Jeremy Says

Moving home - how can I get it right?

The housing market moves into full swing during late spring/early summer.  Those who are about to start house-hunting in earnest and those whose houses have been on the market a while but received little interest, should take advantage of RICS (Royal Institution of Chartered Surveyors) advice.

RICS spokesperson, Jeremy Leaf, says:

“The residential market begins to heat up in early summer when people often start searching for new homes. Many involved in the 1.2 million house sales which take place in the UK every year can be overwhelmed by the process of buying or selling a home. Whilst we cannot remove the stress involved in moving house, RICS members can provide clear, easy to understand advice.

“With 20,000 of our members working across all areas of the residential market; from building surveying to estate agency and lettings, if property want advice, we want them to think - Chartered Surveyor.”

RICS produces a series of free consumer guides aimed at explaining how the buying and selling process works and how to reduce the risk of receiving nasty surprises.

Each guide* covers the questions most frequently asked by the public in relation to buying or selling homes as well as understanding property surveys.

Unsuspecting buyers should appreciate problems do not end with exchange of contracts.

The most common buyer pitfalls:

·       Failing to get an ‘in principle’ mortgage offer from a lender and finding out the true value of an existing home before starting the search for a new one

·       seeking a property beyond realistic  price limits

·       Being undecided about exactly what is required from a new home - number of bedrooms, size of rooms - and most importantly the location

·       Not sufficiently researching the area of the property for sale – such as local amenities, neighbourhood, infrastructure changes.

·       Relying on the mortgage valuation as a record of the condition of the property and not paying for a professional survey of the property undertaken by a Chartered Surveyor

·       Failing to find a good solicitor to act quickly when that dream property is located.

Common seller pitfalls:

·       Failing to pull together all official documents – title deeds, land registration documents leasehold information  before putting a property on the market– a property with a boundary dispute certainly won’t sell easily.

·       Neglecting the obvious things like keeping the house and garden tidy and the pets at bay

·       Making it difficult for people to view the property at the most convenient times to them – eg weekends and evenings

·       Being unclear about what is and what is not included – this just irritates potential buyers

·       Forgetting that whatever price the property is sold for, stamp duty, solicitor and estate agency fees, will need to be deducted, and, after August 1 you will need to budget for the additional cost of a Home Information Pack (HIP) for houses with four bedrooms or more.

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Created: 12th Jun, 2007 | Modified: 12th Jun, 2007