In the current market, there are more buyers than properties and vendors can choose the right buyer. So, who is the right buyer? London property market experts John Martin Estates shares its top tips
Usually, the vendor wants to sell at a realistic price with a minimum of fuss and stress – the buyer therefore needs to be organised, motivated and carry as little risk as possible.
What do you need to do to be the right buyer for that plush new apartment or perfect family home? Well, you should take action in certain essential areas.
Without question, the most important aspect to arrange as early as possible. If an applicant still has to arrange finance they are less likely to be considered as serious and motivated.
Consider all the sums to be paid out in order to calculate the deposit available and the amount of the mortgage needed. Don’t forget stamp duty – despite the Chancellor’s changes to stamp duty, which helped many buyers, it is still a big lump sum to find. Remember also mortgage and valuation/survey fees, solicitors’ fees and search costs, plus incidentals like removal costs (even if just hiring a van and paying for a tank of petrol).
Everyone will have read or heard the issues related to borrowing money – lenders want to know about all financial commitments, not just income. These include household expenses and general living costs such as mobile phone packages – nothing is left out.
Be in the best position possible by having a mortgage agreed in principle. Tell the estate agent this, as well as the deposit available, as all the information should be put forward to the vendor and it shows you are motivated and ready to go.
Don’t describe yourself as a cash buyer unless you really are.
YOUR OWN PROPERTY
If there is a property to sell, the vendor will usually want to hear that it is on the market, if not already under offer. Provide the details of the agent selling for you so that the sale, and any associated chain, can be checked. This is just due diligence on behalf of the vendor and all agents should do this. Chains can be inevitable but, in general, fewer links means fewer problems.
There is no reason to leave finding legal advice until an offer is accepted. Deal with it at the same time as the finances. Lenders will often recommend firms but beware faceless conveyancing practices and the frustration of possible delays or lack of answers to questions.
Does all this seem like common sense? From our experience, so many buyers do not do it and wonder why they’ve lost their dream home – don’t be one of them; act before it’s too late.
John Martin Estates; 020 8998 3333; johnmartinestates.com