Published: 26/02/2018 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’ over the last 12 months:
What is the vendor’s position?
This is a very simple but key question. A buyer’s primary concern is how quickly they can move into the property. In the majority of cases people are moving 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 principal to make an offer?
No, although it is always beneficial for a broker or lender to have looked at your financial criteria but 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 until you are under offer we wouldn’t recommend a vendor accepting the offer. With this said, on the odd occasion a vendor may give the buyer a period of grace to go under offer.
Has the property market in Chiswick been impacted by Brexit?
Locally in Chiswick both sales and rentals have been significantly impacted by the uncertainty the vote has brought. Both markets have seen a decrease in value between 15-25%. However 2018 has started very positively for us so fingers crossed we’re on the up!
Is now a good time to buy?
YES!! Chiswick always has a knack of turning when you least expect it. Take advantage of historically low interest rates, decrease in value and low competition compared with a rising market. 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 of course 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. Any major visible issues will be flagged 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 condition, it’s designed to complement the mortgage valuation. It provides ‘traffic light’ indications of the state of the property. Green means all fine, yellow there’s cause for concern and red serious repairs are vital. It does not include advice or a valuation.
HomeBuyers Report: This is a more detailed survey and also 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 obtrusive so they wouldn’t look behind furniture, lift floor boards 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, unless specified, it probably wouldn’t include an insurance reinstatement value estimate or a market valuation.
Have there been any offers?
This is a valid question. Obviously if a property has been on the market for a long time and not had any offers, is there a reason? If there have been offers, you can work out what’s been rejected and potentially gauge the vendors expectations on the price they’re looking for. A picture is constantly being built on each property and situations change during the process. 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. all need to be considered.
Any other questions? Give us a call and we will be more than happy to answer them 020 8747 8800.