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What to consider when making an offer on a property

Friday, 28 August 2015

imageAs discussed in our property buyer’s guide, once you have calculated what you can afford and you have enlisted the legal services of a property conveyancer you can begin to make formal offers for the property you wish to buy. However, before you rush into making an offer you should carefully consider your approach. It is also important to note that some of the methods will be different depending on where you are or where you are planning to buy property in the UK.

Before you start placing offers for property you should clearly define the maximum limit for your budget and stick to it. If your ideal property is just above the upper limit of your budget you should carefully consider whether you can afford to stretch your finances and estimate what you may have to live without in order to afford the property.

If you are a first time buyer you will not be part of the housing chain and therefore you will have the upper hand on the majority of the competition. This can also be said for people who have a pre-arranged mortgage. If you meet either of these criteria you should make sure the seller is aware of this, especially if they are in a chain, as they may consider your offer to be stronger than the competition, even if you are not offering as much money, because the transaction is likely to get less hassle and be completed quicker.

You should speak to the estate agent and try to establish if the property owners are looking for a quick sale or if their property has been on the market for a long time. You can use scenarios like these to make an offer that is slightly lower than their asking price as they may be willing to accept this in order to sell their property and move on. Conversely, sellers who are not in a rush or whose property has only just come on to the market are less likely to accept a lower offer and will probably wait for a higher offer. Additionally, it is always worth checking the value of other property in the area, as this will allow you to work out if the property’s value is accurate.

When you place an offer you can use required maintenance and improvement costs to justify a lower offer. You should always submit an offer in writing and clearly state that the offer is subject to a satisfactory survey.

At Rollingsons our residential property services covers all aspects of property conveyancing. For more information or to arrange an initial consultation, please contact us on 0207 7611 4848.

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