How To Make That Property Offer!
Feel ready to make that first step onto the property ladder? Here’s some top tips from our award-winning property management specialists to help you make your offer!
Finding The Property
The starting point? A property hunt, of course.
Head to our Jesmond office first of all to browse what’s available in the North East, or alternatively you can visit our website and Web TV page online.
Thanks to our friends at Onthemarket.com also, you’ll be first to see what properties are going up for sale when you download their FREE app.
Making The Offer
Make your offer with us and our estate agents to begin your bid for the house of your dreams.
This is where the nitty gritty takes place, in which you must have a clear idea in your mind what your budget is before a viewing.
Bear in mind the state of repair and how much you would have to spend on building work or redecoration. Although the agent may have tried to factor this into the asking price they will normally be prepared to tell you this or whether the vendor will be open to offers.
Once your offer has been accepted, the estate agent will confirm this in writing in the form of a "Memorandum of Sale, after which you can go ahead with a survey and finalise your mortgage arrangements.
Be careful of “gazumping” however - a situation where the Vendor accepts an oral offer from one potential buyer, but then accepts a higher offer from someone else in the case of a large quantity of offers.
Find A Solicitor
First-time buyers will not have to worry about selling a property, but will still need to find a solicitor to carry out conveyancing.
This compromises tasks such as:
- Obtaining deeds that legally prove the property belongs to you - Legal research - A contents list - Advising the purchaser on a draft contract for sale - Carrying out a search of the local planning information for future developments
Conveyancing often takes longer than expected but try to be patient as it is a very important process.
Conduct A Survey
Was your offer accepted? A survey is now needed to assess the property’s condition and value.
Your mortgage lender will require at least a basic valuation before approving any loan. Any surveyor that is used should be a member of the Royal Institute Of Chartered Surveyors or the Incorporated Society of Valuers and Auctioneers (now merged with RICS).
If problems are revealed and can be fixed, you may be able to use the survey results to negotiate a reduction in the sale price.
If you’ve got questions to ask regarding buying, selling, renting or letting a property in the North East, don’t hesitate to come and visit us or contact us at www.mansons.net for assistance!