Selling your home can be just as daunting as buying your first home, this step-by-step guide is here to give you an insight on how to sell your home and some top tips when your property goes on the market. Understand the costs of selling your home If you know the costs of selling your home this will help ensure you aren't met with any unexpected costs through out the selling process, below you will find some of the main costs you will have when selling your home: Estate agent fees Mortgage exit fees Home reports Conveyancing fees Removal costs Preparing to sell your home For the best results when selling your home its important to show your homes full potential, if a buyer can envision themselves living in your property they are more likely to buy your home and can result in it selling faster. Here are some tips on how to prepare your home: Freshen up with some paint Declutter Clean up the garden Getting ready to sell your home Once you have decided you want to sell your home you can instruct an estate agent to value your property, this will ensure you know what you can expect to achieve. Preparing for viewings to sell your home It is important to show potential buyers why they should choose your home, you want to go all out to help buyers envision their life in your home, there a few things you can do to make your home more appealing to potential buyers when viewing: Tidy the outside of your home for drive-by visits Keep a clear and clean bathroom Declutter the living areas Have a clean and clutter free kitchen Spruce up the garden Considering and accepting an offer Considering the offer It is important to remember that you are under no obligation to accept or reject an offer straight away, it is more than okay to take a few days to consider offers. You can find out the potential buyers position before making any decisions as there are a number of factors to consider when deciding if you want to accept an offer, here are some key questions to consider asking: When are your buyers looking to move? What is the potential buyers financial position? Are they in a chain? Accepting the offer Once you have accepted an offer the house will be under offer subject to Conclusion of Missives, until the missive is in place an accepted offer is not legally binding and a buyer can back out of the sale, this is also the same for you as the seller. Providing there is no issues the missive will be concluded and there is now a legally binding contract. You can then look forward to your own big move in day.
Getting on the property ladder for the first time can be daunting for first-time homebuyers. With a process that might seem complicated from a distance, you may have dozens of questions when looking for your first home in Lanarkshire. Don't worry! In this article, we've broken down each step when purchasing a home as a first-time buyer and outlined our best tips to help make the process as simple as possible. Costs of buying a house as a first time home buyer Upfront costs as a first time home buyer First time home buyers will have some costs to pay upfront, including: Deposit as a first-time buyer A deposit is required to put towards the total cost of purchasing a new home and is required when applying for a mortgage. The deposit amount can vary and will have an impact on the mortgage rates available to you, with the minimum deposit typically being 5% of the total value of the property. Land and Buildings Transaction Tax (LBTT) aka Stamp Duty 80% of first-time homebuyers in Scotland will pay no stamp duty since there is a tax-free limit on properties bought by first-time buyers of £175,000. Broker fees Depending on which mortgage you opt for you may have fees to pay if you use a broker. A broker is an intermediary between you and the mortgage lender, such as a bank, who can offer advice on the different mortgages available and then broker an agreement between you and the mortgage lender. Legal fees Legal fees will be applicable as the process moves forward and you approach a solicitor. Transfer fee You may be required to pay a fee to cover your lender's cost of transferring money for your mortgage to a solicitor. Mortgage costs Depending on your deposit amount and a host of other factors including your annual income, there are many mortgages out there for first-time home buyers. Insurance Mortgage lenders may need insurance on the property you are purchasing, with some lenders not being able to agree on lending if property insurance is not in place. Getting a mortgage as a first time home buyer Understanding mortgages can be the most difficult part of buying a home for the first time, but rest assured, it is not too complex when you have the correct information at your disposal. When you have a deposit saved now you can begin searching for the ideal mortgage lender with favorable terms that best suit your requirements such as budget and duration. You must establish all of the information required to make the best decision for yourself with the best possible mortgage agreement according to your needs. To ensure you get the best deal possible you should discuss your mortgage with multiple lenders. Searching for your first home Once you have a mortgage agreement in principle you can begin searching for your first home! Your mortgage agreement will help narrow your search to find the most suitable home according to your circumstances. Here are a few properties that think would be perfect for first time home buyers: Laburnum Road, Viewpark Offers Over £95,000 Wilkie Drive, Holytown Offers Over £169,000 Viewing to see your potential first home Be prepared Have a look at the property whether it be online photos or drive-by. Think of anything important to you or any potential questions you may have beforehand. It can be easy for questions to slip your mind while viewing the property. Request the home report A home report can be requested free of charge from the seller, this gives you in-depth knowledge of the property such as the condition, energy report, property questionnaire, council tax band, and how much the property is valued. Bring a friend Whether it be a friend, partner, or estate agent you choose to bring with you, having someone by your side during the viewing process can make the process easier for you as a first-time homebuyer. View both the inside and outside of the property Buying a house can be one of the biggest purchases of your life, especially for a first-time homebuyer so it's important to make sure you have a thorough look at the property, both inside and out. Making an offer as a first time home buyer Note your interest If you decide the property is for you after seeing the home report and viewing, you can ask your solicitor to note interest. Once this has been done you will then be notified if a closing date has been arranged to make a final offer Offer accepted Your solicitor and the seller's solicitor will then begin the conveyancing process until we have a concluded missive and you can look forward to getting your keys. Your big move into your first home! Pick your moving date Picking your move-in date is dependant on the progress of your purchase and when that may be complete, as soon as this is complete you have free range on when you wish to move into your first home. Have any removal companies booked in for your desired date, pack all your essentials, inform everyone of your new address and enjoy your very first home.
Selling and buying a home can feel confusing enough without estate agents throwing around terms which you may never have heard of. In this post we have compiled an Estate agent jargon buster with a list of words you may hear during the buying or selling process. Acceptance Acceptance is agreeing an offer. Agreement in principle This is provided by a mortgage lender and confirms that they are prepared to lend the potential buyer the funds to complete a purchase, subject to the approval of the property. Appraisal An appraisal is an unbiased estimate of a property's fair market value by a third-party professional. Asking price The asking price is the figure the property is marketed at. Buyer A person looking to buy a property. Chain A chain is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase. Completion When the sale transaction Is settled, and keys can be handed over. Closing Date The closing date is a day and time set by the seller on which all parties interested in buying the property should send their offers. It works like a blind auction; the buyers submit their bids without any knowledge of the details of the competing offers. Conveyancing The legal process of transferring property ownership from one party to another Deeds Also known as Title Deeds. The legal documents that prove ownership of a property or land. Deposit The money you'll need to pay upfront to secure a mortgage to buy a home - deposits are usually 10% of a home's value, but this may vary. EPC Short for Energy Performance Certificate. It displays the energy efficiency of a property and its environmental impact with a scale of A-G (A being the most efficient). An EPC is essential to have before marketing a property and is one of three parts of a home report in Scotland. Fixed Price A fixed price is a price set by the seller that is not subject to negotiation. Fixed-rate mortgage A mortgage deal that comes with a predetermined interest rate for a defined period, usually two, three, or five years. Guarantor A guarantor is a financial term describing an individual who promises to pay a borrower's debt in the event that the borrower defaults on their loan. Home Report Home reports make the process of buying a new home more transparent by removing much of the uncertainty on what price to bid and accept, a home report includes a property questionnaire, single survey and EPC and is prepared by a charted surveyor. Instruction An instruction is when a seller signs a contract to list with an estate agent. Negative equity Where the sale value of a property is less than the amount outstanding on a mortgage. Missives Missives are a series of letters between solicitors on behalf of their clients which constitute the contract for the sale of property from the seller to the buyer. Property Questionnaire A property questionnaire is part of the home report that is either completed by the seller or the agent marketing the property. It contains useful information such as how long the person has lived there, the council tax band of the property, who services the property, and any work that has been done. Seller The person selling the property. Single Survey A single survey is the first document enclosed in a home report. The purpose of a single survey is to provide potential buyers with clear information about the condition and value of your home before you market it for sale. The survey will also give buyers detailed information about the condition and value of your property before they decide to make an offer. STCM A term used in Scotland that is short for a property sold is 'Subject to Conclusion of Missives'. This means an offer has been accepted but no formal contract has been agreed yet Under Offer When a property is listed or referred to as 'under offer' it means an offer has been accepted on the property and the conveyancing and conclusion of missives are set to take place Valuation A property valuation is an assessment of your property's value, based on the location, condition and multiple other factors. Vendor Another term used to describe the person selling the property. https://www.facebook.com/LanarkshieLaw https://www.facebook.com/LanarkshireLaw
As per ongoing figures, house costs in Scotland are up by almost 11% in the year to March 2021. In Scotland, house costs rose by 10.6% throughout the year to March 2021, contrasted and an ascent of 10.2 % in England, 11% in Wales and 6% in Northern Ireland. Following the lockdown in March 2020, and the near closing of the property market until June that year, remotely coordinating, self-educating and being bound to our homes achieved an exceptional re-appraisal of what people are looking for. Individuals were becoming confined by utilizing such searchable terms as " estate agents near me ". We saw increased searches in individuals looking for properties with gardens or outside spaces and balconies, people were putting less importance on transport links.Â to be close to moving joins and rather proximity to green open space and common regions took need. Buyers were searching for an additional room for a work area or even a changed over shed our restroom to oblige our 'new standard'. Add to this the subdued revenue from the people who had adequately needed to move, a stamp commitment event, and the appearance of 95% home advances and solicitation has far counterbalanced stockpile which unavoidably pushes up costs near me. These variables have helped fuel the most exorbitant cost swelling for a very long time near me - up from 9.2% in the year to April. In spite of the fact that there has been a significant degree of development in Northern England (albeit substantially less development in London) no other area in the UK has seen the levels we are encountering in Scotland. The Office for National Statistics (ONS) said the pandemic may have made purchasers re-examine their home needs and priorities at what's "near me". With the ordinary expense of segregates properties in the UK rising faster, people looking for more space and less need to be close to the working environment. Various people who have continued working all through the pandemic have found that they have spent essentially less on pondered purchases - events have been pausing, people have been more unwilling to refresh their vehicles and with an excess from engineers, home updates have generally been put off. The speedy market and nonattendance of supply is pushing up costs with contention at its most critical level and people leaving behind properties regardless, when offering extraordinary prices over the home report regard. If you are looking for a solicitor near me use Lanarkshire Law Practice. If you are looking for a solicitor near me then use ourselves Lanarkshire Law Estate Agents. If you require a mortgage adviser then use Lanarkshire Law Mortgage Solutions
Motherwell sits in the heart of central Scotland and can chart its history as far back as Roman Times. A Roman road through central Scotland ran along Motherwell's side of the River Clyde, however inhabited by Britons, Motherwell's name reportedly comes from a well, the Lady Well with the site now marked by a plaque on Ladywell Road. This historical town has earliest record of Motherwell name being quotes within a detailed map created by Timothy Pont which was dated between 1583 and 1611. In the 19th century Motherwell was just a farming hamlet with only 600 people, however by the 19th century the population swelled to 13,800 mainly due to the railway and in 1881 David Colville who opened an iron and steel works. By the end of the 19th century Motherwell Town Hall and Dalziel High School had been built, the local football club had been founded, and its stadium, Fir Park, had been constructed. Found within North Lanarkshire it has a population of around 32,120 people on the last census. Strathclyde Park which includes M& D's Theme Park and Discover Amazonia. It also hosted the renowned T in the park until 1996. It is also home to the National Shrine of Our Lady of Lourdes, Carfin Grotto and the ancient site of Dalzell House and Home to the North Lanarkshire Heritage Centre. It also boasts a Theatre and Concert Hall at the Civic Centre. Motherwell boasts two golf courses Dalziel Park Golf Club and Torrance Park Golf Club. There are 6 secondary schools and 13 primary schools and is also home to the New College Lanarkshire which is now located and the old Ravenscraig site. Motherwell is the headquarters for both North Lanarkshire Council, which is one of Scotland's most populous local authority areas, and of Police Scotland "Q" division. The town has three train stations, a main railway station known as Motherwell runs on the West Coast Main Line from Glasgow to London and on the East Coast Main Line via Edinburgh and Newcastle, and is located next to Motherwell Shopping Centre. Other train stations in Motherwell include Airbles and Shieldmuir. Motherwell is very accessible by road with it being located next to the M74 motorway beside which leads to Cumbria and onto the M6. It is also located about 3 miles drives from the M8 motorway which runs between the two largest cities of Scotland, Glasgow and Edinburgh. In terms of house prices in Motherwell, Zoopla states that the average price for a property in April 2021 stands at £154,532. Meanwhile flats sold in Motherwell for an average of £91,573. Rightmove states that properties in Motherwell had an overall average price of £149,965 over the last year. Motherwell properties offer great value for money with the average price slightly lower than the average for Scotland and North Lanarkshire. https://youtu.be/dCuJyx3kAQs
Local Towns:AIRDRIE Lanarkshire Law Estate Agents specialise in Bellshill and the surrounding areas. Our agents are local, have 10 years in the industry and have extensive knowledge within the property market that can help sell your home for its maximum potential. We appreciate how stressful selling your property can be and our intention is to provide a service second to none.Â We believe it is important to know local towns and what draws people in as well as factors that make properties more appealing in these locations in Monklands. This can range from shopping facilities to local schools. Below we have compiled a list of some local areas we cater to and some facts that give a better understanding of the area and the house market. Airdrie: Located within North Lanarkshire Council area, Airdrie currently has a population of around 36,500 people. Airdrie is a former industrial town in North Lanarkshire which lies 12 miles east of Glasgow and 31 miles from Edinburgh. Airdrie's industrial heyday was the 19th century when the major industries were coal mining and cotton milling. Airdrie's name first appeared in the Register of the Great Seal of Scotland in 1373 as Ardre. By 1546 it had become Ardry and by 1587 it was known as Ardrie. In 1630 it finally appeared in the Register as Airdrie. The enormous growth in population in the 19th Century was a reflection of the change from cottage industry to heavy industry in the area. Most of the Irish immigrant population were involved with mining and labouring. This led to an increase in ironwork foundries around the area. Airdrie houses one out of the 10 Astronomical observatories in Scotland and dating back to 1896. There are only four public observatories operating in the United Kingdom, all of which are in Scotland. Airdrie Observatory is the smallest, and second oldest. Modern day Airdrie is very much a commuter town but it contains a variety of historical and modern attractions. Airdrie has also been declared the highest town in Scotland in terms of altitude. It also has a local Football team and stadium Airdrieonians FC founded in 1878. There are many shopping facilities within the town of Airdrie as well as Airdrie Public Observatory which is one of only four in the whole of the UK. Airdrie train station provides transport links to other stations such as Coatbridge, Glasgow, Helensburgh and Balloch Â and then in the opposite direction directly into Edinburgh on a frequent basis. There are roughly around fifteen primary schools in Airdrie and three secondary schools. Zoopla reports that house prices in Airdrie in November 2020 are, on average, around £135,749 with flats being around £81,909. Properties in Airdrie had an overall average price of £133,114 over the last year according to Rightmove. More details of Airdrie can be found onÂ Wikipedia https://youtu.be/TeL8hZa_Obc
Local Towns: Lanarkshire Law Estate Agents specialise in Bellshill and the surrounding areas. Our agents are local, have 10 years in the industry and have extensive knowledge within the property market that can help sell your home for its maximum potential. We appreciate how stressful selling your property can be and our intention is to provide a service second to none.Â We believe it is important to know local towns and what draws people in as well as factors that make properties more appealing in these locations. This can range from shopping facilities to local schools. Below we have compiled a list of some local areas we cater to and some facts that give a better understanding of the area and the house market. Bothwell: A conservation village called Bothwell is located in the South Lanarkshire Council. It is easily accessible because it is close to Blantyre, Hamilton, and Uddingston as well as the M74. The ruins of Bothwell Castle, a well-liked tourist destination, are located right next to the River Clyde. The village is home to a number of taverns, eateries, and businesses. There are two primary schools in the neighbourhood, and secondary schools are located in nearby towns just outside the hamlet. According to Zoopla, the average price for a property in Bothwell is around £317,529 and flats are around £210,470. Over the past year Rightmove states that the average price of a property has been £322,859. https://youtu.be/nWp7ujNxIks
Local Towns:AIRDRIE and COATBRIDGE Lanarkshire Law Estate Agents specialise in Bellshill and the surrounding areas. Our agents are local, have 10 years in the industry and have extensive knowledge within the property market that can help sell your home for its maximum potential. We appreciate how stressful selling your property can be and our intention is to provide a service second to none. We believe it is important to know local towns and what draws people in as well as factors that make properties more appealing in these locations in Monlands -Â Airdrie and Coatbridge. This can range from shopping facilities to local schools. Below we have compiled a list of some local areas we cater to and some facts that give a better understanding of the area and the housing market. Coatbridge: Coatbridge has a population of over 46,000 residents. The Coatbridge area is steeped in history. There are settlements which have been discovered in the Drumpellier estates in 1852 circle of Bronze Age stone coffins that date back 3000 years to the Mesolithic Age. A number of other Bronze Age urns and relics have been found in Coatbridge and replicas have been on display within Drumpellier locks and local museum Summerlee Heritage Park. the founding of the town can be traced to the 12th century, when a Royal Charter was granted to the monks of Newbattle Abbey by King Malcolm IV. This borough along with neighbouring Airdrie was collectively known as Monklands. The Monkland Canal was constructed at the end of the 18th century initially to transport coal to Glasgow from the rich local deposits. The invention of the hot blast furnace process in 1828 meant that Coatbridge's ironstone deposits could be exploited to the maximum by the canal link and hot blast process Neighbouring Airdrie, Coatbridge has a population of over 46,000 residents. There are six local train stations in Coatbridge that provide links to Airdrie, Glasgow, Edinburgh, Helensburgh, Cumbernauld and several other places. There is a Coatbridge retail park as well as local shops making it the ideal place to go shopping. Daniel (Dane) Sinclair, an engineer with the National Telephone Company, based in Glasgow, patented the automatic telephone switchboard. This system was installed in Coatbridge in 1886 and became the worlds first automatic telephone exchange. There are lots of historical sites to see in Coatbridge such as Summerlee Museum of Scottish Industrial Life. The Douglas Support Estate whose origins can be traced back to the 18th century. It also boasts several large recreational parks and The Time Capsule Leisure complex. It also has a local Football team and stadium Albion Rovers founded in 1882. The main street has several high street names as well as local independent stores. It has three main Supermarkets Tesco, Asda and Lidl's as well as the Faraday Park. The only retail park in town, anchored by Tesco Extra, M&S Simply Food, Next, Argos. Iceland Wholesale and Matalan. Nearby B&Q Warehouse. Coatbridge also houses fast food outlets, McDonald's, KFC, Burger King Costa and two Greggs stores. There are nineteen primary schools and three secondary schools According to Zoopla, in November 2020 the average price for a property in Coatbridge sits around £132,258 with flats being around £87,261. Rightmove states that properties in Coatbridge had an overall average price of £118,038 over the last year. More details of Coatbridge can be found on Wikipedia For details on how to get the best price for your property by looking at our 8 Staging Tips for Selling Your property
Conveyancing and home buying and selling process with a LawyerMany conveyancing law firms in Scotland also double as real estate agencies. They’ll be in charge of selling your house, coordinating the first transactions, haggling with prospective purchasers, handling the legal aspects of the sale, and setting up searches.These solicitor estate agents are often Solicitors and Property Centers members and are subject to the rules of the Law Society of Scotland. Although there are more conventional estate agents in Scotland than in the rest of the UK, their market share is smaller.The Law Society of Scotland’s recommendations are made to lessen the possibility of gazumping. A conveyancer is not permitted to accept another offer on the property once they have accepted one on behalf of the seller.The seller’s lawyer must stop representing them if another offer is made and the seller decides to accept it. To complete the deal, the seller will then need to hire a different conveyancing attorney. This lengthens the process of buying or selling a home and may increase the price of the transaction.What is note of interest is what?Once you have identified a house in Scotland that you would want to buy, you must hire a solicitor who can express your interest in writing to the selling agent. This does not obligate you to make the purchase, but it will ensure that you are kept informed of any changes, such as when an offer must be made.You will also be informed of the closing date, after which the seller will no longer accept offers on the property. After that, the buyer will choose which offer to accept.What exactly is a HomeReport?The seller of the house must provide a home report if you find the property you’re looking for in Scotland. A home report must be given to any potential buyers because it is legally required for anyone marketing a home in Scotland.When getting ready to sell a home, sellers will need to factor in the price of a Home Report.This paper includes an energy assessment, a property questionnaire, and information on important characteristics of the home that buyers should be aware of. The 16 areas of the Property Questionnaire are intended to provide the buyer with extra details about the property, such as the home’s council tax band.An Energy Performance Certificate from the Energy Report serves as the energy efficiency data for the house. The buyer is informed of the energy use as well as the expected average cost of the home’s heating, lighting, and hot water.The Energy Report analyses the property’s carbon dioxide emissions’ impact on the environment and lists contacts for assistance on how to make your house more energy-efficient and cut down on your fuel expenses.Potential buyers have access to the Home Report, but if you like, you can also organise your own private survey. Remember that this will increase the price of buying a house.How Do Missives Work?Missives are a string of letters that the buyer’s and seller’s attorneys exchange in order to discuss and settle on the specifics of the deal. In England and Wales, this is the same as exchanging contracts. The parties involved agree to a number of terms and conditions in these letters, and the seller formally accepts the buyer’s offer.Until “the end of missives,” also known as a qualified acceptance, these letters will be exchanged between the parties. Be advised that you must cancel a sale in Scotland prior to the end of missives if you wish to do so. After the last missive has been sent, neither the buyer nor the seller may back out of the deal.How Long Does Conveyancing Usually Take in Scotland?Although a precise timeline for the conveyancing procedure is impossible to determine, Scotland is thought to have a shorter conveyancing process than the rest of the UK.In Scotland, purchasing a home may take between four and eight weeks, as opposed to the eight to twelve weeks it typically takes in England, Wales, and Northern Ireland. Be advised that depending on the situation, some transactions may take longer than others.How Much Do Scottish Conveyancing Fees Cost?The size and cost of the property under consideration will have a significant impact on the conveyancing costs in Scotland. Conveyancing costs for purchasing a home in the Scotland are typically around £1,000, and £1,000 for selling one. Using our expereince this is abased on the average value of a property in Lanarkshire of £165,000.The fee above includes conveyancing expenditures which is legally required for buying and selling a house. These are expenses that your lawyer will cover on your behalf; you will be responsible for paying those expenses back. Included in this are necessary conveyancing searches, also known as property searches, which range in price from £100 to £400. Bear in mind that every transaction is unique, and your lawyer will be able to provide you an exact price.What is Land Buildings and Transaction Tax mean?In Scotland, Land Building and Transaction Tax (LBTT) is similar to Stamp Duty. In April 2015, LBTT replaced Stamp Duty Land Tax, and it is managed by Revenue Scotland with assistance from Registers of Scotland (RoS). Your attorney will typically pay LBTT on your behalf.LBTT must be paid on all residential and commercial land and building transactions for properties valued more than a specified amount, just like Stamp Duty and the Land Transaction Tax in Wales. Within certain tax bands, tax is due at various rates on each component of the purchase price.Scottish properties costing up to £145,000 won’t be subject to LBTT. First-time buyers can also take advantage of a relief that raised the residential nil rate bracket of the LBTT to £175,000 for them. This means that if you are a first-time buyer, houses at this price or below will not be subject to LBTT.The following list of current rates and bands for residential LBTT as confirmed in The First of April 2021: There are some exemptions.Purchase price LBTT rate Up to £145,000 0% £145,001 to £250,000 2% £250,001 to £325,000 5% £325,001 to £750,000 10% Over £750,000 12%The Scottish Additional Dwelling Supplement may be applicable when purchasing a home. The LBTT Additional Residence Supplement (ADS), which is due on the entire purchase price of an additional dwelling (like a second home or buy-to-let) of £40,000 or more, went into effect on 1 April 2016. This is assessed at 4% of the total cost of the residence. i.e., a £100,000 buy-to-let purchase will result in an ADS fee of £4,000.
The Art of Making an Offer: A Guide to Buying a Home in Scotland Although there is lots of jargon surrounding the property market, it is worth getting your head around it. Taking the primary step to secure your dream home doesn't have to be difficult. How to make an offer for a property in Scotland Unlike making a formal offer in England, there are a variety of steps you've got to take before you'll put an offer on a property in Scotland. The process generally follows this sequence and timeline: Arrange a mortgage in theory Find a property you wish Choose your conveyancer or solicitor wisely Examine the Home Report Arrange property searches, however this is usually conducted by your solicitor Submit a 'note of interest' Confirm your affordability and finances Make your official offer Arrange a mortgage in theory A mortgage, in theory, may be a letter from a mortgage lender stating that they're happy to lend money to you (if a property meets the right criteria) along side an estimation of what proportion you'll, in theory, afford to borrow. Most people refer to this as an agreement in principle. Arranging a mortgage in theory demonstrates to sellers that you've got considered your financial situation and shows what proportion you'll afford to spend. Many sellers won't consider offers from buyers who can't show they're in the financial position to proceed. If you do not need a mortgage, you will need to be ready to demonstrate that you simply have the cash available to get the property outright (plus any additional fees like LBTT). Find a property you wish Once you recognize what proportion you'll spend, you'll start the fun part: finding your dream home. most of the people start their search on online property portals, or by lecture local estate agents. Signing up for alerts from a couple of different local estate agents will assist you get the primary check out new-to-market properties. Choose your conveyancer or solicitor wisely It's at now you ought to consider hiring a solicitor or conveyancer if you haven't already. you will need a solicitor if you propose on making a suggestion, and finding someone you would like to figure with early within the process will prevent rushing at the eleventh hour. It's worth shopping round for the simplest conveyancer you'll - they're going to be your negotiating representative, and are vital to making sure your sale goes ahead smoothly. A good example of this is Lanarkshire Law Practice. They have over 30 years conveyancing experience and they are very easy to instruct on your behalf. Examine the Home Report Once you've found a home you wish, request the house report from the realtor. you ought to look around this with your conveyancer. Pay particular attention to the results of the property survey, which can offer you insight into the condition of the property, and therefore the property valuation. Arrange property searches, however this is usually conducted by your solicitor If you're proud of everything within the home report, you'll now arrange searches on the property. Searches are investigations into the property and therefore the local area. These will provide information about the land the building sits on, and any local developments you would possibly want to remember of. for instance, an enquiry will allow you to skills in danger a property is of flooding, or if there are plans to create a motorway near the house. You can do searches after submitting a formal offer, thus avoid paying any search fees. However, this will make your offer less appealing to the vendor, particularly if there are other buyers interested. Ask your conveyancer for his or her advice before making a decision. Submit a 'note of interest' If you're satisfied of everything you've seen thus far, it's now the right time to notice your interest. A note of interest doesn't tie you into buying the property. It's simply a letter to the seller's solicitor saying that you want to be maintained so far with any developments associated with the property, like the setting of a 'closing date' (the deadline for sending formal offers). This letter are going to be submitted by your conveyancer. At now the seller's lawyer might disclose how many other notes of interest the property has received. Confirm your affordability and finances Once you've expressed your interest, it is time to verify your finances. Your mortgage provider will want to understand that the house you would like to shop for is well worth the amount you would like to borrow. Your lender may use the valuation provided within the home report, or they'll request an independent valuation. Make your official offer Once you've confirmed that you're going to be ready to borrow the cash you would like, you'll place an offer. In Scotland, instead of calling the estate agent, your solicitor will write a suggestion letter to the seller's solicitor or send this letter to the estate agent initially. If a deadline has been specified, the seller's solicitor will open all the offer letters on the required day. You ought to expect to receive a response shortly after. What should your offer include? Submitting your offer isn't as simple as telling the vendor what price you're willing to pay. Your conveyancer will have to send a formal letter, including the subsequent details: Property description Offer amount Proposed date of entry Any Extras? Conditions of sale Deadline for acceptance If your offer is accepted, the seller's conveyancer will reply with a letter of either 'qualified' or 'unqualified' acceptance. 'Qualified' acceptance means your offer has been provisionally accepted subject to some additional conditions. An 'unqualified' acceptance means your offer has been accepted as you presented it, with no extra conditions. Do you need a solicitor to form a suggestion on a property in Scotland? Yes, in Scotland, you've got to possess a solicitor so as to form an offer on a house. This is often because your offer letter is technically the primary basis of the missives which will eventually form the ultimate contract of the house sale. Verbal or informal offers sent directly from a buyer to a seller are impossible to be taken seriously. Formal or informal offers on a house are not legally binding in Scotland unless submitted by a solicitor. A property purchase in Scotland only becomes binding with the 'conclusion of missives'. Missives are letters between your conveyancer and therefore the seller's conveyancer, during which they negotiate the conditions of the property purchase. Your formal offer is technically the primary 'missive'. While on it's own, is not legally binding, it can quickly become so should you wish to proceed further with the property. If the seller's solicitor responds with an 'unqualified acceptance', agreeing to all or any the terms that you've got laid call at your offer letter, the acquisition will become legally binding. At now there'll be financial penalties for withdrawing. If it is a qualified acceptance then it means they accept the offer depending on certain conditions. Therefore, you ought to only make an offer if you're prepared to be legally tied into the sale very quickly. If you're curious about buying a house, but aren't 100% sure that you're able to make an offer? Remember you can submit a 'note of interest'. Noting your interest doesn't oblige you to form a proper offer, however, you'll be maintained so far with any developments concerning the property sale, including interest from other buyers. this could offer you time to make a decision whether fixing a suggestion is true for you, before you commit. How much do you have to offer on a property marketed as 'offers over'? In Scotland, it's extremely common for a property seller to invite 'offers over' a particular selling price, unlike in England where it is common practice to offer below the asking price. Usually, properties are going to be priced competitively so as to draw in interest from variety of buyers. Then the vendor will set a 'closing date' by which all the interested buyers need to submit their best and final bids. These bids are normally sealed, so you will not skills much the opposite buyers are offering. this will cause buyers making offers that are much above the selling price. Before you submit your sealed bid, look around the valuation included within the home report carefully. Your mortgage lender is unlikely to permit you to borrow quite this amount - if you opt to supply over the valuation amount, you will need to form up the difference. you'll also want to think about the condition of the property & potential costs of repairs. If you're unsure what proportion this stuff will cost to require care of, request some estimates from independent tradespeople within the area. It also can be helpful to seem at property market trends within the local area. what proportion have recent similar properties sold for? How long did it deem other properties on the market to sell? This information can help to supply you a general sense of what's an inexpensive amount to offer. You could also use a web valuation tool to urge a fast estimate of what proportion the property is worth. Our free valuation tool combines data about recently sold properties in your area with information you input about the condition and unique features of the property. Combined with the house report valuation, and your mortgage lender's limitations, this estimate will offer you a way of what proportion is cheap to supply. Check it out here. Top tip: If no deadline has been specified on a property that's soliciting 'offers over', this might mean that no-one else has noted their interest. during this case, you'll be ready to negotiate a lower price with the vendor. What does 'fixed price' mean? If a property is marketed as 'fixed price', this suggests the customer will sell the property to the primary one that offers the selling price. In practice, it's actually slightly more complicated. the vendor isn't legally obligated to sell to the primary person to supply the complete selling price. they'll also take under consideration other things, sort of a buyer's financial position, or their requested 'date of entry'. a primary-time buyer without a sequence, that's ready to move in quickly, is probably going to be far more appealing to a seller than someone who must sell their current home before they will move. If you're unsure what proportion you ought to offer, ask your solicitor for advice. They'll be ready to provide support supported your personal financial situation. How important is that the 'date of entry'? The 'date of entry' is that the day that the cash is transferred to the vendor, and you'll be handed the keys to your new home. How important this is often to having your offer accepted will depend upon the seller's personal situation. Some sellers are going to be keen to manoeuvre on a specific day - perhaps they're starting a replacement job, or they're a part of a sequence and wish to sell before they will purchase their next house. If you are able to be flexible with the move date, ask the realtor about the seller's situation, and ask whether they're after anything especially. having the ability to compromise on the date of entry can cause you to a more attractive buyer and help your offer get accepted. We also have a Jargon buster to help you with some of the terms used by solicitors and estate agents . If you are looking for an estate agent in Lanarkshire or the surrounding areas: Bellshill, Coatbridge, Airdrie, Motherwell then look no further than Lanarkshire Law Estate Agents - www.LanarkshireEstateAgents.co.uk or call us now on 01698 441222. We also provide mortgage advice and information wiht one of our local mortgage brokers.
So often we read about properties selling in one day or record prices being achieved after just 48 hours of marketing. As much as this may appear to be fantastic we are in a unique market just now. In some circumstances selling in a day is the best option for the seller. We aim to ensure all our sellers achieve the best outcome. Is selling in a day really going to achieve this? Selling your property to the first person that has offered may leave you wondering "Could I have got a better price?" Property platforms and social media Has the home been appearing on all the property platforms and social media long enough to reach a full buying audience? Our clients properties are showcased on as many property and social media platforms possible. If there are 6 potential buyers after one day of viewing imagine the outcome after 3 viewing days. The number of buyers are massively outweighing the number of houses for sale. Make the most of this and ensure your property achieves the best price possible. Have all potential buyers viewed the property? Make your estate agent work for you! It is important that you are comfortable with the selling process and we appreciate that numerous days of viewing can be tiring for the seller. Whether you want to make yourself scarce and let us do all the work or get knees deep in viewings the choice is yours. Get the best price for your home by giving potential buyers the opportunity to view. With buyers outweighing sellers you are more likely to have more people looking to view your home, which most often than not results in more people offering to buy your home. If you have several parties interested you can set a closing which encourages buyers to go in with their best and final price, meaning you get the best outcome. If you would prefer to be present when the viewings are taking place that can also be arranged. We also don't charge an extra fee for accompanied viewings. Closing date This is simply the date set by the seller and their Estate Agent for any buyers interested in making an offer. You would set a closing date once a property has more than 1 buyer wishing to offer. All interested parties will be invited to bring their best and final bids to the estate agent before the closing date. As all bids are blind, the buyer generally bids high to be in the best position to secure the purchase. It is the fairest way to settle competing offers and the benefit to you, the seller.....you will achieve a far higher price. Get the best price for your home with Lanarkshire Law Estate agent Selling your home doesn't have to be stressful. We work hard to take the stress out of selling your home from the very beginning. Our passion is to do all the hard work so you don't have to! Book you free valuation now! https://lanarkshireestateagents.co.uk/property-valuation/ https://www.facebook.com/LanarkshireLawEstateAgents https://www.facebook.com/LanarkshireLaw
Choosing the right estate agent is the most important decision you will make when selling your property. The estate agent you choose will affect how long it takes to sell your property, how much your property will sell for and how smoothly the sale goes. Valuations Watch out for estate agents who give inflated valuations because they want you to instruct them. Overpriced properties often take longer to sell and the price nearly always has to be dropped before serious buyers will become interested. Valuing a home is a real skill that good estate agents hone over a number of years. They need to assess the value of your property based on its location, condition, the current economic and market conditions, buyer demand and any unique features that may increase or decrease the value. Marketing Proactive agents don't just advertise on Rightmove. They maintain an up-to-date database of clients who are actively looking to purchase properties and will know the position they are in to proceed. They engage with potential clients through social media and utilise a mixture of traditional marketing (local property magazines, window displays etc.) with modern online marketing across a variety of platforms.Â Handling OffersÂ Good estate agents will take time to ensure that they are aware of the financial position of your potential buyers. They will find out things such as have they been pre-approved for a mortgage? Do they have a property to sell and if so what stage are they at with that? If their property is under offer are they in a chain? Are they keen enough about your property to be flexible with exchange and completion dates? Great estate agents will then be able to advise you as to whether it would be wise to accept an offer or whether there may be other offers that are better due to the buyer's ability to proceed with the purchase. Progressing the sale Once an offer has been accepted many estate agents will pass responsibility for dealing with the sale onto the solicitors. However, this can lead to delays, communication problems and frustration. Proactive estate agents, like myself, will help to push through the sale as soon as possible by liaising with the buyers, sellers and their solicitors to ensure that you are able to move into your new home as quickly and as hassle-free as possible. If you are considering putting your property on the market give us a call on 01698 441327 to find out why we think we are the best choice to sell your property.