Buyers Guide
Register with Cricketts
Note to First Time Buyers
Viewing Tips & Questions
Tips on Negotiation
Making an Offer
Qualifying your Purchase
Sales Progression
Finance
Conveyancing
Cricketts aim, as should all professional estate agent, to fulfill our clients varing needs. To aid us in achieving this it is important that we gain as much information about your requirements and situation as possible.
You can register with is online, over the phone or by visiting our offices in person. We will then be in a position to begin matching suitable properties to you, all of which can be sent to you via post, text, picture message or e-mail.
Buying your first home can be a daunting experience, our staff are more than happy to discuss the process with you and give you tips and insight into the process. The main stumbling blocks tend to revolve around expectation and finance, the best advice we can give to those looking to step onto the property market is to do your homework. There are further hints in remainder of this guide, however, adhering to the following steps should set you off in the right direction.
Set your budget – meet with a financial advisor as a priority
Calculate Costs – remember to budget for survey costs, conveyancing/solicitors fees and stamp duty (see cost guide)
Create a property wish list – Identify the 5 most important characteristics in your property.
Register with a good estate agent – get info on what you can expect to afford with your new budget. Convey your requirements and get them working for you
Use or Jargon Buster! – Everything you were afraid to ask explained!
If you like a house, don’t be frightened to ask questions. Homeowners are better placed than agents to answer some of these – for example,only the owner can truthfully tell you what the neighbours are like. Here are some pointers on useful questions whilst viewing a prospective purchase.
Remember that as an agent it is our duty answer a questions honestly and accurately. If these questions cannot be answered at the time of viewing, we shall investigate and reply to any unresolved queries.
- Why is the owner selling?
- How long has the property been on the market?
- Has there been a survey?
- Do you know of any structural problems?
- What work has been done to the house? When? Do you have guarantees/receipts?
- If there has been structural work, did they need/obtain Building Regulations Consent?
- Particularly if they extended, did they check whether planning consent was needed and did they check whether they might have breached any covenants by extending? Did they obtain Building Regulations consent?
- What is being left – carpets/curtains/kitchen equipment etc?
- When will the property be vacant? Has the owner found somewhere to move to?
- What are the neighbours like?
- Have there been any other offers?
- What is the Council Tax band?
- What are the running costs?
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Whereas we the agent shall convey your offer and keep you updated in how it is received, it is up to you the purchaser to make an informed offer and decide how to pitch it. Here are a few tips on negotiating.
- Fixtures and fittings: Never take it for granted that extras like carpets/curtains are to be included in a sale. Always ask.
- If the property has been on the market for some time and is too expensive for your pocket, don’t be frightened to try a lower offer. The seller can only say no – or yes!
- Then again, don’t try to be too clever. Make what you feel is an appropriate offer, if you offer too low, then the seller might not feel inclined to allow a "second bite of the cherry" should they get a better offer from someone else. If you behave reasonably others will no doubt reciprocate in kind.
- If you are offering to the limit of the figure that you’re prepared to pay, then say so.
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Any offer that we receive shall be conveyed by our staff to the vendor at the earliest possible convenience. It is important that you have the following information at the ready for us to completely qualify your offer on behalf of our vendor:
- The amount you are willing to offer
- Your purchasing position (are you a first time buyer, do you have a property to sell? etc)
- Details of your Mortgage provider
- Percentage of mortgage/ deposit
- Any other inhibiting timescale factors, (do you need to move by a certain date? etc)
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If the vendor decides that you offer is acceptable to them we set about fully qualifying your purchase. We will require full details of your mortgage lender (if not already received). Details of your solicitor or conveyencing firm that you intend to instruct. We shall also require the details of any estate agent acting on your behalf, this will enable us to pro-actively manage any existing chain through to successful completion.
It is at this point we shall advise our vendor to remove their property from the market in good faith of your offer.
Our job does not finish here, unlike many of our competitors we provide a dedicated sales progression manager to liaise with both yourself the vendor and all other interested parties, including solicitors & mortgage companies, right through to completion or “moving day”. This all starts with a letter from ourselves to all parties confirming the sale.
Several things need to be in place before your solicitor is able to exchange the contract of sale which ultimately secures your purchase. The time needed to get to this stage is at the mercy of many variables, but the speed with which you start the ball rolling will hugely influence the overall timescale involved, see the purchasing timetable for guidelines. There are two basic areas to cover detail Finance & Conveyancing.
To aid in speeding up the process here are a few pointers on the stages to be completed with regards to finance. Please note that this is for guidance purposes only and Cricketts recommend that you seek detailed advice on your own situation from a qualified financial advisor. Cricketts regularly recommend Shirley Hughes financial services (insert contact details)
- Complete a Full mortgage application – either direct or with the assistance of a financial advisor
- Survey/Valuation – the lender will seek to guarantee the funding you require by way of a formal survey. This can take the form of a basic valuation or homebuyers report, the latter being more detailed perhaps highlighting smaller areas of concern.
- Reciept of Mortgage Offer – this shall be provided by the mortgage company when they are happy with the report, provided by the surveyor as to the safety of their investment in your new property. A copy of this should be provided to your sales progressor to allow her to liase with the mortgage company & solicitor with regards your completion date
Both buyer and seller will require a solicitor/conveyancer that can act for themselves and their lender, but both parties cannot use the same person, as this creates a conflict of interest. Cricketts are happy to recommend a solicitor that we have a working relationship with.
It is essential that you instruct a solicitor/conveyancer who will deal with the purchase of your property promptly. It is important the solicitor is experienced in handling residential property sales, can be readily contacted and can deal with your case speedily.
When choosing is may be important to remember, Although it’s a good idea research a number of conveyancers for an estimate of their costs before instructing them to work for you, many people make the mistake of asking several firms and then selecting the cheapest. It should be remembered that the only way that a budget firm can keep afloat and make low charges is by processing very high volumes of business. Experience suggests that the result is often poor service
You will need to furnish your solicitor with payment to start the process and they will also require funds for executing local authority, drainage and sometimes other searches on the property you are proposing to purchase. Any delay with instruction of this process and payment to the company chosen can directly affect the overall timescale of the transaction.
Our sales progression manager shall stay in contact with your solicitor throughout the sale process to monitor your progress and to assist with any issues. They will liaise with all parties involved across the entire chain so it is important that you instruct a solicitor that is prepared to communicate with the sales progressor directly. You can also help by agreeing all of the timescales with your solicitor upfront, and continue to stay on top of them monitoring progress.
During the transaction your solicitor will, amongst other things, inspect the draft contract of sale (sent out by the seller’s solicitor) and check the property title deeds and land registry records, raise searches and enquiries (where they feel additional information is required) and liaise with your mortgage provider. Once they have approved the contract and all the relevant documentation is in place, you will meet with your solicitor to sign the contract & pay your deposit.
The deposit required is usually ten percent of the agreed purchase price. Contracts can then be exchanged and the completion date (the day you actually take possession of the property) can be set. This is usually twenty-eight days after exchanging contracts or sooner. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by one of our negotiators at our offices.