Blog

Hands up if you’d like to get moving!

Tuesday, September 10, 2019

With the school holidays over, if you are thinking of selling or letting your property it’s time to do your homework and get moving? In spite of any political uncertainty, there’s a long list of motivated buyers and tenants eager to move in the autumn and to be settled by Christmas. This quick and simple summary is designed to show you how to make the whole process easier and less stressful.

Firstly, whether you are selling or letting, you’ll need an accurate market appraisal of the value of your property to give you an idea of where you stand. Either way, the appraisal should take into account current local market conditions, key local factors such as parking, amenities and transport links and any potential changes to these. You will also need advice about the competition and which sector of the market you will be targeting, whether it’s young professionals, growing families or a retired couple looking to downsize. In short, you need a real local expert with first-hand experience of the property market in your area.

Trust is vital when it comes to appointing an agent to provide your appraisal and advise you on marketing your property. An NAEA or ARLA Propertymark agent will prepare property particulars with professional photographs and floorplans. Decide what fixtures and fittings you will include in the sale and, if you are letting, consider the pros and cons of furnished vs unfurnished. Assemble any useful information you can give your agent about your property including gas and electrical certificate checks, building regulations certificates, council tax, utility, buildings and contents insurance bills and service charges and ground rent bills for flats.

Opting to sell or let your home may be the biggest decision you will ever make. By using the services of professionals with expert knowledge and legal protection, you will minimise the risks involved, potentially saving a great deal of time and money. Consult our Selling and Letting guides for step by step information on what’s involved.

Get a head start with the legal process. If you are selling, you’ll need to instruct a solicitor to act on your behalf throughout the conveyancing procedure and guide you through the process of exchanging contracts and completion when the time comes. Once you have appointed a conveyancer, you will need to provide some basic information such as your mortgage roll number, and proof that you own the property. You may have to answer detailed questions about your property, its boundaries and any outstanding issues.

It is now a legal requirement for vendors to provide a valid Energy Performance Certificate (EPC) for their property before it can be sold. The EPC is made available free of charge to any prospective buyer. Your appointed agent should be able to arrange this for you as an integral part of marketing your property. Increasingly, residential landlords are faced with a mountain of legal, health and safety obligations that they must adhere to. Legislation now stipulates that landlords of domestic private properties are not permitted to grant a new tenancy if their property has an EPC rating of band F or G. And it’s not just EPCs. Landlords’ responsibilities can be overwhelming but if you appoint a licensed ARLA propertymark letting agent you will have trained agents to keep you informed of your legal obligations. It’s also vital to comply with health and safety legislation such as the need to install working smoke and CO alarms in all rental properties although it will be the tenant’s responsibility to test the alarm regularly. The detailed Lettings guide on our website provides valuable information on everything from EPCs to landlords' responsibilities and how we can make the whole letting process easier.

Assess your finances! Once you know the current market value of your home you can check your monthly finances and work out what you can afford to buy. If you need finance to be put in place, seek independent mortgage advice for suitable financial products that are currently available and also an idea of what the implications would be of any rise in interest rates. It's also important to calculate all of the costs involved in buying, selling and moving house and to factor these into your financial equations. These range from mortgage arrangement fees to stamp duty and furniture removal costs. If you’re letting for the first time there will be tax implications to consider so do seek advice.

The financial and legal aspects of moving have become increasingly complex in recent years. There’s a lot to consider and arrange so if you’re looking to move this autumn you need to start the ball rolling now. We can put you in contact with trusted financial advisers and solicitors and offer detailed advice whenever you need it.

For a FREE, no obligation market appraisal and advice on where to start just call your local Frost office.

Please note you should seek appropriate independent mortgage advice from a qualified professional before making an offer to purchase a property. Interest rates may change over time and even if you select a fixed rate, the rate may be fixed only for a limited period. Many lenders charge fees in connection with arranging a mortgage which may be added to the loan increasing the amount you owe and must pay interest upon. Your home may be repossessed if you do not keep up mortgage repayments.