#First Time Buyer Mortgage Edinburgh

[shinemortgages0]

How to Apply for a Mortgage in United Kingdom

Applying for a mortgage in the United Kingdom can seem like a daunting process, but it doesn't have to be. Here are the general steps you can follow to apply for a online mortgage broker UK:

Check your credit score: Before applying for a mortgage, it's important to know your credit score. You can get a free credit report from one of the three main credit reference agencies in the UK: Experian, Equifax or TransUnion.

Determine how much you can borrow: Use a mortgage calculator to get an estimate of how much you can borrow based on your income and expenses.

Decide what type of mortgage you want: There are different types of mortgages available in the UK, such as fixed-rate mortgages, variable-rate mortgages, and tracker mortgages. Do some research to find out which one is right for you.

Find a mortgage lender: You can apply for a mortgage directly from a lender or through a mortgage broker. Look around to find the best deals and compare interest rates and fees.

Gather documents: You'll need to provide some documents to support your mortgage application, including proof of income, bank statements, and identification documents.

Apply for a mortgage: Fill out the mortgage application form and submit it along with the required documents. The lender will then assess your application and decide whether or not to offer you a mortgage.

Valuation and survey: The lender will need to conduct a valuation of the property to ensure it's worth the amount you're borrowing. You may also want to consider getting a survey done to identify any issues with the property.

Get a mortgage offer: If your application is successful, the lender will send you a mortgage offer, which will detail the terms and conditions of the mortgage.

Exchange contracts: Once you've accepted the mortgage offer, you'll need to exchange contracts with the seller or their solicitor.

Completion: On completion day, the money is transferred to the seller and you can collect the keys to your new home.

Remember that the mortgage application process can vary depending on the lender and the type of mortgage you're applying for, so it's always a good idea to seek advice from a mortgage broker or financial advisor.

[johnalexcooper]

How Residential Property Solicitors Can Save You Time and Money in Real Estate Deals

Navigating the real estate market can be a complex and daunting task, especially when legal procedures and documentation are involved. Whether you are buying your first home, selling a property, or navigating the complexities of a lease agreement, the role of Residential Property Solicitors in Edinburgh is indispensable. These legal professionals streamline the process, safeguard your interests, and ensure that you avoid costly mistakes. Here's how they can save you both time and money in your real estate transactions.

Understanding the Role of Residential Property Solicitors

Residential property solicitors specialize in all aspects of property law. They handle everything from the transfer of property ownership to drafting contracts, conducting title searches, and offering advice on legal matters. When working with Residential Property Solicitors in Edinburgh, you benefit from their in-depth knowledge of Scottish property laws, which differ significantly from those in other parts of the UK.

Whether you are dealing with a straightforward purchase or a complex transaction involving shared ownership or disputes, their expertise ensures the process is handled smoothly and efficiently.

The Benefits of Hiring Residential Property Solicitors

1. Time-Saving Expertise

Property transactions often involve a mountain of paperwork, tight deadlines, and coordination between multiple parties, such as estate agents, mortgage lenders, and local councils. Solicitors simplify this by managing all these elements on your behalf.

Efficient Documentation: Solicitors ensure that all documents, such as the missives (the exchange of formal letters in Scottish property deals), are completed correctly and submitted on time.

Prompt Communication: They act as the central point of communication between all parties, resolving queries quickly and keeping the process on track.

With the assistance of Residential Property Solicitors in Edinburgh, you can focus on your daily responsibilities without getting bogged down in the complexities of the property transaction.

2. Legal Protection

One of the most significant risks in real estate deals is the possibility of legal disputes. Solicitors mitigate this risk by ensuring that:

The title deed is clear of any encumbrances, such as unpaid mortgages or disputes.

The terms of the sale or lease are legally sound and favorable to you.

Necessary permits and planning permissions are in place for the property.

Their scrutiny prevents future problems, such as ownership disputes or unexpected liabilities, saving you potentially thousands in legal costs.

3. Cost-Efficiency

While hiring a solicitor involves an upfront cost, their expertise can save you money in the long run:

Avoiding Fines and Penalties: Missing deadlines or failing to comply with legal requirements can result in fines. A solicitor ensures this doesn’t happen.

Negotiation Skills: Skilled solicitors can negotiate better terms for you, such as price reductions, repair agreements, or favourable lease conditions.

Minimizing Risks: By identifying potential issues early, solicitors help you avoid costly disputes or repairs after the transaction is complete.

Key Services Offered by Residential Property Solicitors

1. Buying a Property

From making an offer to finalizing the sale, solicitors assist with:

Conducting property searches to check for legal or structural issues.

Reviewing the Home Report, which includes a valuation and condition survey.

Handling the transfer of funds and registration of ownership with the Land Register of Scotland.

2. Selling a Property

When selling a home, solicitors ensure that:

The sales contract is clear and legally binding.

Necessary disclosures are made to the buyer.

The proceeds are transferred to you without unnecessary delays.

3. Leasing and Tenancy Agreements

If you are a landlord or tenant, solicitors can draft or review rental agreements to ensure compliance with Scottish laws. They can also assist in resolving disputes, such as deposit claims or eviction notices.

4. Remortgaging

For homeowners looking to remortgage, solicitors handle the legal aspects, including:

Coordinating with your new mortgage lender.

Updating the property title if necessary.

Why Choose Residential Property Solicitors in Edinburgh?

The Edinburgh property market is unique, characterized by historic homes, modern developments, and a dynamic rental sector. Local solicitors bring:

Regional Expertise: Familiarity with local market trends, regulations, and common property issues.

Connections: Established relationships with local authorities, estate agents, and surveyors, ensuring a seamless process.

Tailored Advice: Understanding of the specific needs of Edinburgh clients, whether they are purchasing a Georgian flat in New Town or a modern apartment in Leith.

How to Choose the Right Solicitor

To maximize the benefits of working with a solicitor, consider the following when selecting one:

Experience: Look for solicitors with extensive experience in residential property law.

Communication: Choose someone responsive and willing to explain complex legal terms in simple language.

Transparent Fees: Ensure that their pricing structure is clear and competitive.

Conclusion

Engaging a Residential Property Solicitor in Edinburgh is one of the smartest decisions you can make when navigating the property market. Their expertise not only saves you valuable time but also protects your financial interests, ensuring a smooth and stress-free experience.

Whether you are buying, selling, or leasing, having a trusted solicitor by your side means you can proceed with confidence, knowing that every legal aspect is handled professionally. By investing in their services, you are investing in peace of mind and the long-term success of your real estate transactions.

[umegalettingsblog]

Navigate the Edinburgh Property Market with Umega: Your Trusted Partner

Embarking on your property journey in Edinburgh can be an exciting yet daunting task. Whether you're a first-time buyer, a seasoned investor, or a relocating family, finding the right partner to navigate the Edinburgh property market is crucial. Look no further than Umega, one of the city's leading Edinburgh estate agents, to guide you through every step of the process and help you find your dream property.

Umega isn't just your average real estate broker; they're a team of passionate and knowledgeable specialists with over 15 years of experience serving the Edinburgh community. Accredited by respected organizations such as the Property Ombudsman and the Association of Residential Letting Agents, Umega upholds the highest standards of service and ethics in everything they do.

Understanding that purchasing a property is one of life's most significant decisions, Umega offers a personalized and bespoke service tailored to your specific needs and preferences. They'll take the time to listen to your requirements, provide expert advice on the best options available, and support you throughout the entire process, from property viewings to completion.

With access to a wide range of properties for sale in Edinburgh, ranging from cozy flats to spacious houses in various locations and price ranges, Umega ensures that you have plenty of options to choose from. You can explore their online portfolio or visit their office to see what's available, and if you can't find what you're looking for, simply register your interest, and they'll notify you as soon as a suitable property becomes available.

But Umega doesn't stop at just finding you a property; they're committed to providing a seamless and enjoyable experience every step of the way. From arranging mortgages and surveys to recommending solicitors and other services, Umega is your partner, friend, and ally in your Edinburgh property journey.

Don't wait any longer to find your perfect property in Edinburgh. Contact today at 0131 221 0888 and let them help you turn your property dreams into reality. 

[potterfinlay-blog]

If you are considering to buy a new property, our first time buyer mortgage advice in Edinburgh and its surrounding areas can definitely help get on the property ladder. We help first time buyers consider the best options when it comes to mortgages and with getting the relevant insurance, here at Lothian Mortgage Services you are in great hands, call us today on 0800 023 6805 to begin the steps to buying your first home.

[owanobrien-blog]

Contact us for best mortgage advice to find the best mortgage deal for you. Remortgaging means convey your mortgage from your present lender to a new one.

[umegalettingsblog]

Embarking on Your Edinburgh Property Journey with Proven Estate Agents

Are you looking for a new home in Edinburgh? Whether you are a first-time buyer, a seasoned investor, or a relocating family, you need a reliable and experienced partner to guide you through the Edinburgh property market. That’s why you should choose Umega, one of the leading Edinburgh estate agents, to help you find your dream property.

Umega Is Not Merely A Real Estate Broker. They are a group of enthusiastic and knowledgeable specialists who have been serving the Edinburgh population for more than 15 years. They have a wealth of knowledge and experience in all aspects of property sales, letting, management, and investment. They are also accredited by the Property Ombudsman, the Association of Residential Letting Agents, and the Scottish Association of Landlords, so you can trust them to uphold the highest standards of service and ethics.

Umega recognizes that purchasing a property ranks among the most significant decisions you'll ever have to make. That's why they deliver a customised and bespoke service to match your specific requirements and likes.They will listen to your requirements, advise you on the best options, and accompany you throughout the whole process, from viewing to completion. They will also provide you with honest and transparent feedback, regular updates, and expert negotiation skills to ensure you get the best deal possible.

Umega has access to a wide range of properties for sale in Edinburgh, from cosy flats to spacious houses, in various locations and price ranges. You can browse their online portfolio or visit their office to see what they have to offer. You can also register your interest with them and they will notify you as soon as a suitable property becomes available. They will also help you with arranging a mortgage, a survey, a solicitor, and any other services you may need.

Umega is more than just an estate agent. They are your partner, your friend, and your ally in your Edinburgh property journey. They will make sure that you have a smooth and enjoyable experience, and that you end up with a property that you love and can call home. So, what are you waiting for? Contact us today at  0131 221 0888 and let them help you find your perfect Edinburgh property.

[mollyharrisuniverse-blog]

Tax factors to consider when getting a buy-to-let-mortgage

Top 5 Tax Factors to Consider While Applying for A Buy-To-Let-Mortgage

Despite Brexit and the Pandemic hit loss, the UK is still encountering an all-time high inflation rate. With property prices rising, mortgage rates are too touching the sky.

When you buy a property aiming for investment, searching for quotes for a standard mortgage would not work in this case. Instead, you will need to explore the best buy-to-let mortgages.

Buying and investing in a property is still an attractive proposition for landlords visualizing long-term returns. Many young investors share a vested interest in it. Not only investors but online mortgage brokers in the UK are also exploring different ways to attract customers to a buying-to-let mortgage.

What Are Buy-To-Let Mortgages?

These mortgages are for those landlords looking forward to buying property at promising rates to rent it out. You may be interested and get a buy-to-let mortgage in the following cases:

1. You are willing to invest in new flats for rental purposes.

2. You are familiar with and willing to take real estate risks.

3. You are a homeowner with or without an outstanding mortgage.

4. Your earnings exceed £25000 a year. If you earn less than this, qualifying for the mortgage may become difficult

5. You should be below 75 years when the loan term ends. The mortgage loan term is 25 years.

If you are new to this and exploring quotes, use Lloyd’s bank mortgages calculator for first-time buyers.

It will help you understand the total funds you can borrow, interest rates and repayment terms as per affordability.

To get a mortgage on the investment property, borrowers have to pay at least 25% of the property’s value upfront as a deposit. The bigger the deposit, the better will be the interest rate. While assessing the borrower’s affordability, lenders analyse the previous history of buying-to-let properties.

What is Buying to Let Mortgage Rates 2022?

In April 2022, the rate of buy-to-let mortgages had an interest rate of 3.38%.

Apart from this, the Government introduced changes to residential property mortgages. Under this, individuals have to comply if:

1. A UK resident rents residential property in the country or overseas

2. Non-UK resident renting a property in the UK

3. Individuals renting residential properties in partnership

4. A trustee liable for income tax profits on residential properties Thus, residential landlords with finances are the most affected by these changes. Hence, online mortgage brokers and owners must be familiar with top tax factors while applying for a Buy-to-let mortgage.

Top Tax Parameters to Know Before Applying for Buy-To-Let Mortgage

Despite rising mortgage rates in the UK, there is an increased shortage of homes. If you are considering buying a property in the future or now, you must be familiar with some “buy-to-let mortgages” tax factors. Here are some taxes that you must be aware of:

1) Stamp Duty Land Tax (SDLT) - It is a tax that landlords must pay if buying a property or land in England and Northern Ireland. The tax differentiates in terms in cities like Scotland and Wales. The home buyer pays the SDLT, not the seller.

The Buy-to-let owner has to pay the tax to HMRC within 30 days of purchase. In addition to this, if purchasing a second property in England, there is an additional 3% surcharge that applies to the property price.

2) Capital Gains - If you are preparing to buy a property in the form of buy-to-let, you must be familiar with capital gains tax.

Under this, basic taxpayers will pay 18% of the gains they make by selling the property as rent. High-bracket taxpayers pay 28% capital gains on the property. As per the 2019-2020 statistics, you can make tax-free capital gains of up to £12000. Earlier it was £11,700. Couples owning the property jointly, combine the allowance and earn a whopping capital gain of £24,000.

It is possible that you can offset some costs when you buy a property and any charges associated with it. Are there any capital improvements that you would like to improve? List those too. However, you cannot deduct outgoings on the upkeep property and interest on the mortgage.

3) Income Tax - The income a landlord receives from rent is taxable. For this, the lender has to report it by filing a Self-Assessment Tax return. A landlord has to pay the tax according to the rental income. Some offset expenses include property repairs, maintenance costs, council tax, insurance premiums and agency fees. One can relish tax relief on mortgage interest costs and loans used to purchase property for investments. It is restricted to certain tax reliefs.

4) Annual Tax on Enveloped dwellings - It is a tax levied on the UK property owners for properties that are valued at over £500,000. It originated in 2013 at £2 million. The value at which this tax applies gets refused over subsequent that have considerably fallen under the bracket.

Entities liable for this includes firms with interest and partnerships with multiple companies. There are many benefits that landlords can exercise under this. It is especially true when the landlord rents out the property. He has to submit ATED (Annual Tax on Enveloped Dwellings) every year.

5) Inheritance tax - An inheritance tax is a tax imposed on an individual who has inherited the property after the father’s dismissal. The normal inheritance tax rate in the UK revolves around 40%. It is charged on the property valued above £3,50,000.

One does not have to pay the tax if the home value is below £3,50,000, you leave everything to your partner or civil partner, and you leave everything above the threshold to an exempt beneficiary. It may include charity or sports clubs. If you give your home to your children or grandchildren, your property threshold may increase to £5,00,000.

Bottom Line

Thus, property taxation is a complicated idea and requires detailed expertise. If you are a landlord looking forward to investing in Buy-to-let properties, these are some tax implications that you should be aware of. Check the eligibility and guidelines while filing for any tax here. It will help you get a better hold over things.

Source : https://mortgagebrokerinformation.weebly.com/blog/tax-factors-to-consider-when-getting-a-buy-to-let-mortgage

[mortgageadvisorinedinburgh]

Lothian Mortgage Services is a well established, well-known mortgage advisor in Edinburgh. At Lothian Mortgage Services our aim is to provide quality mortgage advisor services including mortgage advice, bad credit mortgages and first-time buyer mortgage. For more info http://mortgageadvisorinedinburgh.co.uk/

[themortgagebureau]

Tips For First-time Buyers in Peterborough

First-time Buyers in Peterborough

Buying a house is a big decision for first-time buyers in Peterborough, or anywhere else for that matter.

Get Advice from a Mortgage Broker

Unless you get the correct mortgage advice, things can get confusing, stressful and time consuming for you. It can become even more stressful later if you have acted without the sorts of full information that an adviser would provide.

At The Mortgage Bureau, our mortgage advisers will help remove the confusion, save you time and provide the correct first-time buyer mortgage advice.

Being an independent mortgage broker here in Peterborough, we are not tied to any lender or estate agent. When we have a full understanding of your current situation this allows us to match you with the most suitable lender.

Because we want to help our customers make the right decision as first-time buyers in Peterborough, here are some tips you should consider:

Responsibility: All lenders will check your financial situation so you should be in a position to show that you are responsible. For example, pay off your credit card bills and other debts on time to show that you can be responsible for the mortgage payments. That way you build up a healthy credit history that shows that you can be trusted.

Save Hard & Boost Your Savings: As a first-time buyer, you should be prepared for the deposit and the mortgage repayments. Work out how much cash you are left with at the end of each month. Instead of keeping it in your current account, it should go straight into a savings account. That way you will not be tempted to spend it. Similarly, you should look for ways to boost your monthly savings. Cut down on any expense that isn’t benefitting you or your family. The bigger deposit you have, the better choice of mortgage deals you will have.

Choose Your Mortgage Wisely: While our experts will help you get the right mortgage deal, you should still choose it wisely. The most important factor to consider is the overall cost of the deal, not just the interest rate. Don’t get tricked with a low rate deal, as it may come with fees and other charges payable at a later date. We will point these out to you.

Compromise: Sometimes things don’t turn out the way we expect. It could be the location of your new property, or its size or its condition. Being able to compromise on any of these things could make the world of a difference for you, especially when it comes to buying your first home.

About Peterborough

Peterborough sits just off the A1, so it’s very accessible from all major cities by car. Once you arrive you’ll find the city remarkably easy to navigate.

Rail: Easy access to London (50 minutes), Newcastle, Edinburgh and also to Liverpool, Manchester, Birmingham, Nottingham, Leicester, Derby, Lincoln, Norwich, Ipswich and Cambridge. The railway station is an important stop on the East Coast Main Line between London and Edinburgh.

Bus: You can get travel advice and National Express tickets, plus tickets for day trips at the Visitor Information Centre on Bridge Street, Peterborough. Free bus timetables and various leaflets on places of interest are available, and you can also get concessionary bus passes.

Air: Stansted Airport is just over an hour away by car and is on a direct train line from Peterborough. Luton airport is approximately 75 minutes by car.

The Mortgage Bureau, Stuart House East Wing, St Johns Street, Peterborough, PE1 5DD | Telephone 01733 358488 | Website | Facebook

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[potterfinlay-blog]

If you have no prior experience of mortgaging, you would need a detailed first time buyer mortgage guide. Invest 3 minutes from the 24 hours of your day, and you will be able to make better decisions for your upcoming mortgage. Read to know more-

[housebuyers4u]

How to Negotiate the Best Offer for your House (Step by Step Guide)

How to Negotiate the Best Offer for your House (Step by Step Guide)

Let’s face, Haggling sucks! Too high? Too low? Am I being taken for a ride? When it comes to negotiation on house price, most of us have woefully little experience.

That’s where we can help. We share our industry expertise on our top tips for negotiation – applicable for buyers and sellers – to ensure you hold all the cards when it comes to settling on the final house offer.

Let’s get started.

Negotiation via Estate Agents

Low Bids: Cheeky Or Worth a Try – What Should you Offer on a House?

Alternative Buying & Selling Scenarios

What Happens After a Home Offer is Accepted?

A Final Word

Interesting Facts about House Negotiations

Source: Thisismoney

1) Negotiation via Estate Agents

In this section we’ll look at 3 key areas:

Pre-planning: The house offer strategy

How to make a house offer

Negotiation: The house offer process

Pre-Planning: The House Offer Strategy

According to recent government figures, 83% of homes in the UK are sold via estate agents.  Agents traditionally work for the seller – a contract is drawn up between the two parties, and their job is to negotiate the best offer for their client.

For buyers this means the home buying offer strategy begins with that crucial first contact with an agent.

Meeting an agent: The first question agents understandably want to know is your budget. Downplaying this a little is key, as agents are notorious for their ability to upsell, showing you properties that are a little overbudget. If you’ve hinted that you could go higher than your original quota this effectively lowers your bargaining power.

Do your research: Online resources such as Zoopla and Right Move make it easy to see what similar properties in any area have sold for, and that of those on the market today. The Land Registry website is also a reliable source to search average house prices in any given area.

Have you got buyer appeal? Perhaps you’re a chain free or cash buyer. If so, be sure to make this information is known to the agent as some vendors might be more open to accepting a house offer lower than the asking price for a hassle-free transaction.

Don’t use an agent for financial services: According to the Home Owner’s Alliance, a major source of complaints from both buyers and vendors is that of an agents conflict of interests. This can occur when buyer’s use the seller’s agent as a mortgage broker. When this happens the agent earns commission – and such a situation can lead to both buyers and sellers losing out financially. The Money Advice Service recommends shopping around to get the best mortgage advice, including that of your bank and independent mortgage brokers.

After the groundwork is in place, the next step is to find your dream property. When viewing this should be considered as the first step in your house buying negotiation strategy, so take care to ensure the following:

Research the property carefully

View more than once (different times of day, during inclement weather if possible, make notes of work that will need to be carried out, etc.)

Get sight of the EPC

Promote your buyer appeal (first time buyer, chain free etc.)

Even if you love the house try not to appear too keen

How to Make a House Offer

Once you’ve found the right property the next step is to make your offer. This is where those all-important house negotiation tactics begin to come into play. You put in the offer through the estate agent who then communicates this to the vendor.

It’s recommended that you put the offer in writing to the agent (an email following a phone call will suffice, and you can easily set up a house offer letter template prior to the time, filling in the relevant details). Doing this negates the risk of any confusion further down the line.

The seller then has three choices:

Accept the offer

Refuse the offer

Begin the dreaded house sale negotiation process

If your initial offer is in the right ballpark, the latter is the most likely scenario. The haggling process takes place through the agent. For buyers this might represents a disadvantage, because the seller has a professional working on their behalf. It’s possible to appoint a buyer’s agent, if you’re really concerned, but this isn’t necessary (plus it adds further costs to the house buying process).

Negotiation: The House Offer Process

Can you negotiate on a house offer? The short answer is yes and here’s how.

As a buyer, your opening gambit (AKA your first offer) should be considered the start of an exploratory process. The key factor here is to determine how flexible the seller is. To this end, the following tips will help direct you towards understanding what your first house offer should be.

The first offer should be below what you’re willing to pay: This gives you flexibility to increase it, should it be necessary. This is a key psychological aspect of house offer negotiation, as upping your offer will appear attractive to the vendor.

Give the reasons for your offer: Mention any work that needs doing (installing double glazing, roof maintenance, new boiler, etc.) and state estimated costs.

Use other properties as examples: If similar properties in the area have sold for less, this is a valuable bargaining tool.

Imply interest elsewhere: Even if this property is ‘the one’, there’s no harm in implying that there’s another property you’re interested in. Estate agents routinely use the ‘there’s lots of interest in this house’ trick to get you to make or up an offer. Telling them you’ve got options is a cheeky way to stop this tactic in its track.

Even if a seller refuses to budge on their asking price, all is not lost. Asking for extras is another strategic move in how to win a house negotiation. Such requests could include:

Asking the seller to contribute towards purchasing fees

Requesting that certain items are included in the sale (curtains, appliances etc.)

2) Low Bids: Cheeky or Worth a Try – What Should you Offer on a House?

Clues that a low offer might be accepted

How low can you go on a house offer?

How to respond to a low offer

Clues that a Lower Offer Might be Accepted

There are many reasons a vendor might accept an offer lower than the guide price, the key is to be aware of what they are. Spotting the signs is vital part of how to get your house offer accepted as well as knowing how much less you should offer to maximise your savings – the following are clues to whether or not the seller might be, to put it bluntly, pretty damn desperate to sell.

The house has been on the market for a long time: Reasons for this include being overpriced or that there’s an issue with the property, such as needing major structural work).

The house has been reduced in price multiple times: Apart from probably having too high of an asking price in the first place, constant reductions in price show a desire to sell ASAP.

The seller is stuck in a long chain: Property chains are a necessary evil when it comes to selling a property. However, they can cause indeterminable delays. If the seller has found their next property and is keen not to lose it, they may well be open to a lower offer for a quick sale.

The house is advertised with multiple agents: In such a case, the estate agent will be keen to clinch the sale in order to get their commission.

Related: Why your house isn’t selling & how to fix it step by step

How Low can you go on a House Offer?

According to This Is Money houses in the UK sell for an average 3.5% less than the original asking price. The image below shows the percentages for a number of the UK’s largest cities.

This, naturally, varies around the country.

From the above image we can learn that the lowest average properties are sold in Bristol and Manchester (2.2%) and the highest average property is Edinburgh (8.3%).

Houses in London on average are 4.8% lower than the asking price.

A rule of thumb would be to go in at around 10% below the asking price. There’s a fine line between negotiation and insulting a vendor. What is a cheeky offer on a house that’s worth consideration to one person could completely undermine your credibility as a genuine buyer to another. Take into account the reason the house is on the market – the owners of a treasured family home that’s just been offered for sale are not likely to be impressed by a derogatory offer.

How to Respond to a Low Offer?

If you’re the seller, receiving a low offer can bring about many reactions – most of them emotional. Of course, you’re perfectly within your right to refuse. But before you do so, consider the following:

You've Actually had an Offer!

Take time to reflect

Consider the Buyer

Review the Market Again

Would you be Better Off Using a House Buying Service?

Someone is interested in your property, and this is the starting point from which the house negotiation can begin.

No matter what, always remember that as a seller you’re the one in control. If you don’t like an offer, you don’t have to accept it.

3) Alternative Buying & Selling Scenarios

In this section we’ll take a look at a couple of alternative buying and selling scenarios and they are:

Auctions and negotiations

New builds

Open negotiations

Sealed bids

While estate agents remain the more common sales route, other alternatives don’t necessarily mean you can’t negotiate a better deal.

Auctions & Negotiations

Regular house auctions, as in where bidders (either in a room or online) bid until the hammer falls, are only open to negotiation if the property fails to sell. In such cases there might be a case for the vendor accepting a reasonable house offer post-sale.

More common scenarios are that of open and sealed bids.

Open negotiations: In the same way as negotiating a house offer through an agent, make your opening gambit lower than the price you’re prepared to pay (by around 5-10% is a good guide). You’ll usually be informed if a higher offer is received, giving you the opportunity to increase a second or even third time.

Sealed bids: Although you might be desperate to clinch a deal, do not be tempted to bid more than you can afford. The vendor will usually accept the highest bid, so a top tip is to not offer a round number. Offering £255,075, as opposed to £255,000 could mean you trump a bid close to yours.

The key approach with both open and sealed bids is to carry out the same due diligence as when buying in a more conventional manner.

New Builds

Many people mistakenly believe that there’s no room for negotiation on the house price of a new build. Nothing could be further from the truth, and buyers often have more wiggle room in such a case.

The following are our top house buying negotiation tips for purchasing not only new builds but also standard properties too.

4) What Happens After a Home Offer is Accepted

When is an offer legally binding?

Gazumping

When is an Offer Legally Binding?

Agents are legally obliged to pass on any offers right up until contracts are exchanged, the point at which an offer becomes legally binding in England and Wales (different rules apply in Scotland). Up until that point either party can pull out. However, according to Co-op legal services, doing so may still leave buyers and/or sellers liable to various fees.

When this occurs due to the vendor accepting a higher offer, it’s known as ‘gazumping’. If you’ve managed to negotiate a particularly low sale price the chances of this happening are, naturally, higher.

Gazumping: Is Gazumping Illegal?

No and being gazumped can be extremely costly, with the potential risk of losing large amounts of money in solicitor’s fees, search fees and survey costs. If it happens to you, the only choice you have is to increase your offer over and above that of the gazumper. One way to lower the risk is to request that the vendor removes the property from the market. If they refuse, consider whether or not it’s worth the risk of losing out should another buyer make a higher offer than yours.

A Final Word

The majority of house buying negotiations take place through an estate agent, removing the need for awkward face-to-face haggling. Research is the most crucial aspect of the negotiation process, providing you with the necessary knowledge as to how to make the best house offer.

Despite your best efforts, a vendor might not accept your final offer on a house. If this is the case, and it’s the maximum you can afford, then it’s time to look elsewhere. However, by following our key tips for house negotiation, we’re confident you’ll be well-placed for securing your chosen property at a truly realistic price.

This article was brought to you by http://housebuyers4u.co.uk/

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These are the best commuter towns to London, Birmingham, Manchester and more

Are you sat on the train right now, still aghast with your rail-fare increase? Many of us will be. Much to the frustration of millions of fed-up commuters across the country, rail fares have increased by 2.8 per cent. Zoopla today reveals Britain’s best-value commuter towns to all the major cities, should you wish to consider upping sticks for a more affordable fare.

First-time buyers: Dreaming of owning a house in 2020? Try these expert tips to help you save more money in the New Year

The property experts reveal the best value towns to live in, when commuting to London, Birmingham, Manchester, Edinburgh and Bristol.

Britain’s best-value commuter towns

Best commuter town to London – Grays, Essex

Image credit: smudgerone/iStock/Getty Images Plus

Grays in Essex, birth place to Russell Brand, tops the list as the best value commuter spot for London. Winning the accolade with combined annual costs of £15,008 for a mortgage and a season ticket. The 41-minute commute into London Fenchurch Street station proved to be the best valued commute into the city.

Leagrave in Bedfordshire places second, where home-owning commuters can travel to the capital in 55 minutes at a total annual cost of £15,399. The 41 minute commute from Crayford in Kent follows in third, with a combined price of £15,662.

Best commuter town to Birmingham – Wolverhampton

If heading up to Birmingham to work,Wolverhampton presents the best value of £7,483, with a commute time of just 20 minutes.

Best commuter town to Manchester – Hindley, Wigan

image credit: Derek Walsh /EyeEm/Getty Images

Moving further north to Manchester, Hindley is the town to live for commuters. The town takes the top-spot with combined costs of £6,883 and a manageable 58-minute journey.

Best commuter town to Bristol – Newport, Wales

Image credit: Darren Wordley/iStock Editorial/Getty Images Plus

For workers travelling into Bristol on a daily basis, across the water in Wales, Newport (Gwent) comes in first place. This bustling town has combined costs of £10,166 and a travel time of just 35 minutes into Bristol Temple Meads station.

Second to that is the small market town of Highbridge & Burnham with costs of £11,595, offering a 53-minute commute. And in third the bigger historic market town of Bridgwater with costs of £11,975 and a 59-minute commute.

Meanwhile, those working in Edinburgh would be better off moving to Dunfermline, to get the most affordable 32 minute commute. Here a combined annual mortgage and season ticket will cost just £7,530 a year.

Related: The best place to raise children in England revealed – and it may surprise you

‘As the new season ticket prices come into effect this month, those looking to relocate to save money should pay close attention to these figures,’ says Laura Howard, Consumer Expert at Zoopla.

‘The past decade has seen significant property price growth in prime London commuter belt towns. Despite of this our analysis still picks out pockets across South East England, that represent affordable value for commuters.’

‘Areas outside London and the South East are generally more affordable,’ explains Laura. ‘But commuters can still save money on their daily travel into the likes of Birmingham and Bristol by looking at towns they might not have yet considered, but still have good transport links.’

The post These are the best commuter towns to London, Birmingham, Manchester and more appeared first on Ideal Home.

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Housing costs: Five surprises explained

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The UK’s housing market is changing. People are renting for longer and buying their first home later.

Some buy-to-let investors are pulling out, blaming a greater burden of tax, while some potential home movers are staying put amid an uncertain economic and political climate.

It means some assumptions about housing costs may no longer be true. Here are five things you may not know about.

1. First-time buyers are the most likely to buy a home

Have you heard about all those young professionals who want to buy their first home but are priced out of the market?

While it is tough for many to save enough for a deposit and to pass strict mortgage availability tests, plenty are still climbing on to the housing ladder.

In fact, there were more homes bought with a mortgage by first-time buyers in 2018 than existing owners with mortgages moving to a new home. The same is expected in 2019.

This is the result, in part, of a variety of government schemes aimed at helping this group buy a property, an improving outlook for jobs, and competition among lenders.

Richard Donnell, research director at Zoopla, who compiled the figures, said first-time buyer numbers were rising most in regional housing markets where affordability was better and the cost of jumping from renting to buying was more accessible.

Is rent cheaper in the next street? Use our map to find out

Price of flats fell in England last year, says Land Registry

Andrew Montlake, of mortgage broker Coreco, said: “First-time buyers are the lifeblood of the industry. Mortgage lenders are [making] more products available for borrowers with smaller deposits and a fair amount of innovation taking place, such as family deposit schemes.”

It is also true that the market for home movers is relatively static. Many are choosing to stay where they are, unless forced to sell or buy owing to debt, death or divorce. Some are deciding to extend, rather than move to a bigger property.

2. There’s no place like home (with your parents)

Young adults are staying in education for longer than they did 20 years ago. They are older when they get married and have children.

So many are staying at home with their parents, figures from the Office for National Statistics show.

In 1997, the most likely living arrangement for 18 to 34-year-olds was in a home as a couple with one or more children. Now it is living with their mum and dad.

Living with parents is far ahead of living as a couple, either with or without children. The “other” category includes multi-family households.

That may not be hugely surprising for 20-somethings, but the breakdown of those living with mum and dad is notable.

Both men and women are living with their parents for longer than they did 20 years earlier, but it is men who are more likely to stay with their parents than women. In 2017, some 37% of men aged between 18 and 34 lived with their parents, compared with 26% of women in the same age group.

The ONS says the reasons may include women traditionally moving in with a partner at younger ages than men, women more likely to go to university and, early in their careers, women possibly earning more than men.

3. Rent to a private landlord is more affordable

The cost of renting is one reason put forward for young adults continuing to live in the home they grew up in.

However, in England this decade, the proportion of income spent on rent to private landlords has fallen.

The burden of a mortgage has also fallen slightly, but the proportion of income spent on rent by those renting from councils and housing associations has increased over the same period. This may be as a result of austerity measures hitting their income.

The Residential Landlords Association says that improved affordability for those renting privately is a sign that the lettings market is working well, but it argues that tax changes are putting off some landlords from investing, and putting continued affordability levels at risk.

4. We know exactly where we want to live

Some people say they have their heart set on the place they want to live. The surprise is just how many people fall into this category.

A survey of 6,000 people by Zoopla showed that 31% of those asked knew the exact house or street they wanted to live in next. This increases to 48% in London.

Property websites, of which Zoopla is one, have made browsing for property more commonplace. A relatively small proportion (27%) of those asked in the survey said they were not in the market.

That, Zoopla concludes, means there has been a rise in “wait and see” buyers who might move if their dream home comes along, but who do not need to move for any particular reason.

5. New homes are not always brand new

There has been a great deal of focus in recent years on increasing the construction of homes, so supply can begin to match demand.

The number of homes being built is rising but, in fact, not all of these homes are built from the ground up.

Some 20% of new homes are conversions or change of use. For example, some new homes are converted offices or shops.

There are some fairly complex planning rules for this kind of work.

Large housebuilders still account for 80% of new developments, and have been boosted by the government’s Help to Buy schemes. Particular hotspots include inner London, the Midlands, Edinburgh, and the belt between Oxford and Cambridge.

Your results

– Amount of the United Kingdom that has housing you can afford

Range of affordable areas includes: Armagh City, Banbridge and Craigavon and Belfast

No affordable areas

Search the UK for more details about a local area

You have a big enough deposit and your monthly payments are high enough. The prices are based on the local market. If there are 100 properties of the right size in an area and they are placed in price order with the cheapest first, the “low-end” of the market will be the 25th property, “mid-priced” is the 50th and “high-end” will be the 75th.

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Lothian Mortgage Services is a well established, well known mortgage advisor in Edinburgh. At Lothian Mortgage Services our aim is to provide quality mortgage advisor services including mortgage advice, bad credit mortgages and first time buyer mortgage.