Most lessees (nb not tenants) have the statutory right to purchase the freehold of their building, called Collective Enfranchisement, under the Commonhold and Leasehold Reform Act 2002.
Such a purchase certainly has its appeal if your lease is beginning to look a little light – say 80 years or less. In this instance it may be
To say estate agents are busy would be an understatement. The unprecedented uplift in buyer demand over the past three months certainly bucks any notion of pandemic paralysis. Rightmove tells us that buyer enquiries are up 14% annually and sales agreed are just 5% below this time last year – which is pretty remarkable under the
Many people whose property is on the market now would ideally like to move by Christmas, yet only those who are prepared to price realistically are likely to be successful.
Buyers who are currently active in the market are now getting increasingly keen to move before the end of the year and we have recently
Our last article considered some of the dangers associated with pricing your home in relation to other properties available for sale (ie those remaining unsold). This time we’ll look at pricing in relation to properties which have actually sold.
When considering what asking price to quote, common sense dictates that the price of other homes
When considering the value of a property prior to putting it on the market, many vendors understandably look at the asking price of other properties currently on the market locally, and draw pricing conclusions based on this research.
Whilst this is not an unreasonable way of determining value, there are some traps for which to
We’re not surprised that house prices, according to the Halifax, rose 1.6% last month That’s nearly 20% per annum when annualised (but don’t do that)! The combination of at least three months of pent-up demand, coupled with stalling supply as people hunkered down during lockdown made such an increase inevitable, especially when compounded by the
It seems amazing to us that almost anyone can open up an estate agency and commence trading without any training, qualifications, proof of minimum standards, or certificate of competency.
The sale of your property is far too important to entrust to just anybody. Those who claim to work on your behalf may simply be out
House prices may have risen beyond expectation in recent years but, interestingly, affordability is at a new high too! These factors might seem diametrically opposed, yet the opposite is actually true. Could this be why demand has remained strong throughout the Brexit-related political and economic uncertainties (thankfully now at an end)?
Affordability, or the relationship
For homeowners wishing to sell their property and buy another, it’s the classic dilemma; which do you do first – buy or sell?
Typically, people initially investigate the market to find out what they can buy for their money. Inevitably, during this research they fall in love with the “ideal” property. As they have yet
As soon as the Brexit decision was “concluded” late last year, we were hit by the pandemic. Four years of uncertainty was condensed into a bottle neck of demand, which was then frustrated by three months of lockdown – and longer hair! But three months of hair growth does not require three haircuts – yet
Estate agents’ market valuations are usually free, and because of this, it is very tempting for prospective sellers to invite a number of agents to comment and then select the agent that suggests the highest likely sale price for the property.
However, we advise caution on this issue. Some agency “valuers” are paid bonus on
Friday is overwhelmingly the most popular day of the week to move house as it provides new homeowners with a long weekend of moving “fun” – unpacking boxes, hanging pictures and all the DIY that tends to accompany a move.
Due to this preference, it is therefore quite likely that other buyers and sellers in
It is interesting to note that some sellers are not as committed to moving as they might be, and are prepared to remain on the market until what they regard as an acceptable offer comes along.
Likewise, some buyers, whilst generally remaining committed to a purchase, do not exhibit a great deal of urgency, and
A covenant is a term you might hear when discussing a property during the conveyancing process. Covenants are a form of legal obligation that is binding on the owner of a property and passes from owner to owner whenever the property is sold. They form part of the deeds of a property and are recorded
Finally, after the pent-up frustrations of lockdown, we have some very good news to report:
Firstly, the Chancellor of the Exchequer, Rishi Sunak, has announced a substantial boost for the housing market with the raising of the SDLT (Stamp Duty) threshold from £125,000 to £500,000. This really is quite incredible and will save buyers up
Our research has shown that buyers overwhelmingly prefer floorplans on property details in addition to the usual description and written dimensions. There are several good reasons behind this preference, which is why we always feature floorplans on our particulars:
Firstly, where several properties are competing for a buyer’s attention, a floorplan always makes an immediate
On 4th July each year Americans go to town on celebrating their national pride on Independence Day.
And well they might, as independence is a wonderful thing. As independent estate/letting agents, we experience daily what it is to be free of the constraints of corporate governance, number crunching, management reports and toeing the party
The opportunities opened up by technology in estate agency have been enormous, yet many local agents simply use their website as a glorified shop window. Like any agency window, the properties displayed need to be regularly updated and presented in a way that inspires buyers to take things further.
But a good estate agency website
It is perhaps quite worrying that anyone can start trading as an estate agent, without any qualifications whatsoever. This makes it all the more important that you choose an agency that puts a high value on training.
Better-trained staff gain an intimate understanding of what the customer is going through and are able to help
It might be tempting to believe that the pandemic has been destructive and all-consuming on all fronts, especially in relation to the property market, which virtually ground to a halt a few weeks ago.
But we British are a resilient lot! Our compliant “keep calm and carry on” mentality has meant that we have/continue to
There can be nothing better suited to the internet than property, and hits to property websites far outnumber those of any other industry. The ability to be able to search in the comfort of your own home, usually without having to provide any personal details, is certainly attractive and has transformed the way the public
The adage that a chain is only as strong as its weakest link could not be more aptly demonstrated than in respect of property transactions in the UK.
Whilst a lot of agents focus on finding a buyer, which is obviously important, it is the quality of that buyer and their situation that will determine
The housing market has been an obvious casualty of the Coronavirus lockdown. Yet the desire to move is strong, once the decision has been made. Indeed, as soon as the government announced that people could once again move house, Rightmove buyer enquiries doubled within 24 hours. They were even 4% higher than the same day
One of the most important aspects of your estate agents role is not only to negotiate a price (or ideally secure the full asking price of course) but actually to generate an offer in the first place! Too many agents simply see themselves as people who show buyers around property, hoping that an offer will
The layman’s view of an estate agent is simply someone who shows prospective buyers round properties. Whilst understandable, this simplistic perspective belies the fact that the well-trained agent knows how to maximize the viewing opportunity with the specific objective of prompting a sale.
Whilst “showing someone round” might appear straightforward, vendors who do this themselves
The phrase “Willing and Able” is seldom heard today, as it no longer appears on estate agency documentation. However, it remains important to discover if a prospective buyer for your property is indeed willing and able to proceed, should they express interest in your home.
This is especially the case today, when people are finding
In the old days, a property ad in an estate agent’s window and the local newspaper were all that was required to promote a property. Today we also have our website and numerous portals ensuring that our clients property receives the maximum exposure to the right people – or ideally thousands of them! Plus, of
Valuation is possibly the most contentious aspect of estate agency, and emotions run high when discussing most people’s most valuable asset. It is natural that the vendor of a property will want as much as possible for it, as does the agent.
However, vendors should be careful about opinions, especially when everyone seems to have
Straight-talking sincere advice can be invaluable in a world where too many people would just tell you what you want to hear! For example, the oldest trick in the book is for an agent to suggest an inflated suggested asking price in order to impress you enough to secure your business, only for tears to
What a difference a month can make! Our March Market Comment was very positive and full of the joys of spring. Indeed, the Halifax subsequently reported that house prices were 2.1% higher at the end of March than they had been at the end of December 2019. The “Boris Bounce” was very much in evidence,
It is well documented that, nationally, around 30% of all sales arranged fail to reach a successful exchange of contracts. Fortunately, our success rate is much higher than this!
However, the sales cycle can be frustratingly slow and the longer the sale takes, the greater the chance of it falling through. This makes it particularly
There is a lot of talk and numerous TV programmes about home improvement and the benefits of presenting your property at its best when the time comes to sell.
However, if you are thinking of selling and your property is not necessarily the prettiest in the street, or perhaps it is a bit tired, needs
As the country gears up for the potential prospect of a pandemic, what are the implications for home movers and how are we, as estate agents, rising to our responsibilities?
The property market is currently enjoying renewed strength following years of Brexit doldrums, during which it proved highly resilient. Is it also immune to Coronavirus?
Recent research has shown that about a quarter of home-movers leave themselves open to some form of identity theft when they move, simply by failing to redirect their post promptly.
Indeed, almost half of all identity theft cases involve a previous address, and 70% of new occupants receive mail addressed to a past occupant. This
Buyers often waste an inordinate amount of time viewing property that is either too expensive or blatantly wrong in other critical ways.
Additionally, more than 30% of property sales fall through due to buyer or seller suddenly changing their minds. Both these annoyances could be attributed to the agent not having gained a good understanding
Building on the increase in January activity we reported last month, the local market has been just as frenetic during February with intense buyer activity continuing to play “catch-up” following years of mild depression.
According to the National Association of Estate Agents, there has been a 25% year-on-year rise in the number of active buyers,
Many sellers who receive a good offer for their home turn it down because they have not yet found “the right property” and worry that they will in effect become homeless should they sell first (although we have never known this to happen!)
Of course, the problem would become a self-fulfilling prophecy if everyone were
This year is a leap year – the 29th February only occurs every four years – which is about as frequently as many people used to move house during the heady days of property speculation that sparked the boom market.
Nowadays most buyers and sellers are more level-headed and don’t leap from place to place