Welcome to your July newsletter

If you’ve reached the homestretch of your sale, exchange and completion will be your final two hurdles. Let’s take a look at the difference between the two, what to expect at each stage, and the key things you’ll need to bear in mind.

What is the difference?

While exchange and completion are essentially the final phases of a property sale, they are separate from one another:

At the point of exchange, the property sale becomes legally binding.

At completion, the buyer becomes the legal owner of the new home and is free to move in.

What happens before exchange of contracts?

Most of the legwork involved in your sale will be completed before the point of exchange of contracts. Your conveyancing solicitor and estate agent will have been working hard behind the scenes to get you to this stage!

At this stage, the buyer can still try to renegotiate the price, especially if the survey has flagged up any issues with the property. However, the purchase price cannot be altered once the contracts are exchanged.

Both parties also have the option to back out altogether before contracts are exchanged, so this is a pinnacle point in the sale. However, it’s impossible to back out at this stage without financial loss.

What happens when you exchange contracts?

Both party’s solicitors will confirm by telephone that they have signed copies of the contracts and the buyer’s solicitor will confirm that they have the deposit.

They will also confirm the date in which the sale will be completed. If you’re in a property chain, exchange of contracts will begin at the bottom of the chain all the way up to the top, which should all happen on the same day.

What does completion mean?

Completion is the final stage of the home sale, which marks the day that the home legally belongs to the buyer.

Upon completion, the deposit will be transferred to the seller’s solicitor, who will then need to confirm that they have received it before the sale can be finalised.

Once this has been confirmed, the ownership of the property must be transferred over to the buyer through the Land Registry. The seller then has until 1pm to vacate the property. After this point, the buyer can pick up the keys from their agent and move into the home.

What happens after completion?

After completion, the buyer will need to pay for Stamp Duty, and this will be handled by their solicitor once the money is transferred over to them.

If everything has gone smoothly up until this point, the buyer can unpack and get settled into their new home!

Are you planning on moving this year? Make sure you have an expert on your side. Contact HoldenCopley for more advice and guidance

An increasing number of ‘for sale’ signs have been turning to sold, which has created more confidence in the market this summer. If you are thinking about getting an agent around to place a ‘for sale’ sign in your front garden, here are a few positives to keep in mind.

House prices are settling  

House price fluctuations vary from street to street, town to countryside, and region to region. But, one common thread is that house price changes are small and for the most part, have been increasing. This settling, or hardening of property values, helps firm up the foundation of the property market. 

More people are moving because it’s easier

Is moving still stressful? Certainly not as much as in the past. Home renovations and improvements have got to be higher up the stress ladder. Moving is becoming simpler thanks to an increasingly streamlined process, and agents who offer better customer service with modern tech.       

The market has turned a corner

The spring market has offered proof that the UK property market is improving and has set the scene for a better summer. Mortgage approvals increased by 18%*, and sales agreed increased by 13%** in the spring.

Mortgage choice remains very strong

It’s worth watching the mortgage market as closely as the property market. With thousands of improving products available, offering innovative ways to buy, such as 1% mortgages for first-time buyers, to offset mortgages, which may help reduce the amount of interest you pay.  

Modernised-characterful properties

Homes with car charging points, solar panels, smart technology, and higher EPC ratings, are appealing to a growing number of buyers. But, it's not all about keeping it green. Features such as bi-fold doors, a multitude of outdoor spaces, and inspiring layouts are waiting for buyers. 

A new outlook on the UK property market

Homemovers now have a better understanding of the moving market and are getting on with moving, keeping it buoyant. Interest rates, while not as low as previous ultra-low levels, still represent good value. Strong equity levels and slower house price inflation make moving more affordable. 

What’s your moving story?

It’s important to take economic news and market data with a pinch of salt. Each homeowner sits in their own unique corner of the market. Cash buyers for example, may care little for mortgage interest rates. Homeowners have more options due to larger amounts of equity, and if you have improved your home, it may have added a lot of value and help fund your next move.

Begin your moving story by contacting us today

Zoopla*

 Rightmove**

Office for National Statistics***

As a landlord, you have a lot to think about, and whether you are highly experienced or just starting out, there is always something new to learn. As a savvy investor in property, you understand the importance of keeping costs down. Managing one or more properties can be a full-time job, and with so many potential pitfalls looming, a managed letting service could save you time and money.

Less time-consuming

Paying a monthly management fee for a fully managed service or even a one-off payment for a tenant-finding service may feel a bit counterintuitive. However, the saying time is money really rings true in the property industry. Arranging and conducting viewings, tenant referencing, property inspections, maintenance, and rent collection are not tasks you want to rush. Leaving this in the capable hands of a good letting agent frees up your time and reduces the opportunity cost for your other business or career interests and leisure time. 

Legal fees and fines

It’s important to keep your property compliant and the reality of failing to do so could mean serious financial consequences. Worse still, if you put the health and lives of your tenants at risk, it could mean eye-watering fines or even imprisonment. Safety certificate breaches, illegal eviction, not protecting a tenant’s deposit, and failure to obtain the correct licenses and permits are just a few reasons why you could face penalties, and it’s worth noting that some of these fines have no ceiling. Letting agents could help you keep your property on the right side of the law, preventing these sorts of shortfalls from occurring. 

Achieve better rents

Using a local-based lettings management service offers many advantages. One such plus is their local market knowledge. This is useful in getting to grips with and keeping on top of how much rent to charge. A good agent will also offer suggestions for improvements or tweaks that could increase the amount of rent you could charge. This is something you could use with a basic package if you choose a part-managed letting service, sometimes known as a tenant-find service.

Property maintenance

A fully managed lettings service takes care of perhaps one of the most potentially awkward and time-consuming aspects of managing your property. Many offer a 24/7 emergency maintenance service, which is a big draw for tenants. Preventing small issues from becoming large, expensive refurbishments, could save you thousands. It’s also important to address the niggling things that keep tenants happy, so you do not have void periods—an empty property does not pay the rent. Carrying out essential work with the right contractors who have a better understanding of rental properties, is often another benefit of using a managed letting service’s maintenance team. 

Choose the right level for you

A fully managed service could take care of everything from viewing to notice proceedings, including a final inspection and handling the return of your deposit, as well as everything in between, such as property maintenance. That said, you may opt for a more rudimentary level of service, such as a tenant-finding service. You could also add to this with a rent collection service, which means property maintenance would be down to you. It's always worth talking to your local agent to see if they can tailor a package that suits you and your budget. 

Contact us for more information today

When you’re on the move, it’s vital that you take care of the legal aspects of moving home but with so much to remember, it can get confusing at times. It can help to have the right property professionals in place so that you are not left waiting around.

Is there a difference between conveyancers and solicitors?

Often, the difference between solicitors and conveyancers comes down to their level of training, however both can achieve similar results. A conveyancing solicitor is a qualified lawyer whose expertise is in dealing with clients who buy and sell property. A solicitor will be trained in other aspects of the law, whereas a conveyancer specialises in the buying and selling of property. A solicitor will be able to help you with other legal matters if required, such as cohabiting agreements. 

What do conveyancers or solicitors do?

Solicitors and conveyancers take care of the legal part of transferring a property from a seller to a buyer and this is called the conveyancing process. A solicitor or conveyancer can take care of the following:

Preparing contracts for the exchange of contracts and assisting in the negotiation of any details.

Checking the land registry to define what is included in the sale.

Taking care of local council matters such as land registry searches, water and drainage searches, environmental searches, and local authority searches

Offer legal guidance

Prepare the transfer of funds from the new owners to the seller

What does a surveyor do?

A surveyor conducts a survey on a property by checking it for any defects or issues. They will inspect a house and carry out visual checks. Through doing this, they will produce a report on its condition and other basic information such as the type of property it is, when it was built, the number of rooms and the property’s EPC rating. 

More in-depth surveys

There are more in-depth levels of surveys, such as a HomeBuyers report, which checks things like the construction and condition of the property or potential issues that need further investigation. A Building Survey will check for structural elements and is useful if the property has had a high level of structural modification or a previous report has recommended further investigation.

Who instructs the surveyor?

Homebuyers typically arrange a house survey. It’s worth noting that they are not a legal requirement but could save you thousands by discovering hidden issues, which could help in negotiations, and more often than not, they give you peace of mind that you won’t run into any nasty surprises.

A house survey is different from a mortgage lender’s valuation

It's worth noting that if you are buying with a mortgage, your mortgage provider will carry out a valuation. They do this to verify that the property is valued correctly. This is not the same as a home survey.

Your agent can help

Finding the right property professionals is not always easy. Good agents can often connect you with the right people, such as conveyancers or solicitors. When it comes to getting a mortgage, most now have in-house mortgage advisors. But the choice as to whether you use their services is entirely yours. 

Let us help you reach the right property professionals and make your move happen