agreed in principle to make an offer?
Although it is always beneficial for a broker or lender to have looked at your financial criteria, it isn't essential.
If I'm not under offer and want to make an offer, will I be taken seriously?
It's always good to show your intention as a buyer, but we wouldn't recommend a vendor accepting the offer until you are under offer. With this said, on the odd occasion, a vendor may give the buyer a period of grace to go under offer.
Has COVID-19 impacted the property market in Chiswick?
YES! There is a huge demand for family homes, with many people choosing to upgrade their primary residence. This is due to several factors; a primary reason is that working from home long term has meant that families need more space. The market has been more challenging for flats, but the market has seemingly recovered.
Is now a good time to buy?
YES! It's a great time to take advantage of historically low interest rates. Chiswick is a desirable, thriving community 25 minutes from Central London. Bricks and mortar are a solid investment.
Should I get a survey?
A survey is intended to be a detailed inspection of a property's condition and is very useful to help you avoid expensive surprises. There are different levels of surveys, both in detail and price, as outlined below. Depending on the property, a new build v's a house with subsidence our advice for which survey to choose would vary.
Mortgage valuation: This is a simple valuation for the bank to satisfy the lender that the property is worth the figure the sale is agreed at. This survey will flag any significant issues, or a further survey report recommended. The surveyor will look at comparable sales within the area before finalising his report.
Condition report: This is the most basic survey looking at the condition; it is designed to complement the mortgage valuation. It provides 'traffic light' indications of the state of the property. Green means it is satisfactory, yellow there's cause for concern and red shows serious repairs are vital. It does not include advice or a valuation.
HomeBuyers Report: This is a more detailed survey that includes a valuation and an insurance reinstatement value (how much you would receive if the property were to burn down). However, the survey isn't intrusive, so they wouldn't look behind furniture, lift floorboards or drill holes.
Building Survey: These are expensive but worth it if you're buying a very old, unusual, listed or timber-framed property. These are also good if you are going to be doing some serious building works. The surveyor would look in the attic, behind walls, between floors and above ceilings and provide advice on repairs, prices and timings. However, it probably wouldn't include an insurance reinstatement value estimate or a market valuation unless specified.
Have there been any offers?
This is a valid question. Is there a reason why a property hasn't had any offers? If there have been offers, you can work out what has been rejected and potentially gauge the vendors' expectations of the price. As agents, we're employed to get the best possible result for our clients (the vendors). It doesn't necessarily mean the highest offer should be accepted. Factors such as flexibility on timeframes, cash/mortgage ratio, chain details etc., are all considered.
Any other questions? Give us a call, and we will be more than happy to answer them 020 8747 8800.