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Tag: Kent Estate Agent

How to sell your home quickly

Posted on by Sophie Winter

Want to know how to sell your home quickly? Selling your home is a process and it’s essential to safeguard both you as the seller and any potential buyers. Completing all the necessary legal work and documentation typically takes time, making it improbable to finalise a sale overnight.

The time it takes to sell your property can vary based on current market conditions, as house prices and buyer demand fluctuate. However, there are steps you can take to speed up the process.

Selling your home with a trusted estate agent

Choosing a reputable estate agent can streamline the selling process, alleviating much of the effort from your shoulders and placing your property in the hands of professionals. A trusted estate agent, like CR Real Estate, offer expert marketing and photography services to ensure your property makes an excellent first impression on potential buyers. We will also create a listing for your property on the leading property portals, Rightmove and Zoopla. To explore your selling options with local experts, contact our team here.

Preparing your home for sale

Your online listing will need photos that showcase your home to potential buyers. A well-presented property is more likely to attract interest. Cleaning and staging your home now will make it easier to take appealing photos when the time comes. This preparation also benefits viewings.

Sell your home in just 56 days

Using the modern method of auction can significantly speed up the selling process. Your property will be listed for a set period, typically 30 days, allowing buyers to bid on it. At the end of this period, your property is reserved for the highest bidder, who must exchange contracts and complete the purchase within 56 days. While selling via auction can result in a higher or lower price than anticipated, it accelerates the selling process and prevents your property from sitting on the market. Find out more about selling by the modern method of auction by contacting our team on 01634 570057.

Free property valuation

Discover how much your property could be worth with a free, no-obligation property valuation. Book an appointment, and one of our local experts will be in touch.

Recent Articles

Is summer a good time to sell your home?

Posted on by Sophie Winter

Deciding when to sell your home can be challenging. We understand that sellers want to move at a convenient time while also aiming to maximise the sale price for their next property.

Although the property market is active year-round, the summer months are especially advantageous and popular for listing your property for several reasons.

Stable property prices

We recognise that some homeowners have been more hesitant about selling recently. There has been uncertainty regarding future property prices, and sellers naturally aim to secure the best possible price.

While some might believe their property could sell for more if they wait for the market to grow, they also risk getting less if prices decline. A stable market is not only safer for sellers but also attracts typically cautious buyers.

Reassuringly, the average property price in June barely changed since May (a difference of less than 0.0%) and is up 0.6% compared to this time last year, suggesting that prices have stabilised for now.

With property prices currently stable, now is an excellent time to book in a free property valuation from a local selling expert.

Show summer highlights of your property

Summer is the ideal time to showcase your outdoor spaces, so consider sprucing up your garden with some light gardening, lawn care, and staging of garden furniture.

The sunny weather naturally brightens viewings, providing an opportunity to highlight features such as skylights and bay windows.

Photographs taken during this season will benefit from natural light and better weather, making your property more appealing and creating a strong first impression on buyers. Prospective buyers will also enjoy exploring the local area more during summer.

Good time for families to buy

Many potential buyers are likely in the same situation as you, wanting to move before the year ends. This increases the chances that your house could be quickly sold to someone aiming to move before the colder months.

If your property is spacious, it might be perfect for a family wanting to move while their kids are on summer break. This timing would allow them to enroll their children in their new school early in the academic year, or even before the term starts.

Moving in the summer is also more convenient due to clearer weather, making it easier to move your belongings. Some potential buyers may have waited until summer to move for this very reason.

If you want to move this year, it’s essential to take action now.

Selling your property takes time, so it’s best to start as soon as possible. Given that the conveyancing process can take on average around 12 weeks, plus the time needed for the buyer to secure a mortgage, you’ll need to act now if you want to move before winter.

Earlier this year, it took an average of 78 days to find a buyer. By May, this wait time had decreased by 28 days, with Rightmove reporting an average of just 60 days to secure a buyer.

Listing your property for sale now increases your chances of finding a buyer quickly. Get started with a free, no-obligation property valuation from our local experts to get an estimate of your property’s market value.

Recent Articles

5 common mistakes buyers need to be aware of

Posted on by Sophie Winter

Whether you’re a first-time buyer, downsizing, relocating for work, or searching for a new home for any other reason, there are common mistakes to be aware of and to try and avoid. But the excitement of buying a new property shouldn’t be dampened by easily avoidable mistakes. That’s why we’re highlighting five of the most common mistakes buyers make when purchasing a new property, so you can steer clear of them.

Searching without a Mortgage in Principle

A Mortgage in Principle is an estimate from a lender of what buyers could borrow, providing a reference for affordability when searching for a property. Though not an outright offer, it’s typically accurate enough to guide your property search.

Our partner, The Residential Mortgage Hub, can get you a Mortgage in Principle in just 30 minutes. Book your initial appointment today to learn more.

Lack of budget planning

Understanding your financial limits as a buyer is important when searching for a new property. Realistically assess your price range to avoid disappointment. Consider all associated costs, including upfront expenses like the deposit, mortgage costs, insurance, and ongoing costs such as council tax.

Not researching your desired property’s location

Buyers can be easily sidetracked with a property and overlook the importance of its location. Make sure the surrounding area suits your lifestyle to avoid future regrets. Consider factors like commute times and transport links if you need to travel for work. For drivers, assess the property’s accessibility.

Families should check the availability of local amenities such as schools, shops, and job opportunities. Pet owners should ensure there are nearby green spaces for exercise.

Not making the most out of viewings

Always view a property in person before deciding. Missing out on key details during a viewing can lead to unpleasant surprises after finalising your mortgage. Prepare a list of priorities for viewings, focusing on the rooms and amenities that matter most to you. Thoroughly inspect the property, including areas like counters, skirting boards, and plumbing.

Going with the first lender you talk to

While a friendly lender may be persuasive, it’s important to explore multiple options. Otherwise, you might settle for a less favourable rate. The Residential Mortgage Hub searches over 90+ lenders to secure the right deal for you, ensuring you’ve thoroughly explored your options.

Ready to start your search?

Book your first appointment today to start planning your future. Appointments are available via phone, face-to-face, or video call. Alternatively, you can request a callback from the team at The Residential Mortgage Hub at your convenience.

Recent Articles

Switching estate agents: could a fresh approach be the key to selling your home?

Posted on by Sophie Winter

Maybe things started off well, but now viewings are sparse. You might feel your agent’s initial enthusiasm has dwindled, or perhaps you’re questioning if your home was overpriced initially, especially if you’re now being urged to make a significant price reduction.

Being stuck on the market is frustrating, especially when you see your neighbours selling their homes and moving out. It might be time to consider a new strategy. But how can you be sure that switching estate agents will improve your situation?

In this week’s blog, you’ll find all the information you need to switch agents confidently and choose the best one to get your sale back on track.

What is your reason for switching estate agents?

People switch estate agents for various reasons, and some of the most common ones we hear when they come to us include:

  • Their plans have changed, making the move more urgent.
  • Their home has been on the market for a long time with few or low offers.
  • They’re disappointed with the marketing of their home.
  • They’re getting no viewings and no new enquiries.
  • They’re being pressured to reduce their price significantly from the initial valuation.
  • They don’t enjoy communicating with their agent, or the relationship is strained.
  • They’ve lost confidence in their agent’s ability to find a buyer.

If any of these relate with you, switching estate agents could be your next step. Remember, there’s no such thing as an unsellable home, and it’s never too late to start fresh.

What are the benefits of switching estate agents?

Even if your home has been on the market for a long time, switching estate agents might seem like an unnecessary hassle. After all, don’t all buyers just look at the same property portals these days? Isn’t one agent much the same as another?

Actually, there are several benefits to changing estate agents, including:

  • Your property will be reset as a new listing on the property portals (if you stayed with the same agent, you’d have to take it off the market and wait 16 weeks to regain that status).
  • New photos taken from different angles and a new description can make your home look fresh on the market, catching the eye of buyers who may have missed or discounted it before.
  • You’ll have the benefit of hindsight and experience to ask the right questions of your next agent (more on that later).

Switching estate agents can also replace any feelings of resignation with renewed confidence in your move. Whenever you’re feeling stuck, taking action is always the answer.

Review your current agents results and performance

When considering a change of estate agents, take a moment to reflect on your time on the market, examining the interest you’ve received and your experience with your estate agent.

  • How was the communication when booking viewing appointments, providing feedback, and staying in touch?
  • Were you greeted warmly whenever you called, or did you feel like a nuisance?
  • Are your photos and description a good combination that does justice to your home and entices people to view?
  • How many viewings has your agent arranged, and how does this compare to other homes they are marketing?
  • Has your estate agent successfully sold homes similar to yours in the area, or does your listing seem out of place among their others?
  • Is your asking price the one your agent advised, and does it reflect recent comparable sales in the area?
  • Has your estate agent made any suggestions about presentation, either initially or in response to viewer comments?

Choosing a new estate agent

If you’ve decided to switch your estate agent, consider these tips to help you find your new selling agent:

  • Search property portals for homes similar to yours and check the agents’ websites to find the best marketing strategies.
  • Contact your second and third-choice agents from your initial valuation to get their updated thoughts on price, market conditions, and their sales strategy.
  • Look around your local streets for signs from other agents selling homes like yours.
  • When agents visit your home, do they support their suggested asking price with recent comparable sales?
  • Review their terms of business for contract lengths, notice periods, and whether any costs are payable upfront or if it’s completely no sale, no fee.
  • Try asking them to lower their commission rate – not necessarily to pay less, but to identify the strongest negotiator. The best agents typically aren’t the cheapest.
  • Lastly, consider which agent’s company you enjoyed the most. Your relationship will last several months, so choose someone you trust and enjoy speaking to each week.

How to switch estate agents correctly

Once you’ve chosen a new estate agent to take over the sale of your home, follow these steps for a seamless transition:

  • Provide written notice to your current agent according to the terms of your contract and request a confirmation response.
  • Obtain a list of the names of people who’ve viewed your property so you can inform your new agent and avoid potential double fees.
  • Instruct your current agent to transfer any keys they hold to your new agent.
  • Ask your new agent for recommendations on minor repairs or presentation improvements to prepare for their new photographs.
  • Discuss with your new agent the best strategy for selling your home—whether to switch and relaunch on the same day or take a short break from the market.

With these steps, you’ll ensure a smooth transition and a fresh start to get your move underway.

Is it time to switch estate agents?

If you’ve read this far, you’re likely considering your options for switching estate agents and getting your home sold. If so, we’d love the opportunity to show you how we can help you find a buyer and get your move underway.

Give us a call on 01634 570057 or book an appointment online to share your plans with us and see how we can help.

Recent Articles

The advantages of renting out your property as an HMO

Posted on by Sophie Winter

Most landlords rent out their properties as a whole, but leasing your rental property as a House in Multiple Occupation (HMO) provides an alternative approach.

An HMO is a property rented to multiple households who share common facilities. A household can consist of an individual or members of the same family, which includes:

  • Married or cohabiting partners
  • Relatives or half-relatives
  • Step-parents and step-children

An HMO is considered small if it has at least three tenants from more than one household and large if it has at least five tenants from more than one household.

In an HMO, each household rents individual bedrooms and shares communal areas such as the kitchen or bathroom. Despite increasing rental demand, the number of HMOs in the UK has declined in recent years, making it an opportune time to invest.

So, what are the advantages of renting your property as an HMO?

Increased rental yield

Entering into multiple tenancy agreements with different households can result in a higher rental yield compared to renting out a property to a single household. Additionally, you can adjust the rental rates for different rooms to further increase your rental yield. For example, a master bedroom with an en suite can be rented for more than the smallest bedroom in the same property.

Strong demand in popular areas

HMOs offer a new rental option for young professionals and students seeking accommodation without the need for a long-term commitment. They provide tenants with a more affordable and flexible solution in popular areas.

Traditionally, individuals looking to rent would need to find roommates to afford an entire property, which can be challenging when relocating to a new city for work or education. In recent years, there has been a significant shortage of student accommodation in the UK. Consequently, HMOs have become increasingly popular in university cities to address this shortfall.

Converting an existing rental property into a HMO

Converting your existing rental property into an HMO requires time, effort, and careful attention to detail to ensure it meets HMO standards.

There are minimum room size requirements based on the number of occupants sharing each bedroom. Your property must also comply with safety regulations, such as installing fire doors.

You will need an HMO license if your property has at least four tenants forming two or more households. Some local councils require an HMO license for smaller properties as well, so you should contact your local council for more information.

Reduced void periods

A void period is the time between tenancies when your rental property is unoccupied. As a landlord, you will want to avoid extended void periods, as they can diminish your rental income, especially if you rely on rent to pay your mortgage.

Renting your property as an HMO can help minimise the duration and impact of void periods. Since an HMO is rented out by individual bedrooms rather than the entire property, it is less likely that the property will be completely empty at any given time. Additionally, you can include a clause in your tenancy agreement requiring the remaining tenants to cover the rent shortfall if one or more bedrooms become vacant.

How can we help you?

Interested in discovering the potential rental income of your property as an HMO? Book a complimentary rental valuation to explore your options with our knowledgeable team today by calling 01634 570057 or booking online.

Recent Articles

A homebuyer’s guide to changing mortgage rates

Posted on by Sophie Winter

Mortgage interest rates are falling, which is encouraging, but recent fluctuations can be a bit unsettling. That’s why we’ve made this guide to help you understand how you can insulate against changing interest rates.

You might be able to move home without altering your mortgage.

If you want to move and take your existing mortgage rate, which is lower than the current rates, porting your mortgage can be a great option. This allows you to transfer your current mortgage to your new home. Additionally, you might be able to borrow extra funds, but keep in mind that terms vary between mortgage providers.

Fix your interest rate 

Variable interest rates are typically higher than fixed rates, and many people prefer the stability and predictability of fixed-rate mortgages. However, if variable rates drop below current fixed rates, you save money. This usually occurs when interest rates are very low. If you intend to keep your property for a short time, a variable-rate mortgage might be suitable. It’s important to remember that there are many types of mortgages to consider and a mortgage broker such as The Residential Mortgage Hub can help you understand more about your options.

Explore different mortgage types 

With thousands of mortgage products available, it’s important to find the best deal for you. An offset mortgage lets you use your savings to reduce your mortgage balance, resulting in lower interest payments. Guarantor mortgages and 5% deposit mortgages can help you in making your first or next property purchase, while interest-only mortgages are often beneficial for buy-to-let investors.

Talk to a mortgage adviser    

A larger deposit also results in paying less interest. The expertise and guidance of a good mortgage adviser can boost your confidence when applying for a mortgage. A quick discussion with them can save you both time and money!

Higher mortgage rates can lead to a better deal  

As mortgage rates decline, property prices often rise due to increased demand. Consequently, the contrast between higher mortgage rates and lower purchase prices may not necessarily result in reduced mortgage repayments while waiting for interest rates to drop. In a stable market, fluctuations in mortgage rates are typically nothing to fret about and can even present opportunities for better deals. Additionally, selecting the right property significantly influences securing your future as you negotiate the offer price. A market characterised by a balanced pace without intense competition also creates a more favourable environment for buying.

How can we help you?

Moving to your perfect home is always easier with the right help. Contact our team of industry experts today for help and guidance, simply contact our office on 01634 570057.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.

Recent Articles

Buying a home: common questions asked by first-time buyers

Posted on by Sophie Winter

Starting the journey to becoming a first-time homeowner means navigating through a maze of industry jargon, documents, and processes. For those new to the home-buying process, it can be a big learning curve.

We’ve spoken to our team of experts to find out what reoccurring questions our buyers have asked – and then we’ve listed out all the answers for you in this helpful guide.

How do I make an offer on a property?

Your offer will need to be submitted to the selling agent, and we would always recommended to do so in writing as well.

You should provide as much detail as possible to support your offer; this helps the current owner of the property to make an informed decision. This will need to include information about your deposit (including proof of funds, such as a bank statement or accountant’s letter), whether you have a mortgage offer secured, your desired timeframe, and details of your solicitor.

It’s worth noting that in some cases sellers may have multiple offers all equating to the same value, so it’s worthwhile expressing your love and enthusiasm for the property.

Can I offer on two properties?

In principle, you’re free to make offers on as many properties as you wish. Offers don’t carry legal obligations, and are often only chargeable after an offer is accepted, prompting the hiring of surveyors and similar services.

However, it is worth noting that submitting multiple offers may portray you as indecisive and unreliable as a buyer.

What is a good opening offer?

Different buyers approach their initial offer differently: some may propose an amount below the seller’s asking price, while others might offer the full amount right away.

A recommended strategy is to offer between 5% and 10% less than the market price, ensuring there’s room for negotiation by staying below your maximum limit.

It’s also wise to research house prices in the area, considering factors like square footage and number of rooms. This information will help you make sure you are putting in a fair offer.

Do I need to have a mortgage before making an offer?

Although you cannot finalise your mortgage application until after your offer has been accepted, you can obtain an agreement/mortgage in principle (AIP/MIP) before starting your property search.

An AIP/MIP shows the amount a mortgage lender may potentially loan you for purchasing a property. This is used as evidence to sellers that you’re a serious buyer with good prospects of securing the necessary financing.

Obtaining an AIP/MIP is a quick and straightforward process, our partnered Mortgage Broker, The Residential Mortgage Hub will be able to assist you with this if you’re looking for help.

When do I put an offer on a property?

The timing for making an offer on a property rests on two key factors:

  • The level of competition for the property you’re interested in.
  • How quick you can make a decision on the amount you want to offer.

In a market with high buyer demand, making an offer quickly is necessary. However, it’s crucial to allocate sufficient time to carefully consider the offer amount you’re comfortable with.

What are the main costs of buying a property?

Purchasing a home comes with significant expenses, particularly saving for the deposit, which is often the greatest hurdle for first-time buyers.

Typically, you’ll need to provide a deposit of at least 5% of the property price. According to Halifax’s latest data, the average deposit stands at 21%. However, aside from the deposit, there are numerous other costs to consider.

Before starting property viewings, it’s advisable to familiarise yourself with the various fees you’ll encounter along the way to avoid any unpleasant surprises.

  • Conveyancing Fees: You will normally need a solicitor or conveyancer to facilitate the property purchase. Anticipate spending between £500 and £1,500 for these services.
  • Land Registry Fee: The Land Registry maintains records of all registered properties in England and Wales. While your solicitor may incorporate this fee into their conveyancing package, it’s important to check. Fees typically range from £90 to £140, depending on the purchase price.
  • Stamp Duty: Stamp duty is a mandatory payment on properties above a certain price threshold. The amount varies depending on the property’s value. You can use a stamp duty calculator to estimate your payment.
  • Homebuyer Survey: A thorough homebuyer survey assesses the property’s condition, potentially uncovering issues and serving as a bargaining tool. Costs vary between £400 and £1,500.
  • Mortgage Fee: Lenders often charge a fee for setting up the loan, typically between £1,000 and £2,000. Some lenders may allow you to add this fee to the mortgage amount.
  • Valuation Fees: Mortgage lenders may charge valuation fees to ensure the property’s value aligns with the purchase price. Expect to pay between £160 and £600.
  • Mortgage Broker: If you are considering using a mortgage broker, they may charge a fee ranging from £300 to £2,000.
  • Moving Costs: Costs vary based on the amount of furniture and distance traveled. The average cost for a 3-bedroom house moving 50 miles is £1,181.
  • Building Insurance: Most mortgage lenders require building insurance, averaging £110 annually.

Do I need a mortgage broker?

While it’s not mandatory, using the services of a mortgage broker can be highly beneficial, especially for those unfamiliar with mortgage processes. Mortgage brokers have access to many loan options that may not be readily accessible elsewhere, including exclusive deals and notifications of limited-time mortgage deals tailored for certain individuals needs.

Got any other questions?

Our team of industry experts are here to help and answer any of your questions about the home buying process. Simply contact our office on 01634 570057.

Recent Articles

How long does a valuation take?

Posted on by Sophie Winter

When looking to sell your home, getting at least one valuation is essential for determining a reasonable asking price. But what exactly is involved in a valuation? Who conducts it, and what’s the typical timeframe for a house valuation?

Our team of property experts have created this easy-to-read guide to provide you with the answers you need.

What to expect at a valuation

As an estate agent we will assess your home’s worth based on factors like its location, condition, market trends, and size.

We advise that you prepare your home for valuation much like you would for a viewing: clean, tidy, and decluttered to showcase its best features. Our property partners will take photographs for advertising purposes at a later date, but you want to showcase the full potential of your property so that we can decide on its maximum value.

During the valuation process, you can take advantage of the opportunity to ask advice on any minor repairs or cosmetic improvements that might improve your chances of making a sale.

At the valuation’s conclusion, we will provide you with an estimated value, possibly in a range (e.g., £220,000 to £227,000), giving you the discretion to set the asking price. We will also share details of comparable local sales and listings to provide context to our valuation.

An accurate valuation is important for a successful sale, and as local agents we are much better placed to provide a valuation that reflects the current market, supply and demand and local trends accurately. It’s important to note that, a property valuation differs from a mortgage lender’s valuation, which is typically less comprehensive.

Contact us today for a complimentary property valuation!

What are we looking for during a property valuation?

When valuing your home, we will take into account the following factors:

  • Location – As a local estate agent we have an excellent understanding of the area, including knowledge of the most sought-after road and postcodes. Factors such as proximity to amenities, transportation links, flood risk, and access to green spaces are all taken into consideration.
  • Property type – The demand for different types of properties varies across time and regions. Period properties might be highly sought after in some areas, while modern homes are more popular in others. As an estate agent, we understand the local market and current trends which is crucial for accurately valuing your property.
  • Number of bedrooms – Generally, a property with more bedrooms will be valued at a higher price, even if another property in the same area has more floor space or a larger plot. However, if a property has a lot of bedrooms but limited living or outdoor space, the asking price may be lower than a comparable property with a better balance. Families searching for ample space throughout the home are often drawn to properties with multiple bedrooms.
  • Parking – Off-road parking is a valuable feature that can increase a home’s value by approximately 10%. Not only does it offer convenience, but a parking space or drive can also lower insurance costs.
  • Property condition – Significant issues like damp or a damaged roof can reduce a property’s valuation. Buyers often factor in the estimated cost of necessary repairs or improvements when making offers. Therefore, the asking price should align with the property’s condition and the costs associated with improving it.
  • Recent sales of similar properties – As an estate agent, we rely on information about recent sales of comparable properties in the area to determine the appropriate asking price. These sales reflect current market conditions, buyer preferences, and demand for various property types.
  • Plot size – If you have land with your property, our experts will offer an insight into the value of land and property per square foot in your specific location. Typically, the larger the plot of land on which a property stands, the higher the asking price.

If you have land that you are looking to sell, please get in contact with our Land and New Homes Department on 01634 570057.

How long does a valuation take?

We typically recommend allocating about thirty minutes to an hour for a house valuation. Although it may be completed in as little as 15 minutes!

We always recommend allocating some extra time, so you have the opportunity to ask any questions regarding the sale. Remember a valuation is not only about getting an idea of the price. It’s also an opportunity to get some tips on how to help your home sell and to see if you like an estate agent. Consider asking the following questions to help in your decision-making process:

  • Have you recently sold any properties similar to mine?
  • What is the average duration for selling a property in your experience?
  • Have you sold any homes on my street or nearby?
  • Can you suggest any repairs or enhancements that could benefit the saleability of my home?
  • What services are included in your fee?
  • Do you provide professional photography services?
  • Do you have any client testimonials or reviews available for reference?

How long is a valuation valid for?

A property valuation typically remains valid for six months. The housing market can change quickly. So, if you do not sell within six months of having your home valued, it’s a good idea to get it valued again. Additionally, it’s advisable to request a fresh set of valuations if significant changes are made to the property. Even minor home improvements have the potential to impact the property’s value positively.

Who can value my property?

Property valuations can be conducted by either an estate agent or a qualified surveyor. It’s advisable to obtain valuations from two or three professionals to gain an accurate understanding of your home’s value.

It’s important to note that opting for the highest valuation isn’t always the wisest decision. Some estate agents may inflate property values to secure your business, and overpricing can result in underselling.

Are you looking for a property valuation?

If you’re thinking about selling or want an estimate of its potential value, feel free to reach out to our experts today. Fill out this quick and easy online form and our team will be in touch.

Recent Articles

Why use a mortgage adviser?

Posted on by Sophie Winter

When searching for a mortgage, is it better to use a mortgage adviser or approach a bank or building society directly? Keep reading to understand the benefits of getting mortgage advice from an expert.

What does a mortgage adviser do?

A mortgage adviser acts as an intermediary between borrowers and lenders. They gather offers from multiple lenders, and help you to become mortgage-ready. Additionally, they gather important financial details like income, assets, employment records, credit reports, and other relevant information to evaluate your affordability. This information is then forwarded to potential lenders.

Using a mortgage adviser can make the mortgage application process much smoother compared to navigating it solo. In addition to offering expert guidance, they act as a liaison between you and various potential lenders, guaranteeing they secure a deal tailored to your specific requirements and preferences.

When is the best time to get advice?

For the best time and money savings, we advise reaching out to a mortgage adviser at the start of your property search. This approach ensures your adviser is well-informed with your entire mortgage process, and can help you steer clear of any mistakes you might otherwise overlook.

What are the downsides of not using a mortgage adviser?

  • Lacking the guidance of a adviser increases the risk of securing a mortgage deal that may not align with your best interests.
  • Errors in completing your application or not meeting the lender’s criteria could lead to rejection.
  • You’ll miss out on exclusive deals and rates available through adviser, and without a middleman, you’ll need to directly communicate with lenders.

Why not just go directly to lenders?

Some opt to approach a lender directly, such as a bank or building society, rather than using a mortgage adviser, often due to their preference for familiarity. Some may feel inclined to maintain loyalty to their bank, particularly if they’ve been banking with them for an extended period and value the personal interaction.

While you might be more familiar with a lender because of your longstanding banking relationship, it doesn’t guarantee they will offer you the best mortgage deals. Lenders typically have their own range of mortgage options and may not present alternatives beyond their offerings, limiting your access to the full range of available deals.

Are you in need of assistance determining your next steps?

Everyones circumstances are different, and there isn’t a universally correct way to securing a mortgage. We can’t tell you which path to choose, but if you want to get honest, trustworthy mortgage advice, reach out to our partnered mortgage broker The Residential Mortgage Hub today. Their team of advisers will help you work out what you need and what next steps to take.

If you’re looking to sell or let a property please get in touch with a our experts at CR Real Estate today.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.

Recent Articles

How do I sell my land?

Posted on by Sophie Winter

If you’ve come into possession of developable land through inheritance or simply are tired of gardening duties, now is an ideal time to consider your selling options. In this blog, we’ll explore the various approaches you can take and the best selling option suited to your needs.

What are the different options?

Typically, there are four methods for selling your land:

  • Outright sale
  • Sale subject to planning
  • Sale with existing planning permission
  • Promotional agreements

Naturally, the choice of sales option will depend on your specific situation. That’s why it’s vital to explore every path with the help from a land expert before committing to any decision.

Unconditional sale

If you’re in a rush to sell, this might be the most suitable choice for you. With an unconditional sale, you’re selling the land in its current state. This means without planning permission and offering no assurance of future development potential.

Should a buyer present an offer, the risk they assume will be reflected in the price they propose. Additionally, the buyer will also factor in the time and financial resources necessary to pursue planning approval when making their offer.

When everything is tallied, depending on factors like size, location, and market demand for your land, the risk element can significantly impact your financial outcome.

Our recommendation? If time isn’t of the essence, it might be wise to consider alternative avenues.

Subject to planning

Also referred to as a ‘conditional contract’ or an ‘option agreement’, the subject-to-planning method is the most common selling approach for good reason.

Under this arrangement, the buyer retains the option to retract from the transaction should the planning application fail. Ultimately, it means that they are willing to offer a slightly higher price for your land, recognising that the financial risk is lower compared to an unconditional sale.

However, before committing to a conditional contract, it’s essential to consider the timeframe involved. Even if a buyer expresses interest in your land, this sales approach can be time-consuming. It can often take months, and sometimes even years, for planning permission to be secured and for funds to be paid out.

Undoubtedly, it’s a slow burner! But, if you have the luxury of time and aren’t in urgent need of cash, this could be the best choice for you.

Selling with planning permission

Selling land with planning permission puts you in a strong financial position. And it allows you to request a premium price for your property.

Often referred to as ‘shovel-ready,’ this type of sale indicates that the site has obtained all necessary approvals and technical assessments, making it highly attractive to potential buyers.

With the reduced risk and enhanced convenience associated with these transactions, buyers have the flexibility to proceed with their development plans, adjusting details like the number and mix of housing units according to their preferences.

As you may have gathered, this option offers a fast-track route for buyers. So make sure that your price reflects having the added value of secured planning permission.

If you’re wondering how much planning permission can affect pricing, land with outline consent to build housing can be worth up to eight times more than land without approved planning.

So, if you’re in no rush, this option undoubtedly has the potential for maximising your profit. But remember, various factors influence land value, including:

  • Demand for land in your area
  • Accessibility
  • Local available services and amenities
  • Market trends – i.e value and property prices
  • Physical attributes and characteristics

Promotional agreements

Commonly associated with larger pieces of land, promotional agreements entail developers leveraging their financial resources, expertise, and industry knowledge to navigate the planning process with the goal of obtaining planning permission.

Once permission is secured, the landowner agrees to sell their land, with the promoter receiving a predetermined share of the sale proceeds. The percentage of the promoter’s share depends on various factors. These can include the size and location of the land and the level of risk involved.

With this arrangement, the landowner is not burdened with any financial risks—the responsibility lies entirely with the developer (promoter). From the outset, the developer is expected to finance the entire process, including legal expenses associated with initiating the agreement.

This approach alleviates financial concerns for the landowner and is certainly worth considering as a viable selling option.

Have you got a piece of land to sell?

If you have a site that may be suitable for a new housing development, you might have a golden opportunity. Given the current high demand for land in the UK, now is an ideal time to explore these methods to sell your land.

For more advice on how to sell your land, get in touch with a our experts at CR Real Estate today.

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A guide to downsizing your home

Posted on by Sophie Winter

After dedicating years to climbing the property ladder, the idea of moving to a smaller home may leave you feeling unsure. However, downsizing not only offers immediate financial benefits but can also lead to long-term savings and open up new opportunities.

To help you in make an informed decision, we’ve compiled a comprehensive guide to downsizing your home. Drawing from our extensive experience in helping hundreds clients through this process, we offer valuable tips and strategies to support you along the way.

Is it worth downsizing your home? 

Determining whether downsizing your home aligns with your needs is a decision that rests solely with you. Before reaching a conclusion, it’s crucial to weigh various factors, including your financial situation and space requirements. Here, we’ve gathered some of these considerations along with responses to common questions asked by our clients.

What to consider when downsizing your home

When thinking about downsizing your home, it’s essential to take into account various factors. Before making a decision, consider the following:

  • Your finance: Downsizing could lead to a smaller mortgage, resulting in reduced monthly payments or even achieving a mortgage-free status. Additionally, there may be savings on council tax, heating, and electricity expenses.
  • Maintenance: Larger homes often require more upkeep, which can become overwhelming. If you’re feeling burdened by maintenance tasks, a smaller home might be more manageable.
  • Your new home: Remember that this is still a move. Can you afford the property you want? Do you know what you want from your next home? 
  • Associated costs: Each move has its own expenses, including removal costs and stamp duty. It’s crucial to factor these costs into your decision-making process.
  • Flexibility: Consider whether having extra space is essential for hosting guests, pursuing hobbies that require ample room, or potentially renting out space. Evaluate whether you’re willing to give up this flexibility.
  • Long-term plans: If you’re not sure where you want to live for the longer term, perhaps for your retirement, you may want to hold off on downsizing so as not to go through the upheaval of another move. This will also save you the costs of multiple moves. 
  • Motivations: Reflect on why you’re considering downsizing. Ensure that your decision aligns with your genuine motivations to prevent potential regrets post-move.

What happens to my mortgage if I downsize?

Depending on the value of both your previous and new homes, you might secure a reduced mortgage or none at all.

If the sale of your old home provides you with more than the value of your old mortgage, you can use the money to pay off that mortgage. You would then use the remaining money to take out a mortgage on your new home. Downsizing to a home of a lower value means that your monthly mortgage payments will be lower. Depending on the value of your old home and the size of your new mortgage, you may even have some money left over.

Alternatively, if the proceeds from the sale of your old home can pay off your old mortgage and buy your new home outright, you’ll have no mortgage at all! If you would like advice on your mortgage please contact our partnered mortgage broker The Residential Mortgage Hub – click here to book an appointment.

Is it worth downsizing to be mortgage-free? 

Every homeowner dreams of being mortgage-free, and downsizing presents an excellent opportunity to make that dream a reality. If the proceeds from selling your current home are sufficient to clear your mortgage and cover the expenses of your new property, you’ll enjoy:

  • Reduced monthly expenses: Eliminating monthly mortgage payments eases financial strain, particularly as retirement approaches.
  • Better financial security: Owning your home outright gives you increased financial freedom, especially if you’re approaching retirement. 
  • Greater opportunities: Freed from mortgage obligations, you can redirect funds towards savings, investments, luxury holidays, or providing support to family members.

However, it’s important to acknowledge that downsizing entails its own costs, and the decision involves your cherished home. While achieving mortgage-free status is undeniably appealing, it’s wise not to part with a beloved home unnecessarily.

Before making any major decisions, seek advice from a financial advisor and consult your mortgage lender to assess the most suitable course of action.

When to downsize your home

Deciding when to downsize is as personal as determining whether downsizing is the right choice at all. Ultimately, only you can decide the timing that feels right for you.

Some opt to downsize as soon as the move will help them become mortgage-free. Others wait until they begin planning for retirement, while some postpone until after retirement, once they’ve mapped out their next steps.

It’s important to consider that downsizing can lead to reduced monthly expenses, even if a mortgage is still in place. From a financial standpoint, downsizing sooner rather than later often makes sense.

On the other hand, if your children aren’t settled in their life away from home just yet, you may want to hang on to the extra space in case you need it. Alternatively, if they’ve started their own families, having space for visits or sleepovers with grandchildren could be a priority.

Ultimately, only you can decide when it’s time to downsize. If you’re uncertain about the financial implications, consulting a financial advisor is advisable to gain clarity and make an informed choice tailored to your needs.

Is now the right time to Downsize for you?

If downsizing aligns with your needs and the timing is right too, don’t hesitate to get in touch with one of our team members today to find out how we can help you downsize your home and start your next chapter. We have a proven track record of helping many clients in finding their ideal homes by listening to their requirements and using our local knowledge to find suitable properties.

Recent Articles

Landlords: why going fully managed could help you

Posted on by Sophie Winter

We recognise that handling a property can become both time-consuming and costly. That’s why we suggest entrusting your property to a professional agent with a fully managed service.

Whether you’re a new landlord or a seasoned property investor of one week or ten years, there’s one thing we can all agree on: managing your property can be challenging. When renting out a property, the need to be accessible to tenants becomes priority. Many landlords and property investors find it challenging to manage multiple properties on their own, especially during busy seasons and holidays, which only adds pressure to these responsibilities.

How can we help you?

This is where a reliable letting agent can play a vital role. Our skilled experts at CR Real Estate can assist in saving you time by overseeing your rental property, handling financial paperwork, and dealing with tenant management.

We understand the significance of time, particularly during busy periods. Our lettings team are here to assist with tenant enquiries, maintenance issues, and much more with our fully managed service. Our expertise will allow you to enjoy holidays and day-to-day living without interruptions from tenants and issues. We offer regular check-ins on your property to ensure it stays well-maintained, which reduces the chances of unexpected expenses that might add extra stress.

From a financial standpoint, the benefits of opting for a fully managed property agent are clear. We can guide you through the complex landscape of property management and enhance your investment for optimal returns. By efficiently managing tasks such as rent collection and property inspections, we ensure your investment is optimised.

Compliancy made simple

The legal responsibilities facing landlords today have significantly increased compared to just a few years ago. Ensuring you’re well-versed in these matters is crucial to avoid hefty fines that could transform your buy-to-let aspirations into a nightmare.

Legislation is notorious for its constant changes, making it challenging to stay updated on all the details. Having a team of experts by your side is invaluable in today’s dynamic environment. As a reputable letting agent we stay informed about any regulatory changes impacting your property investment and present your options in a clear and understandable manner.

Finding tenants isn’t as easy as it once was

There have been significant changes in the rental market, including shifts in tenant expectations. While the demand for quality homes remains high in many areas, tenants are no longer willing to settle for subpar properties or inadequate landlord services. With rental costs consuming a considerable portion of people’s incomes, it’s understandable that they expect nothing less than what they deserve.

Additionally, the challenges in the property buying market have contributed to a ripple effect in the rental sector. Tenancy durations are extending, with many lasting four years or more nowadays. This increased commitment from tenants emphasises the importance of professionalism in attracting the best renters.

Opting for full management services ensures representation by a trusted name that tenants can rely on. This instills confidence in potential renters and significantly improves the chances of finding the right tenant for your property. Additionally, with experienced valuers and negotiators working on your behalf, you stand to secure the best rental price—a clear win-win situation.

Want to discuss your rental property and becoming fully managed?

Don’t hesitate any longer! Give yourself the luxury of time, savings, and a stress-free 2024 — all made achievable through the expert care of our property management agents!

Got a property or portfolio you’d like managed in Medway or any of the surrounding areas in Kent? We’re here to help! Simply get in touch with our dedicated lettings team to find out more about how we can help you become more hands-off with your investment.

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