COVID19: UK Government suspends property market till further notice

The housing market was halted on Thursday night by the Government after financial institutions said they could no longer operate properly.

Ministers are discouraging buyers from going ahead with house sales and purchases unless they have ­already exchanged contracts as part of wider efforts to slow the spread of the coronavirus, saying no one should move unless absolutely necessary. ­

As a result of the pandemic, homeowners trying to sell their properties face a year of misery as the number of buyers dwindles, estate agents close their doors, banks withdraw deals and house prices falling.

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Banks and building societies have agreed to extend mortgage offers where completions have to be delayed as a safety precaution.

Grainne Gilmore, head of research at Zoopla, commented: “The clarity provided by the government announcement is welcome for buyers, sellers and agents who are in the middle of the sales process.

“Agents continue to support their buyers and vendors remotely. But, now that there is some leeway on mortgage offers – with a three month extension from lenders – this will enable some buyers to press pause, and to re-start their purchase once the current social distancing rules are relaxed.”

What does it mean if you’re buying?

You should only consider going ahead with your move in the immediate term if you have already exchanged contracts.

If you have not yet exchanged contracts, the government are advising you to delay doing so.

See the source imageBanks and building societies have agreed to extend mortgage offers for up to an additional three months to enable customers to move at a later date without losing the deal they had lined up.

If your circumstances change during this period or the terms of the house purchase alter significantly, meaning that continuing with the mortgage would put you into financial hardship, lenders have pledged to work with you to manage your finances as a matter of urgency.

What it means if you are selling?

Putting your property on the market will be more challenging than usual, as you are not allowed to have visitors to your home.

As a result, you will not be able to have estate agents come to take photos or carry out a physical market appraisal, while Energy Performance Certificate assessors are also not allowed to visit you.

If your home is already on the market, you can continue to advertise it for sale, but people cannot come to physically view your property.

Importantly, you are still allowed to accept offers on your property during the current period.

In fact, the number of sales agreed between March 16 and March 22 were only 4% lower than a year earlier.

Source: Zoopla Property News

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Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

UK Property Key Players

Buying or selling a property in the UK required various process and professions. key players in a property transaction, including buyers, sellers and paid property professionals such as real estate agents, financial specialists, surveyors and legal practitioners.

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The main property key prayers are:

  • The middleman – The estate agent may be paid by the vendor, but they need to work with you too to make sure their client’s interests are protected and a good agreement can be reached. The agent should be your first stop when it comes to negotiating on price and striking a deal.
  • The money – In theses days of stricter lending criteria and great deals, it is important to research the best mortgage deals for your circumstances. You’ll need to provide your lender with all the information needed to make sure the process goes smoothly, and be ready to chase if getting your formal offer takes longer than expected.
  • The groundwork – The minimum requirement for mortgage lenders is generally a valuation – this basic report merely confirms the property price is right and that the property security for the mortgage loan. This is not a survey and if you need to carryout a survey, you will have to employ the service of a surveyor. The surveyor’s main role is to assess the physical state of the property. The depth of details you receive will depend on the level of service you choose.
  • The brains – The solicitor or conveyancer commissions detailed searches to make sure there are no dark secrets lurking in the property past, legally speaking. This may relate to restrictive clauses in the lease of a leasehold property, rights of way or contamination due to previous use of the land the property is built upon, or any number of other problems with a property’s title.

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

 

Selling or renting your property? First impression is key

House buyers and renters decide within few seconds whether your house is ‘the one’. Updating the front and inside of your property for instant first impression can help bring those buyers and renters in and have them hooked on your home.

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Basic updates that can give you the required first impression are;

  • Kerb appeal – make your property attractive from the road.  Mow the grass, move bins, clean windows, impressive front door with lighting’s/flower decor, and tidy the garden and surroundings.
  • De-clutter – clear out the junk and depersonalise the space. Ditch or store away personal stuffs, kids’ drawings, and unnecessary items. The main goal is for potential buyers or renters to envision themselves in your home, and they can’t do that if your stuff is everywhere they look. All signs of you should be gone and replace with special items and features that appeal to your target buyers or renters.See the source image
  • Fix or replace faulty items/workmanship – little things like switch, lighting’s, door handles, cabinet nobs, tiles, paint, wall paper can be a deal breaker.
  • Make small improvements that pack a punch – focus your attention on the kitchen, bathrooms, and flooring, you can boost a tired home’s overall appearance for less than you think.
  • Standout furniture and fittings – Where possible invest in furniture and fittings that will give lasting impression on your target buyers or renters. For example fire place, wardrobe, bath, light fittings. The aim is to have an item that gives a wow factor in almost every room.

Pls Comment, like and share

Thinking of buying a property?

Need help with property purchase in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Property Purchase: What exactly is gazumping

The term gazumping is often use by the media but generally don’t paint a full picture of what actually happens and as such many often find it surprising and confusing to understand.

Gazumping is where a property sale has been agreed but contract not yet exchanged and a third party comes along and offers more – where a third party ‘gazumps’ the original buyer. Gazumping is a nightmare for the original buyer as they’ve no comeback against (even if a survey has been done) either of the other two parties. In other for it to happen the seller must have to accept the higher offer, although they don’t have to.

I have worked for  clients on cases where a seller received higher offers but stuck to the original because they felt it was the honourable thing to do or preferred the original buyer. Also I have worked on cases where gazumping saved the chain – the original buyer was not taking it seriously or experiencing delays in securing mortgage and the chain was about to fall through – the new buyer moved ahead quickly and the whole chain completed. Gazumping normally occurs more often in a rising housing market, but probably not as much as the media would have you believe.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk