Congratulations! Your property is now Sold Subject to contract…….
Now a sale has been agreed on your property we wanted to make you aware of the next steps going forward. It may be the first time you have sold a property or perhaps it has been a while since you last sold a property. In any case, the conveyancing process can be a grey area. We would like to give you a basic outline of the next steps and confirm we have a Sales Progressor here at Dinsdales to keep you up date and ensure everything is on track.
All Sales are Different - Please do not compare the timescale of your sale transfer with that of a friend or family member. Try your best not to get hung up on a specific date as there are many elements and third parties involved in the complex process. Generally, sales tend to take from 8-12 weeks, however that is just an average. You should make your solicitor/conveyancer aware of any dates you are not available for; such as a pre-booked holiday.
At Dinsdales Estates, we endeavour to update you on a regular basis. Please be aware that this is not always possible as we rely on third parties to provide us with relevant and useful information. However, you will always be updated with whatever knowledge we have regarding your property. We generally provide information by phone or email.
STAY CALM - We are aware that the house buying/selling is a well-known stressful process. So often annoyed buyers/sellers will decide to ‘pull the plug’ on a sale if, for example, a required timescale cannot be met. In the future months, looking back, this may seem insignificant in the grand scheme of things. If the alternative is remarketing and trying to find a new buyer- which could take months, is it not better to wait out a few more weeks?
The following 'Milestone' will give a rough guide on the various stages involved. You may want to keep this list to help guide you through the steps of your sale.
Changes to Section 21 Notices Requiring Possession with effect from 1 October 2018
The Deregulation Act 2015 introduces on how a landlord may serve a Section 21 Notice to gain possession of a property.
A Form 6A must be used to serve notice irrelevant on whether the contract is fixed or rolling. You can obtain this directly from the internet through gov.uk
A landlord cannot validly serve notice in the first four months of a tenancy. However, where a tenancy has been renewed the landlord will be able to serve a Section 21 Notice at any point during a renewed tenancy.
The Section 21 Notices will only be valid for six months from the date of issue.
If you thought that the buy-to-let (BTL) market was dead and buried in the UK, then think again. Thanks to interest rates continuing to fall on BTL mortgages and the choice of mortgage products available to investors being more plentiful than ever, astute investors are taking advantage of the borrowing favourable climate, by investing in their first BTL home or increasing their rental property portfolio.
Research recently published by the leading financial advice site, Moneyfacts, shows that the number of mortgage deals available to landlords investing in BTL for the first time, has increased by 13% since the start of 2018. The amount of BTL mortgages available now stand at a record high.
If you are thinking about putting your home on the market some time soon, you will be pleased to learn that asking prices of newly marketed properties have jumped to a record high.
Research from the leading online property portal Rightmove, shows that in June this year, the average asking price for a property put on the market increased by 0.4%, equating to £1,364. This was the third consecutive month house prices have risen in Britain.
The 0.4% rise puts the annual increase in asking prices in the UK to around 1.7%, a 1.1% gain from 2017.
Miles Shipside, Rightmove director and housing market analyst, explains the reasons behind the continuing upward shift of average house prices, commenting:
“This is a pleasingly strong flourish at the end of the spring selling season given the political uncertainty and stretched buyer affordability. At an initial glance all of this fits with a theme of ‘steady as she goes’ as the spring market concludes. However, if you dig a bit deeper, you’ll find that the main driver is good buyer demand in the comparatively stock-starved northern half of Britain’s housing market.”
Positive Start for the Mortgage Market in 2018
Stamp duty cuts in the budget led the way for an increase in first time buyers looking to get on the property ladder. What about existing home owners? The Bank of England’s base rate increase had very little impact on the low rate deals already available for those looking to re-mortgage their current home. As for Landlords, the phasing out of mortgage interest relief and tougher mortgage lending conditions could have made buy to let a less attractive proposition, however, there is still plenty of appetite from new and experienced landlords looking for an attractive income investment. So, positive signs for the mortgage market as we enter 2018.
Dinsdales Estates, 519-521 Thornton Road, Bradford, West Yorkshire, BD8 9RB
Tel: 01274 498855 Sales: 07803 204511 or Lettings: 07740 529086