Here are a few tips on how to make your move the best move.
Chicken or the egg? (Agent or the mortgage advice). Your approach to the market should be a two-pronged attack.
Speak with your mortgage adviser, who will complete a full assessment of your financial situation, discuss the costs of moving, including the cost of stamp duty, how much you could borrow and, importantly, how much that is likely to cost each month. Your mortgage adviser can offer a wealth of experience and advice. If you are thinking ‘who should I speak to about moving home?’, start with your mortgage adviser. If your finances are in order and you are comfortable that a move is right, for you, your next move is to find the right estate agent.
Bigger is not always better, branches at the other end of the country are not going to be selling your property, the local branch will! Decide which agent will provide you with the service that you and your property need. If the agent is confident they can sell your property, do they need 20 weeks to find the right buyer? Negotiate a shorter contract to give you the flexibility to try another agent, if you need to.
Price is key. Do not be flattered into putting your property on the market for a price that is too high, this could leave you ‘chasing the market’ for a prolonged period and find you having to accept an offer which is much lower than your original marketing price. At the other end of the scale do not under sell, this is a huge asset and is going to provide the deposit for your next purchase. Most of all remember that the cheapest agent might not be the best.
Communicate with your mortgage adviser. Your marketing price and costs should all be factored in to your adviser’s calculations. If you do have to accept an offer, on your property, for less than your original asking price, then your adviser is the person best placed to help you work out what that means, financially.
What to do when you have found your dream home? Speak to your mortgage adviser (There is a theme here). Remember that the agent selling the property, you want to buy, is working for the seller (sometimes called Vendor) their job is to encourage you to pay the highest price possible. Your mortgage adviser can be a good sounding board, ally and source of information that could save you thousands of pounds. If the estate agent wants proof that you have the finances to purchase this property then your mortgage adviser can provide an Agreement in Principle and confirm that you can afford the property, without disclosing all your finances and potentially ruining your negotiating power!
When you bought your current property were you happy with you solicitor/conveyancer? If you were then return to what you know. If you are not sure which solicitor or conveyancer to use then, you’ve guessed it, speak to your mortgage adviser. If this is the first time that you have sold a property, rather than just bought, you will discover that solicitors charge for selling as well as buying. Whichever solicitor you choose make sure that you get a quote upfront, ensure that you get ‘no completion no fee’.
You now have all the elements to complete your move. Your mortgage adviser, Solicitor and estate agent should continue to help you right up to the day of completion. For the heavy lifting you are on your own!
Mortgage Today provides a fast, efficient online service, which means that whether you are looking for a mortgage in Colchester, mortgage in Newcastle or mortgage in London we can be there for you with an online face to face appointment at a time and place that suits you.