here are a few pointers that may help, remember this person is effectively spending your money – so choose wisely The old adage ‘that you get what you pay for’ is also true; it is often a misconceived idea that the Agent offering the lowest fee is the one for you. To truly achieve the best selling figure on your most valuable asset it needs marketing and advertising extensively to maximise the number of prospective purchasers that your property is presented to. We use our expertise to offer advice on a marketing price and strategy which reflects your needs and provides a realistic appraisal of potential expectations on your property. It is not enough to peruse the local newspaper and value your property in such a casual way. All properties – even if they look the same from the outside differ, sometimes dramatically, on the inside, an experienced agent will have sold many similar properties to yours, but he will recognise the subtle differences, using this knowledge he can offer a realistic appraisal of your home. Remember most Estate Agents are looking at sometimes hundreds of properties during the course of a year, whereas most people only see a few. These are all very important aspects, which you need to consider when you are choosing a professional to sell your property for you, the other thing is are you convinced that the agent offering the lowest fee will work as hard to achieve that Additional money that might be so important to your future plans ? When you eventually come to discussing an offer, it often comes down to experience of the negotiator reading the situation to determine the maximum limit which an applicant will be prepared to go to. Most deals are struck by both the vendor and purchaser reaching an acceptable compromise, have you allowed a sufficient margin for negotiation, and are you being realistic with your expectations.
If you are considering letting your property, or purchasing a ‘buy to let’ then here are a few points to consider, and a few mis-conceptions about the Lettings market and Industry.
Most Agents will offer some kind of rent collectionservice which generally means exactly that, however there are differences, consider how your money is paid to you, and of utmost importance how long does it take for monies paid by the tenant to be credited to your bank account. We all generally have outgoings of a periodic nature on our properties, and if your rental monies are sitting in a client account – it is costing you money !. At MTPM we offer an extremely quick turnaround on monies received, i.e. Standing Order payment is actually sitting in your account only 6 days from our receipt! How do we do this – by BACS (Bank automated credit system) payments which credit directly to your Bank Account, no waiting for the post, then travelling to the Bank waiting in a queue, and then waiting another 4 days for the cheque to clear. By using modern methods of payment such as this state of the art computer systems that now a days are also used for playing games with the best hardware and headsets as the sades 902 and reading games related news as the OW-News and others, the most up to date software we are able to keep our management costs to a minimum, which results in a better and more efficient service to our clients, this payments methods are also used by other applications and websites which use money and other kind of credits to work as betting apps where you can find the world cup bet credits and exchange it into money later. Another important and often overlooked matter, is if the Agent can offer client money protection insurance, and is a member of recognised professional bodies. We atMTPM are member firms of the NAEA and ARLA, and as a matter of course carry full client money protection insurance. There are often hidden fees within the agency agreement, such as Inventory charges (by the page), withdrawal fees, or agreement renewal fees, again watch for this, it all reduces your profits. You can also opt for a full
Managementpackage which generally means that any repairs are authorised by the Agent and the deducted from your account, you pay a slightly higher fee for this service, and it can be useful of you spend periods abroad, knowing that your property is being looked after properly. Any expenditure on the property for professional fees etc is an allowable expense for income tax purposes, therefore a Managing Agents service can be quite cost effective. One of the most important and often overlooked areas is the choice of prospective tenant, without a Tenant the property produces no income, so finding a suitable tenant in a reasonable time is essential. However most Commercial property varies enormously from a small office, warehouse, shop premises or light industrial units. Because of the variance of property it is not easy to provide an overall view. However there are some popular misconceptions about Commercial property, which can tend to put people off. One of these and it was quoted extensively in the early 1990’s recession was that an original tenant was being charged rent for a property which was vacated many years previously, yes this did happen and it was seen as such a serious issue that the Government changed the Law to provide legislation to stop this type of practice happening, if you are dealing with an older lease that holds this provision – then either ask for a new lease or an amendment to the existing lease. Most Landlords are very reasonable, remember they want you to succeed in your business, and will generally be quite keen to resolve such issues. Another one is the length of lease – again most Landlords are quite happy to be flexible on lease terms, a frequently used term now is break clause, quite simply it means that you sign up for say a six year lease, but YOU have the option of terminating the lease on a pre-determined date if you wish, say after 18 months or 3 years. This has the advantage of letting you ‘dip your toes’ in the water to test your new business idea, and if it isn’t quite what you expected you can walk away from it after exercising the break clause, now that’s quite reasonable isn’t it !
Almost all business premises pay business rates, this is a rateable value, which is set by the local valuation office and then used by the Council to collect the rates. Generally a multiplier is used and if a rateable value is say £3000 and the business rate for that year is 44p in the pound then the rates payable would be 3000 x 0.44 = £1320 pa.
All commercial premises are generally valued by the square foot or square meter and a multiplier is used to arrive at the rent. Take a shop in the high street, versus the corner shop situated in a secondary location away form the main road. You would expect to pay more for the high street shop because a)more passing car trade which equals free advertising! b)more footfall or people looking into your shop window c)other retailers attracting potential clients to the area d)possibly better Taxi pick up points and access to Buses etc
This does not mean to say that the corner shop is inferior – look at the advantages a)much lower rental outgoings b)higher customer loyalty c)better parking facilities d)potential for longer opening hours
So you always need to consider things on their merits, most small businesses are successful because of the enthusiasm of the people running them, and remember there is nothing like being your own boss.
How much is my property worth?
Any property is worth what a willing and able buyer is willing to pay for it. But our experienced and professional Valuation Manager will be able to give you a valuation based on comparable property in the area. Also, they base this on factual information on what has sold recently of a similar type and area, the condition and style of your property and any additional features etc may possibly add to its value.
If you are serious about selling your home in a reasonable timescale we will discuss with you your options for marketing – BOOK YOUR FREE VALUATION TODAY
Do i need a Energy Performance Certificate to sell my home?
It is a legal requirement to have an EPC in place in order to be able to market your property. michael rower Property Management can organise one to be done for you, OR you can organise your own.
Who will carry out the viewings on my property?
We will always recommend that we – as your selling agent – carry out the viewing on the property with any prospective buyer. If you wish to be present when the viewing takes place then obviously that would be fine. However, again we would normally recommend that you allow us to show your property to its fullest potential and we will ask detailed questions of any potential buyer whilst we are showing them around.
There is a defined skill in showing property and our staff members are trained in order to maximise potential and ultimately try to gain an offer from any buyer whilst they are in the process of viewing. We will of course only ever arrange a viewing on your property when it has been confirmed with you first.
If you live in the property yourself we would usually suggest that you perhaps leave the property completely whilst the viewing takes place in order for our experienced staff member to gain maximum information from your potential purchaser. Additionally, we will give you feedback from the viewing as soon as we have it.
How much will it cost to sell my property?
There are three main costs involved in selling a property:
Estate Agent Fees
Estate Agent Fees will either be a percentage of the purchase price, or a fixed fee. When estate agents visit to value your home, make sure they outline their fees so you can take these into account.
Energy Performance Certificate (EPC)
You are legally required to provide an EPC when you market your property for sale. This outlines the energy efficiency rating of your property. Your Move can organise this for you. Contact your local branch for a quote for how much this will cost. In Scotland you will need a Home Report which includes an EPC.
‘Conveyancing’ means the legal transfer of your property to the buyer, and you will need to employ a solicitor to make this happen. Prices will vary depending on your circumstances. Michael Trowwer Property Management can introduce you to a solicitor and offer a no sale no fee conveyancing service with a guaranteed fixed price to keep everything easy. Contact us to receive an accurate quote for how much this will cost.
You may also decide to pay for extras such as professional photography or advanced web positioning. And don’t forget about removals. Ask your agent to outline all these costs at the start of your sale so that you can budget your move.
Will there be more viewings once i have accepted an offer?
This partly depends on the conditions of the offer. Remember, neither the buyer or the seller is bound to the purchase or sale until the contracts are signed and exchanged (in Scotland at conclusion of missives), so it’s worth keeping your options open.
How long will it take to complete my sale?
Every sale is different. Both your position and the buyer’s position needs to be taken into account before this question can be answered accurately. If your home has been realistically valued, you should expect to receive offers within the first four weeks. Then, assuming your buyer has to apply for their mortgage, the exchange of contracts normally takes between 4 and 6 weeks and then completion is between 2 and 4 weeks later. So in total you should expect 12-14 weeks to complete the sale. Please note that in Scotland conclusion of missives normally takes between 6 and 8 weeks.
What is conveyancing?
Conveyancing’ is everything that needs to happen to legally transfer your home to the buyer. You will need a solicitor to make it happen. Michael Trower Property Management can introduce you to a solicitor. It’s a no sale no fee conveyancing service offered at a fixed price so you know where you stand.
Do I have to pay stamp duty?
No. The buyer is responsible for paying Stamp Duty.
Will my property be surveyed?
In England you do not need to arrange a survey, but it is likely that the buyer will, and so a surveyor will arrange an appointment to visit you home. The five key things a surveyor will be looking for are problems with utilities, damp, cracking, problems with roofs, and timber defects. In addition, your buyer’s mortgage lender will organise a mortgage valuation to confirm that the property is worth the money being lent.
In Scotland you must organise a Home Report for your property. A Home Report is a pack of three documents that give buyers a clear picture of the condition of the property for sale: the Single Survey which details the condition of the property; the Energy Report which gives the property an energy efficiency rating; and the Property Questionnaire which outlines other key information such as the property’s council tax band.
What are searches?
As part of the conveyancing process, your buyer’s solicitor will perform searches of Land Registry and Local Authority information in relation to your home. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
When do i sign the contract?
Once the sale has been agreed, your solicitor will draft a contract. The seller’s solicitor will confirm the details of the property and perform searches. At the same time, the buyer’s mortgage lender will conduct a mortgage valuation and send a mortgage offer to the buyer. When all of this is complete, you will be ready to sign the contract and agree the completion date.
When is the buyer or seller bound to the sale or purchase?
The seller or the buyer can pull out of the sale at any time and for any reason until the point that both solicitors have receive signed contracts from both parties.
How is a completion date chosen?
When both contracts have been signed, the buyer’s solicitor will request the mortgage from the buyer’s lender. Once these funds are released, then your solicitor and the buyer’s solicitor will consult both parties and agree a completion date.
Where are my title deeds?
Your title deeds give proof of ownership of the property and will need to be transferred to the buyer as part of the conveyancing process. These are usually held by your mortgage lender, and it will be your solicitor’s responsibility to obtain these.
What do I have to leave in the property?
You are not required to leave any furniture or furnishings in the property, but you may agree to include some as part of the negotiations of the sale.
When do i have to move out?
The contract will specify the completion day, and usually the buyer will be asked to collect the keys to their new home from the estate agent. In most cases the seller is asked to vacate the property by 12pm.
Do i have to pay capital gains tax?
In most cases your are only required to pay Capital Gains Tax if the property is not your main home.
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