SELLING YOUR HOUSE IN A DIFFICULT MARKET

by Arshid Idris on 15.12.11

The key is to be realistic about your asking price. Getting this right means your property is worth buying even in difficult times. In the UK, we have a tradition of buying our homes based on the principle that a property bought at the right price is a sound financial investment.

Preparation

Even before you start marketing your property, its essential to prepare your house for sale. Put yourself in the shoes of a buyer and make your house desirable. This will involve de-cluttering, painting and sprucing up. There will be an expense but its money well spent.

Choosing your estate agent

Get your house from 'for sale' to 'sold'

Do your research and get recommendations. Don’t sign up to a sole agency which prohibits you from changing to another agent.

Your agent should not only get viewings arranged but must also follow up for feedback and keep you informed.

For every property, there is a potential buyer so if your price is right, you will find a buyer. But, it’s most important that you check your buyer’s position. In particular, does he have finance arranged? Either he should be a cash buyer or should have finance approved in principle. You also need to know if there is a chain when it will take much longer to sell than if there is none. Your agent must also check that the buyer’s survey/valuation has been done and that there are no issues.

Your solicitor

As with your estate agent, you need to keep in touch with your solicitor to check the sale is progressing. Get confirmation that the sale agreement has been sent to the buyer’s solicitor and that any enquiries have been answered. The critical stage is getting a completion date agreed. There is no reason why you cannot get to this stage about 3-4 weeks after instructing your solicitor.

Selling your house in the current market is not easy but with good preparation, persistence and patience, there is no reason why anyone cannot succeed in selling up and moving on. 

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TOP TIPS FOR BUYING A PROPERTY IN LEICESTER

by Arshid Idris  15th December 2011

Buying a house can seem an uncertain and daunting challenge. Yet, it should not be if you adhere to some important but often overlooked points.

• Choose your lawyer carefully 

Solicitors are not machines. They are individuals and each will do his/her work in their own way. The key is to find a lawyer you feel comfortable with. The mistake is to select on price. It’s a false economy to cut costs when choosing your lawyer. Cheap solicitors are generally not good solicitors.  Choose a solicitor who will be most able to handle what is probably the most important financial investment of your life.

• Be a proactive buyer

Hiring a solicitor is a 2 way street. If you want to be in control of the buying process (in as much as you can), you can’t afford to sit back and leave everything to your solicitor. Respond to requests for documents and information from him, and, equally, ask for any information you feel you need from him. Better lawyers prefer buyers who take an interest and assist them to progress the case, unlike most cut-price lawyers who would rather that their clients say as little as possible. 

 

• Check out the property

Buying a house which you’re going to make your home is naturally an emotive process but be wary of letting your heart rule your head. Take time to have a thorough look at the property in good daylight and ask searching questions of the owner. Be sure that the boundaries of the property are clear and check them against the Land Registry plan of the land which your solicitor should provide. 

No property is perfect but you need to avoid taking on a house which needs major repairs as soon as you’ve got the keys. If in doubt, have a survey.

• DIY checks

A survey report will tell you if there any significant structural problems with the house. It will not normally flag up issues with the wiring, central heating or plumbing. A house re-wire can cost upwards of £3,000.00 and a new boiler will set you back atleast £1,000.00. Its, therefore, vitally important to get local contractors to check the wiring, heating, and other services. This may cost you but the amount will be insignificant and will help to avoid any unnecessary and expensive surprises later on.

• Searches

There are a handful of well – known searches that you will need for any property but there are others which are less common. If you’re buying in the Leicester City area, the usual suite of searches is fine but step a short distance out of the City and other searches may called for. A good example is Coalville where a coal mining report will be required in addition to the usual searches. Past uses of the land also need to be considered. Land on which there was previously a railway line may require an indepth environment report and enquires with the local authority. 

• Stamp duty

 Every house buyer is liable to stamp duty but under current rules, first –time buyers have a special concession which means they have nothing to pay for a house costing up to £1/4 million. This means a first-time buyer is up to £2,500 better off than any other purchaser. This stamp duty holiday will end on 24^th March 2012, so first – time buyers should act now to take advantage of this. There is also an exemption for other buyers if the property falls within a “disadvanged area” and the price is not more than £150,000.

  

• Its great to be a buyer

 We are in the worst recession for generations with no end in sight. The property market is at an all – time low and property prices have remained stagnant for over 3 years. Yet these conditions have created real opportunities for those in a position to buy.

House buying can be a stressful experience but following these simple steps should mean that buyers will be better informed, more in control and more confident about their investment. 

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WHY MAKING A WILL IS ONE OF THE BEST INVESTMENTS YOU WILL EVER MAKE

By   Arshid  Idris   Solicitor on 15th December 2011

When Gordon Brown was in charge of the nation's finances, he would often describe his economic measures and recommend them as "prudent".

When it comes to our own personal wealth and finances, we also need to apply good prudence.

We all know and understand the idea of saving for a rainy day.

Making a will is a similar measure; we are planning for a rainy day. 

The good news is that this planning can also involve savings. A saving in stress for our loved ones if we have made appropriate arrangements to provide for them and a saving in the tax payable on death. You have peace of mind that you have planned for your family’s future.

So, if making a will is prudent planning for the future, why are we so hesitant in getting the job done? 

Perhaps we lawyers are to blame for making people feel afraid of the process. In fact, making a will is in most cases a simple task. 

Let’s look at some common concerns:

I don't know how it works

Making a will is nothing more than putting your wishes on paper.

If you use a solicitor, you simply inform him/her how you want your assets to be inherited and it is the lawyer's job to make a document containing your wishes. You then sign this document and your will is complete.

Not sure about the cost

Charges for making a will vary but typically the cost is between £100 - £200.

Making a will is complicated

In fact, making a will is far easier and less stressful than buying or selling a house and probably easier than arranging a bank loan.

Therefore, considering the small cost involved and the benefits for you and your family, making a will has to be one of the most prudent investments of your life.

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