surreyproperty Archives | Fisher & Partners

Posted on 13/01/2025 15/01/2025

Understanding AML Checks: What Every Homeowner Should Know

Buying or selling a property is an exciting milestone, but it can also come with a few hurdles, such as navigating Anti-Money Laundering (AML) checks. While it might feel like unnecessary red tape, these checks play a vital role in ensuring the security and integrity of property transactions.

Here’s everything you need to know about AML checks and why they’re essential in today’s real estate market.

What Is AML?

AML stands for Anti-Money Laundering, a set of regulations designed to prevent criminals from using property transactions to launder money. According to UK legislation:

“Money laundering is how criminals change money and other assets into clean money or assets that have no obvious link to their criminal origins.”

In the property market, this could involve:

Purchasing property with illegally obtained money, then selling or letting it to create legitimate funds.
Using complex company structures to obscure ownership or the purpose of a transaction.
Fraudulent transactions such as ghost lettings or staged mortgage scams.

Estate agents are legally required to carry out AML checks to validate buyers, sellers, and transactions. These checks protect the property market and give you peace of mind during your move.

What to Expect During AML Checks

For most people, AML checks are straightforward:

Identity Verification: You’ll need to provide a piece of photographic ID (e.g., a passport or driving licence) and a document confirming your address (e.g., a recent utility bill or bank statement).
Source of Funds: If paying with cash, you’ll need to show proof that the funds are in a recognised banking system.

Estate agents must also assess whether you could be vulnerable to coercion or fall under the category of a Politically Exposed Person (PEP). PEPs are individuals in positions of influence who could be at a higher risk of being targeted by criminals. If this applies to you, additional checks may be required.

Why Do AML Checks Matter?

Although it might seem like an inconvenience, AML checks are crucial. They help safeguard the property market from being exploited for illegal activities. While the likelihood of encountering money laundering in your property chain is low, these checks provide an added layer of protection for all parties involved.

What Do You Need to Do?

Every person named on the title deeds, or those who will be named if purchasing, must comply with AML regulations by providing:

Photographic ID: Such as a passport or driving licence.
Proof of Address: Such as a recent utility bill or bank statement.

Some estate agents conduct these checks manually, while others use digital services, which can be more convenient and may involve a small fee.

What Happens Next?

Once your AML checks are complete, you can proceed with your property transaction. However, note that your solicitor will likely repeat the checks during the legal process, even if your agent has already completed them. While this may feel redundant, it’s a necessary step to ensure compliance at every stage.

Ready to Make Your Move?

If you’re planning to buy or sell a property, understanding AML checks is just one part of the process. At Fisher and Partners, we’re here to guide you every step of the way. Get a free property valuation here, or book a a personalised sales strategy that includes recommendations on how to make your next move seamless and stress-free.

Posted on 05/09/2023 05/09/2023

Why reducing the price of your property could be a good thing

Many years ago, it was thought to be terrible to have to reduce the price of your property. What would people think? No one wanted to buy your home; there must be something wrong with it! It would seem like desperation, and you would have no chance of getting a decent offer as buyers would zero in on your need for a sale and offer eye-wateringly low prices. If you were, in fact, desperate for a sale, you would be left with no choice but to accept these offers, selling your home for less than you had hoped for. They would have you over a barrel, and you’d have to accept defeat.

But is that still the case today?

No, not really. Since the last recession in 2008, thoughts about price reductions on properties have relaxed considerably. The property market changes quickly, so getting everything right from the outset is almost impossible. Deciding on a marketing price for a property is an estimate; there is no concrete guidance and no crystal ball, simply an estimate of what the seller and agent think they can sell the property for. Adjustments have to be made sometimes, and with the introduction of technology, a price reduction can actually have a positive impact on your sale.

It’s no longer taboo and will not bring negative thoughts about the property. Buyers may notice that the price has dropped, but they don’t see that as a bad thing; rather that you are serious about selling, but the first thought is not that you are desperate.

Perhaps it’s because we are used to the High Street shops always offering sales, shopping at designer outlets that clearly identify the RRP on the tag and the discounted outlet price. We don’t like the clothes any less or decide not to buy them because no one else purchased the items from the high street shop; we simply take it for what it is, something you like and want to buy at a lower price than its total value.

Maybe this readjustment of our buyer psychology works the same way for property. We don’t look at a property that has corrected its pricing and assume it is bad or the sellers are desperate. We simply consider it to be a discount, a bargain. And this can encourage a buyer that is on the fence to jump in with an offer when perhaps they might not have done otherwise. It could be the gentle nudge that they needed.

Reducing your price, if necessary, can be a great thing and could be the way to clinch the deal.

1. Reinvigorating the property’s marketing and promotion, allowing mailouts and matches with buyers again, like bumping a post on social media.

2. Introduces the property to a new price bracket, with new buyers searching within it. These buyers may not even know your property is for sale as it might have been out of their budget.

3. Buyers who saw the property at the old pricing will know that you’ve reduced the price, which might now align with their opinion of the value.

A price reduction can be the key to securing a sale, particularly if you’ve been on the market for a few months without success and have tried everything else.

If you’re trying to sell your home and are struggling to get viewings, contact the Managing Partner in your area for a review of your marketing and advice on finally getting those offers rolling in.

Posted on 12/08/2023 05/09/2023

Are you making these mistakes when trying to sell your property?

When the time has come to sell your home and move on to pastures new, it’s likely that you haven’t sold a property for quite some time. The average time a person lives in one property is 7-10 years, and if you cast your mind back ten years, our world today is almost unrecognisable; AI and cryptocurrency are now part of our lives, but it’s possible that you’d never really heard of either of those things ten years ago and they certainly weren’t in our everyday conversations.

So it’s fair to say that, unless you are moving house far more frequently than the average person, you might not be considered an expert in selling property. With this in mind, it’s easy for a homeowner to fall foul of these common mistakes as they attempt to sell.

Overvaluing

Planning your move is as much about the property you want to move in to as it is about selling your current home. The more money you can sell your home for, the higher the available budget for the onward move. Many sellers make the mistake of marketing their property for sale at a price that is simply too high, falsely believing that the higher the starting price is, the higher the end sale price will be. Instead, a discerning homeowner should market their property for a competitive price, reasonable and researched based on factual evidence collected from the current market. You may think a buyer will negotiate with you when they view, but unfortunately, that is often not the case. Buyers will simply discount the property altogether, and you’ll find the number of viewings so low that a sale becomes quite unlikely, meaning that you’ll most likely have to reduce the price.

Bad pricing strategy

Many sellers mistakenly think that they need to factor in wiggle room to their pricing strategy to allow for negotiation. This often results in advertising prices being quite unconventional and are placed ever so slightly above a round figure. In fact, this has an adverse effect on the marketing of a home as almost 99% of all property searches begin online, and properties are filtered using price brackets. If you market your home at £255,000 to allow £5000 negotiation, any buyer that cuts off their search at £250,000 will not even see your property in their search and might never know that your home is available. Instead, opt for round figures that align with the price brackets in online advertising to maximise the coverage and exposure of your marketing.

Being inflexible

The ultimate mistake sellers make is being rigid and uncompromising in their plans. Not allowing viewing appointments at a time that suits the buyer could result in that buyer not viewing at all. Setting a fixed price in your mind could mean you’re unsuccessful in your negotiation. Being very restrictive on your moving timescale could result in a buyer choosing a different property that suits their circumstances over yours. Being as flexible and accommodating as possible will ultimately increase your chances of selling your home.

Whilst it is, of course, still possible to sell your home if you market for a little more than it is truly worth, add a little extra for negotiation and stick rigidly to your own agenda and timescale, you are simply reducing your available market to sell to which could result in a slower sale or a lower sale price.

If you’re on the market and wondering why you haven’t sold yet, or are thinking of putting your property on the market, contact the Managing Partner for your area to ensure that you don’t fall foul of any common mistakes and maximise the value of your home.

Posted on 04/08/2023 05/09/2023

Could this be the magic solution that will help you to sell your property?

If you’re about to put your home on the market, you might be considering ways to make a few changes here and there that will help guarantee a sale, particularly if you’ve already set your heart on a property to buy. Read more to see if you can use Feng Shui to hack your way to a speedy sale this summer.

Originally practised in China, the ancient art of Feng Shui involved arranging an environment to achieve harmony and balance. Often believed to change the flow of energy in a property and be able to ward off evil spirits and bring good luck, could it be the secret to achieving a sale of your property?

Open up the spaces

Ensure there is open flow in a room and you are not closing off the area with furniture. Ideally, you wouldn’t want a door to be blocked off by furniture, but also, you might want to ensure that there are no rooms that you need to edge around the furniture to get in.

Pay attention to the ‘feel’

This may be a bit airy fairy, but the feel and atmosphere of your home can have an immense impact on your potential sale. If you get it wrong, you could scupper your plans to move completely. Buyers are looking for a welcoming feel that is comforting and calm. Ensure the property is well-lit by opening all blinds and curtains and turning on every lamp. It is also essential that the home smells nice, so let the property air before viewings by opening the windows and perhaps use wonderfully scented candles and air fresheners.

Don’t horse around!

Bring a metal horse ornament into the home in a running position. This is a Feng Shui method that can detach the energy of the occupants as it declares their intention to move on to somewhere new. If you decide to sell your property, the chances are that you’ve fallen out of love with your home for whatever reason. Position your running horse so that it is running towards the front door, symbolising your move towards your new life and home. The running pose is apparently very important; a static horse would suggest you’re staying put and may hinder your sale.

There is, of course, no scientific evidence to back up the art of Feng Shui, but some of the principles make great interior design sense, regardless of their ability to ward off evil. And if you want to move, there can’t be any harm in giving these tips a go to help encourage a buyer to fall in love with your property.

Contact the managing partner in your area to take the first step towards moving into your new home.

Posted on 25/07/2023 05/09/2023

Will our children ever be able to buy a home of their own?

We have somewhat of an obsession with buying property, getting our foot on the ladder and owning a little house of our own. But with rising living costs, interest rates and house prices, will this be possible for our children?

In generations gone by, a home would often be purchased shortly after a couple got married, a little home to raise a family. Working diligently for 25 years to pay off the mortgage would result in total property ownership and peace of mind that we’re set for life with a solid roof over our heads.

But as years have passed, this ideal path to property ownership eludes many of us. Dubbed ‘Generation Rent’, the average age of a first-time buyer in the UK is now around 33. Resigned to living in a rented property for the long term, many younger people feel that the dream of owning their own home may never be possible for them.

Historically, a purchase of a first home used mortgage funds, possibly without any deposit needed. This mortgage would be three times the household income, which, although much lower than today, would be sufficient to buy a nice little starter home for you and your family.

It’s a very different picture for first-time buyers today. In almost all cases, a deposit is required of at least 5% of the purchase price of a property. And whilst mortgage lenders would like to keep the multiples at less than five times the annual household income, this still falls well short of the average house purchase price in the UK, which is currently reported as £285,000 (as of March 2023).

A 5% deposit of this price is £14,250, meaning the remainder would need to be a mortgage, meaning that the required household income to purchase a property would need to be a whopping £90,250!

With a current minimum wage of £10.42 per hour in this country and an average salary of £21,673, it is clear that owning your own home could be nothing more than a pipe dream for most young adults in the UK.

Sadly, house prices continue to rise year on year, and salaries are not following suit. With an increased cost of living and rising property rental costs, saving up the deposit funds required to buy a home could be virtually impossible, even if you had a salary high enough to support the mortgage, no matter how frugal your lifestyle.

Does it seem that the current and emerging generations of young adults in the UK, the Millenials and the GenZ’s, are destined to live in rented property forever?

In most of mainland Europe, property ownership is not so coveted, and a far higher percentage of people of all ages choose to live in rented properties. In Sweden, there are ultra-long-term mortgages of up to 105 years, so the mortgage passes to the family. This keeps the monthly premiums very low and makes property ownership much more affordable.

But this has not been adopted in the UK, despite Downing Street looking into offering 50-year mortgage terms last summer. So what can first-time buyers do to get that highly coveted first foot on the property ladder?

The side hustle

Many people are looking to take on extra jobs, in addition to their 9-5, to make a little extra cash in the hope of saving enough to make up a deposit. This could be an online venture or selling artisan products they make on platforms like Etsy.

Living rent-free

If you are expected to pay for rent and household bills, which usually make up most of your monthly spending, saving a substantial amount towards the illusive deposit can be almost impossible. This can mean that young adults continue to live with family for a monthly contribution to allow more saving potential.

Bank of Mum & Dad

Perhaps the most widely reported option is for the parents to gift the deposit funds to their children to enable a property purchase. It is the fastest way to get on the ladder, but not everyone has savings to gift to their offspring.

So, it could be the case that a large proportion of Millennials and GenZ population in the UK may be unable to buy a home of their own. But, if you are a parent, you could be expected to make a withdrawal from your life savings to help your children.

If you have children considering buying their first property, contact our team of property experts to ensure they are registered for suitable properties so they don’t miss out. Our Heads Up alerts system means they will be the first to hear about new instructions, so they won’t miss out on the perfect property.

Posted on 16/07/2023 05/09/2023

Landlords, are you charging the correct rent? Top tips to increasing your rent like a professional.

The average tenant stays in the same property for around 2 or 3 years. But a lot can change in that time. If you’ve managed to keep the same tenants in your property for more than 2 years, have you considered whether the rental amount is still correct? Read this article to find out more.

If you employ a managing agent to look after your property and tenancy, you needn’t worry. Letting agents are at the coal face of the letting market, and so will be making sure that, as the market changes, the existing tenancies are kept up to date and all landlords receive the correct rent for their properties.

But, if you manage your tenancies yourself, you might not be making the most of your investment. The property market has changed dramatically over the last few years, with a shortage of rental properties leading to increased rental prices. Therefore, if you have not assessed your property for a few years, you could be leaving money on the table.

The average rental price for a property in the UK is £1190 (according to The Guardian in April 2023), which is an increase of 10% since last year.

Most self-managed landlords are either unaware of how much their property could be worth, how to increase the rent, or how to navigate the process. This could mean that most self-managed landlords miss out on potential income. So how can this income be unlocked? What is the approach to increasing the rent on your rental property?

Call in the professionals.

The easiest option is to employ a managing agent. If your tenant is still in situ, you can outsource the management of your tenancies to a managing agent at any time, even in the middle of a tenancy, without any problem. The agent will perform a full audit to ensure everything is up to date and running correctly. They’ll be able to provide you with an accurate rental valuation, and if the rent is too low, they’ll be able to set a rent increase in motion for you. Nice and straightforward, and you will probably find that the rent increase will more than cover the monthly management fees for the agent.

Serve a notice

If you decide to go it alone, you’ll need to serve a Section 13 notice, in writing, to your tenants, formally informing them of the increase in rent and issuing the correct notice period.

The key to a rent increase is to ensure you are fair. The tenants are used to budgeting for a set figure each month; if you increase by a substantial amount in one fell swoop, your tenant may not be able to afford the sudden rise in outgoings. It could cause your tenant immense distress if their monthly outgoings increase suddenly, particularly when experiencing a cost of living crisis.

If you’ve neglected to keep the rent in line with market value, you may have to take that on the chin and accept a slower rent increase process rather than a sudden jump up in price. Otherwise, regardless of the distress caused, you may find that the increase is unmanageable for the tenants, and they’re now unable to make the payments.

You must consider that some rent, albeit at a slightly lower rate, is better than no rent and a complete breakdown of the relationship between you and your long-term tenants.

If the increase in value is only £25 per month, you might decide it isn’t worth the upheaval and distress. After all, if your tenants move out due to the rent increase, you’ll lose more income than you would gain by re-marketing the property. But, if the rent is £100’s lower than it should be, this must be addressed promptly. Tread carefully, though and be sympathetic to your tenants.

If you need some guidance on navigating a rental increase with your tenants, contact our property experts today.

Posted on 30/06/2023 30/06/2023

Get your home sold this summer with these top tips

It can be disheartening to not sell straight away. As frustration rises, it is natural to consider throwing in the towel and giving up, removing the property from the market and deciding reluctantly to stay where you are. But what if there was a way to give things a little boost so that you can sell your home and move to the property you’ve been dreaming of?

Whether you are already on the market and haven’t found that buyer yet, or you had a sale but it fell through, you probably need a refresh to boost your marketing to get a sale before the end of the summer.

These tips should help you find success:

Gather information

First, you need to take a look at the marketing and interest that you have had – has there been any constructive feedback? Have you had any offers yet? Have other properties similar to yours already sold?

Analysis

Carefully consider the information that you have gathered. How many viewings have you had? How does your property listing compare to other properties that have sold?

Be reasonable

Of course, we all want our home to be worth a lot of money, but if you have had low viewing numbers and/or low offers, it may be time to consider a price reduction.

Refresh

Is the marketing of your property showcasing things in the best way possible? Maybe it is time to consider re-taking the photographs or rewriting the description to encourage more viewers.

Implementation

Come up with a plan to refresh and renew your marketing and implement it as if it was a new launch to the market to try a recreate that buzz that you had when you initially marketed the property.

Fisher & Partners can advise you on this process, and of course, we will also relaunch the property through our internal systems to match it up to buyers on their database. The idea is that if it is all starting to feel a bit stale and same-y, reinvigorate the marketing and spice things up a bit.

Make the most of the summer weather with new sunny photographs, and perhaps consider staging some areas of the property for the images. And, if the price is a little high compared to other properties that have already sold, maybe an adjustment will help you achieve a sale.

Inactivity is the worst thing you can do when a property is not selling. Doing nothing will certainly not encourage a sale and will result in… well, nothing. Be proactive and change things up, and you will be negotiating offers in no time.

After sitting on the market for too long last year, the owners of this breath-taking family home in Ascot recognised the need for a new and more dedicated estate agent. Through our innovative marketing approach and sheer determination, Fisher & Partners successfully sold it in less than six weeks on the market.

To find out how we could help you sell if you are stuck in a rut, we would be delighted to help you so please get in touch.

Posted on 12/06/2023 30/06/2023

Don’t make an offer before asking the estate agent these top 5 questions

If you are looking to buy a property make sure you ask these questions before you make an offer – you could uncover valuable information that can help you with your negotiation.

The average buyer will spend just 30 minutes in a property before deciding to make an offer. This decision will likely be made very quickly too, particularly in the busy market we’ve had over the last few years. A delay of a few days whilst you make your decision would likely result in disappointment because the property would probably have been sold by then.

30 minutes. The length of a sitcom TV show. It is hardly any time at all, and in that short time, we are making life-changing decisions to uproot our family and move our whole lives into a different property, possibly even a new location. And we are taking just that short 30-minute viewing to decide to spend the most amount of money we will probably ever spend on a single purchase in our lives.

When you think about it, it is crazy that we make such impactful decisions so quickly. And really, we need to make those 30 minutes count. We need to ensure that we have gathered as much information as possible to make an informed decision because it will need to be quick.

So, the next time you view a property, ask these questions and note the answers to gather critical information to help you decide whether to make an offer. If you do, it will undoubtedly help with the negotiation process.

Have there been any other offers?

The price of any other offers and the buying circumstances of the offeror is confidential; the agent will not be able to disclose this. But, by asking this question, you will be able to find out if any offers are currently being negotiated, i.e., competition for you to buy. This will somewhat lessen your negotiation power, and you might want to make your initial offer slightly higher.

What is the timescale of the sellers?

If the sellers are looking for a speedy sale, and you can accommodate this, your offer will look favourable. Conversely, if you have a tight deadline and the sellers are not in a rush, this could affect you negatively, and you might decide that this property isn’t for you after all.

Have they already found a property to buy?

This question also speaks to the question of timescale, as a seller who has already found their next home will likely want to move quickly.

Have any other sales fallen through?

Asking about previous sales can indicate the seller’s actual value and negotiation; for example, they may have negotiated their price before or achieved the asking price and would be looking for that same offer again. It can also raise critical questions about the building and whether there was a defect of some kind that caused the sale to collapse. If yes, was a survey carried out? And if so, what were the findings? – You will not be given a copy of a past survey as the report belongs to whoever commissioned it, but the agents will be able to tell you what, if anything, that report highlighted (providing that they were shown the copy, of course).

Are the sellers negotiable on the price?

It seems obvious, but you’d be surprised how many negotiations begin without anyone asking this question. It helps you gauge the sellers’ expectations; therefore, you won’t offer too high or so low that you insult them. If the price is the price and the seller won’t budge, they will not take your offer seriously if you start at £50k below the asking price. But also, you don’t want to offer the full asking price if there is a chance you could buy it cheaper, do you? Asking about the sellers’ negotiability will tell you about their expectations, and therefore your negotiation process will go smoothly with more chance of success.

When you are only really spending 30 minutes in the property, you must ensure that every second counts and that you are on a fact-finding mission to gather as much information as possible before committing to making an offer.

Register for our HEADS UP alerts to find the next home for your family to ensure that you are one of the first to know about a new property in the market.

Posted on 05/06/2023 30/06/2023

Transform Your Outdoor Space Into an Oasis and Boost Your Property Value This Summer

If you’re considering marketing your property for sale this summer, it’s crucial to showcase not just the interior but also the outdoor space to maximise the value of your home.

Here in beautiful Berkshire, we cherish every fleeting moment of British summertime, seizing those precious warm days whenever they grace us. That’s why buyers often prioritise knowing when the sun graces the garden. The orientation of your garden can be a captivating selling feature, especially if it faces south, ensuring abundant sunlight throughout the day.

But that’s just the beginning of the story. There are countless other ways to effectively market the outdoor space of your home to captivate potential buyers. Even if you don’t have a lush south-facing garden, you shouldn’t overlook its potential or fail to mention it. Instead, let’s explore innovative strategies to highlight its unique qualities and make it an irresistible part of your property’s appeal.

When you try to sell your home, particularly in the warmer months of the year, the outside space is critical. So, how best should you show off your garden space when selling the property?

Follow the Sun

Place your seating areas around the garden in prime sunny spots. This could mean that you have an area that catches the morning sun, a lovely place to enjoy a peaceful morning coffee with nothing but the birds for company. And perhaps there is an area that gets the last of the sun as it sets in the evening, perfect for a crisp drink at the end of the day. And then maybe there is a decking or patio area that is a little more shaded for al fresco lunches.

Set up your spaces with seating and furniture to show the area’s flexibility and hint at the kind of lifestyle the buyer could have with this garden if they bought your property.

Nice and Tidy

A tidy garden will look bigger and more inviting. If you have flower beds, keep them weed free, the grass cut short, and bushes and trees trimmed and pruned. You want your garden to be instantly usable, not to look like a colossal task a new owner must tackle before they can enjoy it.

If you need assistance transforming your outdoor space, we highly recommend the team at Zutshi Landscaping. We can also recommend a variety of gardeners, tree surgeons, and more to help you prepare your outdoor space for sale.

Consider Zoning

Make it clear that there are areas for different activities. A BBQ area with a table and chairs for enjoying a meal outdoors. A sunbathing area that gets the best of the sun throughout the day. A kid’s corner where they can play and their outdoor toys are kept. If you have a veg plot, make sure it looks like a veg plot and is not overgrown and messy or filled with toys.

Seating areas, dining space, and room to play are the start of a wonderful sunny weekend with friends and family enjoying a BBQ. We all know it is a bit cliche that in the UK, the first sign of a slightly warm day and we all rush to have a BBQ, so you can almost guarantee that this will be something your buyers will be considering. By presenting your garden in this way, a buyer can quickly see that there will be sun in the garden, and they can enjoy the space as they imagine. Make the task easy for them by showing how you use the space clearly; they won’t even mind if the garden is not facing south.

We like to take it a step further and stage the garden for photoshoots and viewings – perhaps a jug of iced water and some glasses on the table or a BBQ in full swing, to invoke the memories that your buyers will have of their own happy summer days and encourage them to imagine what those days could be like in your property. Being able to imagine living in a property is the first step towards making an offer, after all.

If you are considering selling your home this summer, don’t delay. Get in touch with the Managing Partner for your area before the summer is over, and it’s time to dig out our winter coats again.

Posted on 22/05/2023 30/06/2023

Ask the right questions when viewing a property.

When searching for a new home, most of us will create a shortlist of properties that interest us and arrange to view them. But what should you do at the viewing appointment?

Of course, you must look at the property and decide if you like it and want to buy it. Could you see yourself living there? But this is just the tip of the iceberg. There are crucial pieces of information that, if you know the answers, can assist with your offering process. Ironing out those questions at the viewing appointment makes sense to ensure that you are armed with all of the information before making any decisions or offers.

These 13 questions are essential to ask; the answers will help you shape a sensible offer and negotiate effectively.

Why is the owner selling?

Often, this will be due to personal reasons, whether a relocation for work, more space needed for a growing family or perhaps a downsize. It is an excellent question to ask to understand the sellers’ motivations.

How long has the property been on the market?

The longer a property stays on the market, the more questions will be raised about it. Is there a reason that no one has offered on it yet? Perhaps you could put in a slightly lower offer?

What price is the seller looking for?

You will often find that the marketing price and the selling price of a property are different. Whilst you will probably not be given a figure that the seller will definitely accept, you may be able to find out how negotiable the sellers are.

Have the sellers already found a new home?

This question will tell you about the timescale of the sellers. It will also tell you if there is time pressure for the sale to complete, which is essential for you to know and ensure that your timescales match up. Is there an urgency for them to achieve a sale before they miss out on the property of their dreams? Is there room for negotiation because they are in a rush?

Is there a chain?

If the sellers have already decided on a property to buy, there may be a chain. The more parties involved in a chain, the more complicated the property transaction and legal process might be, which could impact the timescale.

Have there been any offers?

The actual figure of any offers that have been made before is confidential, but it can be helpful to know that there has been other interest so that you can gauge where to pitch your first offer.

Have any significant renovations been made by the owners?

If an offer is accepted, you will need paperwork to prove that any significant works were signed off properly. This is useful to discuss at this stage so you know beforehand before making an offer, as it can cause delays with the solicitors later.

What is included in the sale?

Items can sometimes be included in the sale or negotiated separately. Knowing what is included with the price will allow you to fully negotiate a deal to include other items you may be interested in.

Have there been any surveys?

Whilst the copy of the survey report will most likely not be available for you to read as it belongs to the person who paid for it, the estate agents will be able to tell you if the survey results caused a previous sale to fall through.

Listed/conservation

There are finer details that could impact your life in the property, so it is critical to find out beforehand. If the property, or any part of it, is listed or in a conservation area, this will impact what you can do to the property after buying it. And in our area, its good to ask about any Tree Protection Orders (TPOs) for large trees on the property.

School catchments

If you already have school-age children or are thinking about starting a family, the school catchment area will be vital information for you. Families have moved house altogether to get their children into the school of their choice. We’re very fortunate to have many excellent schools in the neighbourhood, both state and independent.

Transport links

If you have to commute to work, the time it will take you and the convenience of the transport links will soon be significant to you. Adding an extra 30 minutes to your commute will cost you 5 hours of free time each week! And if you have to cross a busy junction or the traffic is renowned for congestion, you may lose even more time.

Tenure

If the property is freehold, you are offering to buy the property and the ground it sits on. But if there is a flying freehold or a lease of some kind, then you will be bound by the terms for the duration of your time at the property. You will need to know the details – the length of the remaining period, the cost of the ground rent, and any prohibitive regulations will all impact your ownership of the property.

The answers to these questions will help you understand the market, the seller’s urgency, and your potential negotiation power, enabling you to make a good offer that is more likely to be accepted.

All of this will help you build a complete picture of the property, which goes much deeper than a simple viewing where you will only be decided based on the surface-level interest in the property’s general appearance. It’s a bit like having a blind date and deciding to marry that person without getting to know them first.

If you’re thinking about moving, sign up for our property alerts to be notified of new listings before they hit the portals. Or reach out to the Managing Partner for your area to discuss your wish list for a new home. We’d be delighted to help.