Category: Selling

Posted on

What is a house guide price & should it be trusted 2024 UK

What is a house guide price & should it be trusted 2024 UK

A house guide price is used as a marketing tool for sellers and estate agents.

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

As we start in 2024, the UK housing market remains a labyrinth filled with evolving terms and trends, among which the ‘house guide price’ emerges as an important instrument for both buyers and sellers.

 

This article aims to delve deep into the concept of house guide prices, examining their role and impact from the perspective of both sellers and buyers. We will explore how these property guide prices are determined, the factors influencing them and the strategic considerations behind their use.

 

Additionally, the article will offer valuable insights into the current trends of the housing market, providing readers with a well-rounded understanding of how guide prices fit into the broader landscape of property buying and selling in 2024.

 

Whether you’re a first-time homebuyer, a seasoned investor or a seller looking to maximise your property’s value, this discussion will equip you with the knowledge and tools to navigate the UK housing market with confidence.

Enquire for free

What does house guide price mean?

A house guide price, fundamentally, represents an estimated value set by the seller, vendor or their estate agent. This estimation indicates the minimum price that the seller is willing to accept for their property.

 

The property guide price serves as a starting point for potential buyers to make offers. The guide price can be presented either as a specific amount or a price range, offering an initial idea of what the seller expects.

What is guide price?

A guide price, often encountered in house markets, serves as an estimated selling price for a property. While it offers a useful starting point, it’s important to recognise that properties seldom sell for their exact guide price. 

 

The final sale price is influenced by various factors, primarily the offers received by the seller. These offers can vary, falling either above or below the guided price, also known as the asking price. 

 

The guide price acts as a benchmark for initiating negotiations with the seller. Buyers usually have the liberty to propose offers lower than the guide price. However, it’s important to balance this approach; excessively low offers may be outright rejected by the seller. 

 

Market conditions and competition from other potential buyers significantly impact the success of any offer. While there is no one-size-fits-all rile, many property experts recommend starting with an offer that is 5% to 10% lower than the guide price. 

 

In some cases, sellers might entertain offers up to 15% lower, but such proposals can be perceived as overly bold or even disrespectful, risking a negative impression.

 

A key factor to consider before making a lower offer is the duration for which the property has been on the market. Properties listed for sale beyond 90 days may indicate a higher openness from agents and sellers to consider lower offers. This can be due to various reasons, such as a pressing need to sell or fewer inquiries than expected.

Enquire for free

What is a house guide price at auction?

When it comes to properties being sold at auction, the price guide for houses takes on a slightly different role. It is closely linked to the reserve price, which is the minimum price agreed upon between the auctioneer and the vendor.

 

The house guide price at an auction is either the amount at which the seller’s reserve price is set or the starting point for bidding. Importantly, the reserve price is usually undisclosed, but the guide price can provide a reasonable indication of where the reserve is likely set.

How accurate are guide prices at property auctions?

The accuracy of a guide price can be influenced by the current state of the property market. In a strong market, properties might sell for significantly higher than the guide price, whereas in a slower market, the final sale price might be closer to or even below the guide price.

 

The precision of a property price guide also hinges on the expertise of the valuer. A well-experienced valuer or auctioneer with a deep understanding of the local market can set a more accurate price guide. 

 

Guide prices are often set with the intention of attracting interest and encouraging bidding. Therefore, they might be set at a lower range to create competitive bidding, which can lead to a final sale price that is much higher. 

 

Unique or unusual properties might have less predictable guide prices due to the difficulty in comparing them with other sales in the area. If the seller is looking for a quick sale, the guide price might be set lower to attract more interest. Conversely, if there is no urgency to sell the guide price might be closer to the seller’s ideal sale price.

How is a price guide for houses set?

The method of setting a price guide for houses varies depending on the selling method. For sales through a high street estate agent, it is determined based on the minimum price the seller hopes to achieve, combined with the agent’s knowledge and research of current property values in the area. 

 

The price guide for houses is a tool used by sellers and estate agents to initiate negotiations and attract potential buyers. It reflects a combination of the seller’s expectations and market realities, though it is not a definitive predictor of the final selling price. 

 

In contrast, auctioned properties have their guide price determined post the setting of a reserve price by the seller, influenced by factors like the seller’s urgency to sell and their financial needs.

How is an estate agent guide price set on the open market?

When setting a price guide for houses for a property being sold on the open market, there are several factors which are considered. The primary determinant is the minimum price the seller hopes to achieve from the sale.

 

This figure is not randomly chosen; instead it’s carefully calculated based on the agent’s knowledge and research of the current property values in the area. 

 

The agent assesses comparable properties, current market trends and the unique attributes of the property to arrive at a realistic yet attractive house guide price. This guide price aims to generate interest among potential buyers while still aligning with the seller’s financial expectations.

How is a house guide price set at an auction house?

In the context of auctioned properties, the process of setting an auction guide price involves a different approach. First, the auctioneer conducts a valuation of the property to determine its market value. 

 

Based on this valuation, the seller then sets a reserve price – the lowest price they are willing to accept. This reserve price is influenced by factors such as the seller’s urgency to sell, their financial needs and the property’s valuation.

 

The house guide price is then determined with respect to the reserve price. It usually falls within a specific range, often within 10% of the reserve price. This is to ensure a fair and realistic starting point for the auction while maintaining the seller’s interests. 

 

The guide, therefore, acts as an indicator of where bidding might start and gives potential buyers a ballpark figure to consider before participating in the auction.

Are there any guidelines for guide prices?

In 2014, the Advertising Standards Authority established guidelines to regulate how guide prices are set. These guidelines stipulate that the guide price must either indicate a range or single price figure within 10% of the reserve price. 

 

Additionally the guide price cannot be more than 10% lower than the seller’s reserve price. These rules help ensure transparency and fairness in auctions, providing potential buyers with a more accurate expectation of the reserve price.

Enquire for free

What’s the difference between house guide price and asking price?

The guide price, as an estimated value range, is used to indicate the minimum the seller is willing to accept and is often flexible. In contrast, the asking price is a more definitive figure representing what the seller specifically wants for their property.

 

The asking price is less about initiating interest and more about stating the seller’s firm valuation often set after considering the property’s condition, market conditions and comparable sales.

 

Both guide prices and asking prices are essential in the house selling process. House guide prices are instrumental in generating interest and fostering competitive bidding, while asking prices provide clear and specific valuations from the sellers to the buyers.

How much do houses sell for compared to asking price?

Based on data provided by Hometrack, Zoopla’s data business, there’s a notable trend of houses selling for less than the original asking price in the current market. On average, sellers are accepting offers that are approximately 3.8% below their initial asking price.

 

Furthermore there’s been an increase in the number of sellers agreeing to even larger discounts. Over two-fifths (42%) of sellers are accepting offers more than 5% below the asking price, a figure that represents the highest level of such discounts since 2018, a period when annual UK house price growth was just 1%. 

 

Additionally, over one in six sellers are accepting discounts of more than 10% below the asking price. This trend suggests that buyers are negotiating harder, and sellers are increasingly willing to lower their expectations to close deals, reflecting a shift in the market dynamics towards buyers.

Should you follow the guide price on property or decide the price for yourself?

Sellers need to balance their own financial expectations with the realities of the market. While it’s natural to aim for the highest possible return on investment, being realistic about the property’s market value is essential. 

Overpricing can lead to a stale property listing, whereas a competitive house guide price can create more interest and potentially lead to better offers, especially if it triggers a bidding war in a seller’s market. 

 

Sellers and vendors should be prepared for negotiations. The guide price is a starting point and buyers may offer less than this amount. It’s important to understand the range of acceptable offers before listing the property. 

Being too rigid can result in missed opportunities, but understanding the lowest acceptable offer helps in making informed decisions during negotiations. 

 

Sellers should also consider the buyers’ perspective. Buyers are likely to conduct their own research and valuations. Therefore, a guide price that closely aligns with market valuations is more likely to be taken seriously by prospective buyers. Unrealistic  property guide prices might be dismissed by savvy buyers, reducing the pool of potential buyers.

Enquire for free

Can buyers offer lower than the guide price?

Yes, buyers can offer lower than the guide price, although the success of such offers depends on various factors, including market conditions and the seller’s circumstances.

 

The house guide price is essentially an invitation to begin negotiations, representing the seller’s initial expectation but not a fixed bottom line.

 

In a buyer’s market, where supply exceeds demand, sellers might be more included to consider offers below the guide price. Additionally, if a property has been on the market for an extended period, or if the seller is motivated to sell quickly due to personal circumstances, they may be more open to accepting lower offers.

 

However buyers should approach this thoughtfully, as excessively low offers might be dismissed outright or negatively impact the negotiation process.

What is the difference between guide price and ‘offers in excess of’?

The difference between a guide price and ‘offers in excess of’ lies primarily in the expectations they set for potential buyers. A guide price suggests an estimated range for starting point for negotiations, indicating the minimum amount the seller hopes to receive.

 

It’s often used to initiate interest and encourage offers, with room for negotiation up or down. On the other hand, ‘offers in excess of’ explicitly states that the seller expects offers to be higher than the specified amount. 

 

This approach is usually employed when a seller anticipates strong interest in their property or believes market conditions favour a higher selling price. It sets a clear baseline above which all offers must fall, reducing the likelihood of lower bids and steering negotiations towards a higher price range.

Should you trust an estate agent guide price?

When considering whether to trust an estate agent guide price, it’s important to assess the credibility and reputation of the agent. Experienced and reputable estate agents usually have a good understanding of the local property market and can set guide prices that accurately reflect current market conditions. 

They typically use their knowledge of recent sales, market demand, and specific property features to arrive at a guide price that’s realistic and competitive. However, it’s worth noting that estate agents might sometimes set guide prices to attract interest, possibly listing a slightly lower price to encourage more viewings and potential offers. 

 

Despite the expertise of estate agents, it’s advisable for buyers and sellers to conduct their own independent research. This includes looking at comparable properties in the area, understanding current market trends, and assessing the specific attributes and condition of the property in question. 

 

Independent research helps in forming a more indepth view of a property’s value, which can either corroborate or challenge the house guide price set by the agent.

 

It’s important to understand the motivations behind an estate agent guide price. Agents are usually motivated by the desire to make a sale, which can sometimes lead to setting more attractive (often lower) property guide prices to stimulate interest and competition among buyers. 

Conversely, if representing a seller, an agent might set a higher guide price if they believe the market conditions or the property’s unique features justify it. 

Can you trust an online estate agent?

When deciding whether to trust an estate agent guide price, considering the use of an online estate agent can offer a different perspective. Online estate agents have gained popularity due to several advantages they offer which can positively impact the reliability and approach towards house guide prices.

 

Here at The Property Selling Company, we are an online estate agents with a difference, we are completely honest and transparent in our process and will always try and get you the best price possible for your home.

 

You will benefit from using our service as we have access to extensive, data-driven market analysis tools, enabling us to set guide prices based on a wider range of data than a traditional estate agent. 

This can include seeing national and local market trends, a broader spectrum of property comparisons and real time data analytics, leading to potentially more accurate and objective guide prices. 

 

Want to get started? Click the button below!

Enquire for free
Posted on

Who pays for the probate valuation & who organises it?

woman having probate valuation

Who pays for the probate valuation & who organises it?

This is an example summary of an example page with a bunch of different test titles and segments.

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

When someone passes away, the estate must be probate valued, calculated and reported to HMRC. Then the probate process should begin so the estate can be split amongst all beneficiaries. 

 

The cost of probate valuations vary depending on the type of service and method chosen, but as an average, you can expect a probate valuation to cost you between 1% and 5% of the estate’s full value.

 

Most estate agencies will cover the probate valuation cost as part of their service and will agree upon the cost from the onstart. 

 

Many people during the house valuation process for probate, wonder “can I sell a property before probate?”, as the probate and selling property process can be extremely time-consuming. In this article we will cover all this and more!

Enquire for free

What is a probate valuation?

The legal process of dealing with the value of the estate when a person passes away is called probate. Typically, the valuation for probate is executed by the deceased person’s executors via the Grant of Representation. 

 

The Grant of Representation allows executors to access all information – including bank accounts, stocks, shares, and the deceased person’s property – to determine the open market value of the assets.

 

A probate valuation will cover all items of value, minus any outstanding debts, with the remaining amount being liable for inheritance tax. If the probate valuation reveals the assets are £325,000 or less, then you are not required to pay inheritance tax – anything above this and you will be liable to 40% tax.

 

If someone passes away without leaving a will, then a professional valuation must be done on their estate according to the Rules of Intestacy.

How is the value of a property defined?

The value of a property is defined through a probate valuation, with the valuer taking note of the size of property, amount of bedrooms, amount of storage, the age of the property, any wear and tear, and room layout.

 

All of this information is paired with local market trends, similar and neighbouring properties and what amenities are available in the local area, in order to come up with a house valuation for probate.

How is a property valued for probate?

The property probate valuation will be carried out from the day of death, which is known as a date of death valuation. This is where the values are generated from selling prices on the open market. 

 

If a person dies on the 12th December, but the house valuation for probate takes place on the 4th January, then the selling prices would be based on the 12th December valuations.

Why should you value an estate for probate?

Probate valuations are different from normal valuations, as probate valuations are conducted in such a way that HMRC will accept it. You cannot use a market valuation to determine the probate value of a property or you will face penalties from HMRC.

 

By carrying out a probate valuation, you are ensuring that you are providing the correct amount of assets to be taxed with inheritance tax.

What are the different types of probate valuations?

There are two different variations of probate valuations which can be carried out; formal and informal valuations.  

 

Formal probate valuations are needed on properties that are subject to inheritance tax or have gains of £10,000 or more, or are considered as a “larger” property. The formal probate valuation report is far more in depth than an informal valuation and will cover any commercial properties or land with development potential.  

 

Informal probate valuations will usually be part of an estate agent’s service and are low on cost, or cost-free.

Enquire for free

Who pays for probate valuations?

The person who pays for probate valuations, largely depends on what type of probate valuation you are getting and the value of the property itself.  

 

If you are using an estate agent (like us), then an informal probate valuation will be covered within the agency service or fee. But, if you are using a professional probate RICS surveyor or solicitor who carries out a formal valuation, then you will need to cover the fee.

Who needs to organise the valuation?

The personal representatives of the deceased person are responsible for arranging probate, and the probate valuation. If they decided to sell the property through an estate agent, the estate agent should organise the valuation on their behalf. But if they go through a probate valuations company then they will need to liaise with the valuers themselves.

How much do probate valuations cost?

Probate valuations through an estate agent won’t charge the property probate valuation fee as part of their service, but some agencies may charge a low fee (below 1% of the property’s value).  

 

Specialist probate solicitors will usually charge between 2% and 5% of the estate’s total value (+VAT), with the more experienced solicitor charging a higher rate. 

 

RICS Chartered surveyors will charge between £150 and £800 per valuation and are the most recommended type of probate valuation as they are HMRC approved.

Who owns a property during probate?

During probate, the ownership of a deceased person’s estate is in a transitional state as it is in the process of being transferred to the beneficiaries as determined by the will, or by the rules of intestacy.

Enquire for free

How long after probate can a property be sold?

You will be able to sell a property as soon as probate has been granted, but you will be able to put the house on the market before this has been reached. With the average UK probate process can take between 9 and 12 months, you could put the house on the market and find a potential buyer.

Can I sell a property before probate?

Dealing with probate and selling property is a complicated process, often involving layers of conveyancing and considerations for the wishes of the deceased. 

 

Unfortunately, you cannot sell a property before probate, you will need to wait until probate has been granted in order to sell a property. You can however put a property on the market during the probate process in order to generate interest and attract more buyers.

What is the probate selling a property process?

If you are looking at the probate selling a property process, it can be very complicated, but below is our quick guide on how to achieve it:

 

  1. Carry out a house valuation for probate.
  2. Pay any inheritance tax due.
  3. Obtain the grant of probate.
  4. Prepare for private and selling property.
  5. List the property for sale.
  6. Accept an offer, exchange and complete as usual.

Is selling property after probate taxable?

When selling property after probate, the executors of the estate will need to raise enough funds to cover the Inheritance Tax and any other costs which have arisen over the probate period. 

 

HMRC will request that Inheritance tax is due on the estate within 6 months of the date of death, and Capital Gains Tax will be due within 60 days of completion. 

 

Luckily, as a beneficiary you will not need to pay Capital Gains Tax when the property is transferred to you.

What happens if you sell a property for less than the probate value?

If you decide to sell the probate property within four years of the deceased passing then you may be due a Inheritance Tax overpayment refund from HMRC. Furthermore you will not need to pay Capital Gains Tax on the sale of your property as it does not make any profit.

Enquire for free

Are probate properties cheaper?

Probate properties are often sought after from first time buyers, property investors or people looking to renovate a house. This is simply because most probate properties were owned by older generations and will need updating.

 

Because of the cost of property taxes, like Capital Gains Tax and Inheritance Tax, and the cost of maintenance, the executor of the estate may wish to sell the property as soon as they can.

 

Luckily, executors of an estate may be more willing to accept a below market value cash offer as this speeds up the selling process after a long and drawn out probate process. The probate process is often so long that many property investors avoid it entirely, which means that there is less demand for probate properties.

How The Property Selling Company can help you with probate properties

Here at The Property Selling Company, we pride ourselves on offering a different way of selling and buying probate properties. We are part of a leading UK property selling solution, and have many different ways to sell.

 

Using our service, however, you will benefit from a sale in at least 28 days, for free, with no hidden fees. We believe that selling a house shouldn’t be complicated or costly and will do everything in our power to ensure you have a smooth service.

 

If you are looking for a property after probate service or even during service, well we can do this too! All of our agents are trained in dealing with probate houses and can even help you with valuing property for probate. 

 

We will even cover all the legal and marketing fees usually associated with selling a probate property. Want to find out more about our service? Contact one of our team today!

Enquire for free

Probate valuation FAQs

While estate agents will be able to give you an informal house valuation for probate and this allows you to have a rough understanding of the estates value, you will need to get a formal RICS house valuation for HMRC purposes.

 

It is generally easy to organise as there are many Chartered Surveyor firms out there that specialise in probate properties and Red Book valuations. If you want to know more about this, please feel free to contact one of our team and we can direct you in the right direction.

Because the probate and selling process can be quite drawn out, it is your duty to do everything you can to increase the speed and efficiency of the process. This can be achieved by:

 

  • Understanding your duty as the executor of estate or personal representative.
  • Starting probate as soon as you possibly can.
  • Obtain death certificates as soon as possible.
  • Collect as many details about the deceased person’s estate as possible, in the early stages of probate. 

 

These will help speed up the process by ensuring you aren’t sorting these at the last minute, and make the transfer of property far more efficient.

No you cannot sell a house in probate as before you can sell the probate property, you will need to apply for a grant of probate which can take 12 weeks or more to get. But, you will be able to list the home for sale before you get the probate granted.

While you cannot complete on a house during probate, you will be able to market it and gather interest from potential buyers.

Posted on

How Much are Property Solicitor Fees When Selling a House?

solicitor fees when selling a house

How Much are Property Solicitor Fees When Selling a House?

Looking at solicitors fees when selling a house, how conveyancing fees work and how we can help you sell for free…

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

When it comes to selling your home, there are lots of potential costs that you will need to factor into the process. One such cost is your property solicitor. It is their job to handle the legal side of your house sale and to ensure that everything progresses as it should. 

 

In this blog post, we will be looking at the average solicitor fee for selling a house, a breakdown of solicitor fees when selling a house, and how we can help you avoid them. 

 

Looking for a quick answer? Check out our interactive menu to the right! 

Enquire for free

Why do I need a property solicitor to sell my house?

Whilst it is not a legal requirement, it is heavily recommended that you hire a solicitor when selling your home. The process of selling a property involves a lot of legal legwork in order to transfer ownership that if you do the conveyancing yourself has the potential to go wrong. If done incorrectly, you can delay your property sale or even cause it to fall through. If this were to occur the blame would all land on your shoulders. 

What does a property solicitor do?

A property conveyancer or solicitor is responsible for the legal aspects of selling a property. It is their role to keep you updated about the sale progression and will keep you informed by answering any questions you may have about the process. 

 

As part of the conveyancing process, your solicitor will perform the following legal work: 

 

  • give legal advice
  • answer any pre-contract questions or queries you may have 
  • draft contracts 
  • handle contracts
  • pay off the remaining mortgage 
  • exchange contracts 
  • organise a completion day
  • pay Land Registry fees
  • obtain title deeds

 

It will be over to the buyer’s solicitor to arrange any conveyancing searches that will need to take place. 

What are the property solicitors fee for selling a house

Solicitor charges for selling a house will typically be split into two different charges; legal fees and disbursements. These are: 

This is the standard rate that property solicitors will charge when selling a house 

These are classed as third-party costs and cover services such as searches 

What are the average solicitor fee for selling a house 2023? 

When it comes to solicitors fees when selling a house, the amount that you will pay in conveyancing fees will vary widely from solicitor to solicitor. There is no one size its all answer, as fees will be dependent on the property you are selling, how complex the sale will be, the location you are selling in, as well as which solicitors you use.  According to data from CompareMyMove, the average solicitor fee for selling a house is approximately: 

FeesCost
Solicitors legal fees£1,270
Conveyancing Disbursements£88
Potential Other Costs£322
Total£1,690
Enquire for free

Disbursement fees for conveyancing 

You will be pleased to know that you will need to pay fewer disbursement fees if you are selling and not buying. Below is a list of the main disbursements you can expect to pay when selling. 

Anti-money Laundering Checks - £5

Regardless of whether you are buying or selling a house, an anti-money laundering check is a standard check that will be carried out by your conveyancing solicitor that is to ensure that you are not money laundering. 

Bank Transfer Fee - £40

Another fee that you will need to get familiar with when selling a house is a bank transfer fee. This will be payable whenever your solicitor needs to transfer money over £60,000, such as when they are paying off your mortgage or paying the final sale funds to your account. Exactly how much this can cost varies between £25 – £45. 

Mortgaged Property Supplement Fee - £220 

If when selling your home you still have a mortgage, then your solicitor will be required to correspond with your mortgage lender in order to process your mortgage redemption. 

Title Register Copy - £6

As part of the selling process, your conveyancer will need to access up-to-date copies of the freehold Title Register and died Title Plan. They prove you own the property you are selling and can be found on HM Land Registry. They cost £6 and will consist of a plan of the property as well as a plan of the property. 

What about if the conveyancing process is more complex? 

If you have a more complex house sale on your hands then you may end up paying slightly more to sell your house. Certain aspects of the sale that will cost you more should be set out at the start by your solicitor, such as Shared Ownership. Some fees, such as delayed completion fees, may crop up further down the line. 

 

Below are some of the most common fees that you may be charged: 

ServiceCost
Remortgage £500
Shared Ownership £330
Unregistered Property Fee£100-£200
Delayed Completion£100-£200
Indemnity InsuranceVaries
Transferring Equity£530
Enquire for free

When do I have to pay conveyancing fees? 

When it comes to hiring a property solicitor, it is not unusual to be required to pay a deposit of up to 20% of the conveyancing fees. Once the house sale has been completed, you will then settle the rest of the bill. If you have a fixed fee conveyancer, then you will know the amount you will be required to pay in advance, and if you are using a no sale no fee solicitor then you will have nothing to pay if the sale falls through. 

How do I find the right solicitor?

When it comes to looking for the right solicitor, there are a few avenues that you can explore in order to find the solicitor that is right for you: 

 

Shop around 

 

The first step you should take when finding the right solicitor is to shop around for quotes. Have a look at the different solicitors online and in your area, weighing up the different costs.

 

Check Reviews

 

You should also look at the different reviews for any conveyancers you are thinking of going with, being sure to look at both positive and negative reviews in order to get the best idea about the level of service that they offer. When searching for reviews, look at a variety across different channels, such as Trustpilot, Google reviews, and their own website. Whilst this is not the case for most companies, some may not be entirely truthful so be wary of sites where the reviews are all 5 stars with no complaints. If something is too good to be true it often is, and on the Trustpilot watchdog page, they have this to say about false reviews: “Use reviews with other sources and never replace common sense. If a company’s reviews are all five stars, with absolutely no negatives, question whether they can get it right every single time.”

 

Ensure that fees are itemised 

 

You need to ensure that any quotes you receive are itemised and not missing any hidden costs. You should be aware of how much the bill should roughly cost, and if you are unsure ask for it to be itemised. 

 

Regardless of who you decide to use, you should always choose a solicitor who is regulated by one of the following companies in order to ensure your sale is progressing correctly: 

 

  • CLC
  • LSNI
  • SRA
  • LSS
  • CILEX
Enquire for free

How do you know if a solicitor is good or not?

When it comes to finding a conveyancing solicitor, you need to ensure that they are the right choice for you. Below are some of the ways that you can determine whether a solicitor is the right choice for you or not: 

 

Local knowledge

 

A good solicitor will have a strong knowledge of the local area. They should understand the local area, and be aware of any changes that may be occurring that can affect the market value of your home. 

 

Jargon free

 

It is your solicitor’s job to ensure that you understand the selling process. This means they should not blind you with jargon, and instead should take the time out to explain any parts of the process that you do not fully understand. 

 

Communication 

 

A good solicitor will also maintain communication with you throughout the selling process. They should be in touch often, keeping you up to date with proceedings and keeping you aware of the next steps. 

 

Fee transparency 

 

When you use a good property solicitor, they should be honest and upfront about any fees that you will be required to pay. This means that all costs and fees should be laid out in agreement. 

 

Or, you can bypass the hassle and sell with us! We are The Property Selling Company, an online estate agency that wants to change the way you feel about selling houses. We firmly believe that selling a house should be three things; fast, effortless, and free. That’s why we keep this at the heart of what we do, by providing a tailored service to suit your needs, at no extra cost for you. 

Sell to The Property Selling Company

Or, you can bypass the hassle and sell with us! We are The Property Selling Company, an online estate agency that wants to change the way you feel about selling houses. We firmly believe that selling a house should be three things; fast, effortless, and free. That’s why we keep this at the heart of what we do, by providing a tailored service to suit your needs, at no extra cost for you. 

 

Our dedicated team of property experts will work alongside you throughout every step of the house selling process, covering everything, so that you won’t have to. You can say goodbye to the days of expensive solicitor fees and legal work, as when you go through one of our approved solicitors we cover all of your legal fees for you. 

 

We market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals, all for free! 

 

So if you are looking to sell your home, get in touch today and fill out one of our free, no-obligation forms! 

Enquire for free
Posted on

What Is a Low Offer on a Property & How to Deal With It?

offer on a property

What Is a Low Offer on a Property & How to Deal With It?

Looking at what to do if a buyer makes an offer on a house that is lower than expected, what a low offer on a property means, and how we can help you sell your home fast.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Receiving a low ball offer on house is never a pleasant feeling, especially when you know your property is worth more. It can take what is supposed to be an exciting time and turn it stressful. Whilst it may not happen to you, knowing how to respond to a low offer on a property is a skill worth learning. 

 

In this blog post, we are going to be looking at what a low offer on a property is, how to deal with them, and when to reject an offer. 

 

Looking for a quick answer? Check out our interactive menu to the left! 

Enquire for free

What Is a Low Offer on a Property

A low offer on a property, also referred to as a cheeky offer, is an offer that is anywhere between 10-25% below the asking price of a property. As a rule of thumb, sellers will usually put their property on the market for slightly more than it is worth in order to get a head start on these offers. 

 

A low ball offer on a house is anything 25% or less than asking price. More often than not, a seller will feel insulted by a low ball offer on their home, which can make negotiation difficult. 

How to deal with low offers on a house?

When it comes to receiving any offer on a property, you will typically have three options, you can either: 

Accept

Depending on how far below your asking price the offer you receive is, you may accept a low house offer. A common tactic used by buyers is to make an offer that is below the asking price in order to make room for negotiations. However, some sellers will accept this initial offer because they are looking for a quick move or have already purchased their next property. 

Negotiate 

Some sellers can decide to negotiate if they get a lower offer. As a rule of thumb, it is usually a good idea to provide a counteroffer that is higher than the buyer’s offer, but is slightly below the full asking price in order to find common ground. If you are unsure what could be classed as a realistic offer, it is always best to discuss it with your estate agent. 

Reject 

If you feel as though the offer that you have received is too low, then you are within your rights to reject it. You may wish to follow the rejection with a counteroffer rather than a flat-out rejection, however, the choice is yours. In some cases, the buyer may come back with a counteroffer instead. 

Enquire for free

Is a low offer on my house bad?

No its not. A low offer on home is not necessarily a bad thing, as it opens the line of communication for you to negotiate for a better deal. At the end of the day, a low offer is better than no offers. 

 

If you have received a low offer, then you can either decide to cut your losses and accept, reject it if you feel as though it is too low, or you can negotiate for a better deal. As we have already mentioned, buyers will often put in an offer that is lower than asking price on purpose, as it leaves wiggle room for negotiation. 

Should i negotiate a low ball offer made on my house

If you have received a low ball offer on a house, then by all means you should negotiate. If you believe that your property is worth a higher offer, then you are under no obligation to accept a lower offer, but it may be within your best interests to negotiate on price. The majority of estate agents will also encourage sellers to at least talk to the prospective buyers about price negotiations, and offer a counteroffer that is closer to their asking price. 

 

You are able to reject the offer if you feel as though the offer on a property is too low, however, it is always worth at least entering negotiations, as they are not legally binding and you are under no legal obligation to accept.

If a seller makes an offer, do I have to accept it? 

Any offer that is made is not legally binding until the exchange of contracts. You are under no legal obligation to accept an offer unless you have exchanged contracts. 

 

You do not need to accept or reject any offers that you receive straightaway. You should take a day or two to consider an offer, weighing up the pros and cons. You may wish to check the local sold prices in the area online in order to get an idea of what similar properties are selling for. 

 

Before you settle on a decision regarding accepting or rejecting an offer, you should consider the buyer’s position, their timescale for moving, as well as your own position. 

Enquire for free

Why is my house undervalued?

If you have an undervalued house, there could be a number of reasons for this occurring. It may have been a case that the asking price was much higher than equivalent properties in the area, or the condition of the property may not have been up to the correct standards. There may have even been maintenance issues that were not picked up until the mortgage valuation survey. 

 

Some of the most common reasons why a property may be devalued include: 

 

  • The seller has set a price that is far too ambitious
  • The lender is acting cautiously over fear of overinflated prices
  • Surveyor has uncovered issues with the property
  • The property was outside of the surveyor’s usual area of expertise 

 

As the seller, you may never find out the full reason why your property has been undervalued. A mortgage valuation is not for the benefit of the seller, it is to ensure that the property will be suitable security for the mortgage lender. 

What can I do? 

Thankfully, if you have an undervalued house, there are steps you can take to rectify this. If you still wish to sell, below are some avenues you may wish to explore: 

 

  • Consider lowering the asking price.
  • Spend money to correct any issues that may have led to devaluing. 
  • Wait for property trends to change. You may risk losing an interested buyer, but if you wait for prices to rise you may be able to recoup some losses.
  • Find a different buyer with a new lender 

When should I reject an offer on a property? 

There are many reasons why you may choose to reject a low offer on house, such as it is a conditional offer or simply an unsatisfactory price. Below we take a look at some of the reasons you may have for deciding to reject an offer on your home: 

 

  • Little flexibility: One such reason you may have for rejecting an offer is that the buyer has shown little to no flexibility in negotiations and is unable to address reasonable conditions from the seller.
  • Unsatisfactory terms: Should the proposed date for exchange and completion, repairs necessary for the property, or contingencies not align with your buying and selling plan, then you may wish to reject the offer. 
  • Untrustworthy buyer: If the buyer has failed to provide the correct documents when asked to prove their financial capability or credibility, then you may wish to reject their offer. 
  • Lowball price: Should the buyer have lowballed you with their offer and it is too low for the property’s value or your expectations, then you may reject it. 
  • Financial instability: If there are any concerns raised about the buyer’s creditworthiness or their mortgage preapproval status, then you may wish to reject to save yourself hassle and disappointment further down the line. 
  • Conditional: If a buyer submits an offer that is dependent on the sale of the buyer’s current property, this has the potential to cause delays and uncertainty further along in the sales process. 

When to reject an offer on a home

Knowing when to reject an offer on your home is an important part of the house selling process. However, it is not as easy of a decision as it may originally seem. Below we take a look at some of the factors that you should consider when it comes to rejecting an offer on your property; 

One of the first things you will need to consider before rejecting an offer on a property is whether it reflects a fair price on your property. It is always wise to refer back to your house valuation to determine whether or not this is the case. 

 

You should talk to your estate agent about any offers you receive, about whether they think they are a fair offer, or whether there is room to get a higher price. 

You should also consider the buyer’s situation before accepting or rejecting an offer. Be sure to find out if their timeline matches up with yours. Are they are part of a chain? Have they arranged their mortgage agreement in principle?

 

Carefully consider all of these factors before rushing to make a decision. 

You should also consider not only your buyer’s circumstances but your own. Are you looking for a quick sale or can you afford to wait a while on the market? Are you looking for a buyer who will look after your home the way you have? 

 

You will need to understand exactly what you are looking for and how the offer you have received lines up with this. 

 

Carefully consider all of these factors before rushing to make a decision. 

Another aspect you should look into considering is the amount of time you have spent on the market. If you have only just put your property onto the open market, then you may want to think about waiting for a better offer. 

The offer you receive for your house price will undoubtedly take a lot of consideration, however, you should also think about the terms and conditions that come with it. 

You should also look into the market trends currently occurring in the open market. If it is currently a buyer’s market, then you may want to consider any offers you get carefully. However, if it is a seller’s market, then you will have a little more leeway and can afford to wait around. 

Your estate agent will know how best to tackle low offers. They will be able to offer you insight into whether to consider the offer, if there is room for negotiation, and help you navigate the process. 

Enquire for free

Sell to us

Whether you are looking to buy or sell a property, we are here to help! Here at The Property Sourcing Company, we firmly believe that selling a house should be three things; fast, effortless, and free. We keep this at the heart of what we do, by providing you with a tailored service to suit your needs, at no extra cost to you. 

 

We will work alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there even after the process is complete. 

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals, all for free!

 

So if you are looking to buy or sell a property, get in touch today and fill in one of our free, no-obligation forms! 

Posted on

Are eco friendly houses hard to sell: Sustainable property

Are eco friendly houses hard to sell: Sustainable property

Learning what an eco friendly house is and how hard they are to sell…

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

In the UK, most new build homes are far more eco friendly than their older counterparts with 63% of new builds being cheaper to run. This is one of the reasons why new build homes are a target for first time buyers looking to cut down on their energy bills. 

 

But, what happens if you opt for a completely eco friendly house? Well, they can be slightly more expensive to buy, come with more maintenance, but can be cheaper to run. You may find that the market for a fully eco-friendly home is smaller, but that doesn’t mean it’s harder!

 

In this article we will cover how hard it is to sell an eco-friendly house, and the best routes to do it.

What is an eco friendly house?

Eco friendly houses, green homes or Passivhaus properties are homes that are built with sustainability at the heart of the project. The sustainability ethos could come from the sustainable materials used to build the house, the properties energy efficiency, how it reduces the inhabitants carbon footprint and much more.

 

There are plenty of different types of eco-friendly houses, with some being entirely off grid countryside cottages, and others being state of the art modern houses – the type you’d see on Grand Designs.

Enquire for free

What is a Passivhaus property?

A Passivhaus property creates a comfortable and energy efficient living space with minimal reliance on conventional heating and cooling systems.

 

The term originated in Germany in the 1990s and has since gained international recognition as a leading approach to sustainable building design. Passivhaus properties can be 25% more expensive to build than traditional properties, but save 90% more on energy bills.

 

Homes that meet the Passivhaus standard are certified through a rigorous verification process and must have:


  • Superior Insulation: Passivhaus properties have high levels of insulation in the walls, roof and floor to minimise heat loss and gain.
  • Airtight construction: They are built to be extremely airtight to prevent uncontrolled air leakage, ensuring that the ventilation is carefully controlled.
  • High performance windows and doors: They use high-quality windows and doors with advanced glazing to minimise heat loss.
  • Ventilation with heat recovery: Mechanical ventilation systems with heat recovery are a core component of Passivhaus designs. These systems exchange stale indoor air with fresh outdoor air while recovering the heat from the outgoing air.
  • Thermal bridge-free construction: Passivhaus design minimises thermal bridges, areas where heat can easily transfer between the interior and exterior of a building.
  • Solar gain: Passive solar design principles are often incorporated to optimise the use of solar energy for heating. 
  • Performance standards: Passivhaus properties must meet specific energy performance criteria, including a maximum annual heating demand, primary energy consumption and airtightness level.

What should be included in an eco friendly house?

Most buyers looking for an eco-friendly house will be looking for a property that aligns with four pillars of sustainability; natural building materials, thermal mass heating, green energy source or supplier and temperature controlled architecture.

The use of natural building materials instead of plastic sources contributes to the eco-friendliness of the house. 

 

Buyers value this feature because it not only promotes sustainable construction practices but also ensures that the home has a reduced environmental impact. Natural materials are often renewable, biodegradable, and have a lower carbon footprint compared to synthetic alternatives.

The focus on thermal mass heating is vital for energy efficiency. Home buyers are attracted to this feature because it helps regulate indoor temperatures more effectively. Thermal mass retains and releases heat slowly, contributing to a more comfortable living environment.

 

This not only reduces the reliance on artificial heating and cooling systems but also lowers energy consumption, resulting in cost savings for the homeowners.

The use of electricity from a green energy source or supplier is a very important factor for eco-conscious buyers. Green energy demonstrates a commitment to reducing the carbon footprint associated with the home’s energy consumption. 

 

It aligns with the growing awareness of the environmental impact of traditional energy sources and reflects the homeowner’s dedication to using clean and renewable energy.

The architectural design of a building plays a very important role in controlling temperature. Eco home buyers appreciate features that contribute to natural temperature regulation, such as strategically placed sky lights, shading and doors, all of which maximise on potential natural light. 

 

In some properties, the architecture of a property can aid in the heating system and heat recovery. Temperature controlled architecture not only enhances comfort but also reduces the ends for excessive energy consumption in maintaining a suitable indoor climate.

Enquire for free

How can architects utilise natural light in eco-friendly buildings?

Although you are probably reading this article because you want to sell your house, it can never hurt to know different ways architects create properties so you can recognise the features in your existing property.

 

One hack architects use is orienting the home to maximise any natural light and heat gain in order to reduce the need for artificial lighting and heating. This is also used alongside incorporating natural ventilation like operable windows and vents to encourage natural airflow, and limit the reliance on mechanical ventilation systems.

What features do eco friendly houses have?

Eco friendly houses with these features are attractive to potential buyers because they offer long-term cost savings, reduced environmental impact and a healthier living environment:

Good insulation helps maintain a consistent indoor temperature, it helps by reducing the reliance on heating and cooling systems, leading to lower energy consumption. Which in turn reduces utility bills and the overall carbon footprint of the house.

 

You should always remember to insulate your roof as well as your walls and floors, as most of the heat will escape through your roof.

 

According to the UK Government website, good insulation could increase your home value by up to 9%.

Using renewable energy sources such as wind, solar or geothermal power helps to reduce dependence on non-renewable energy like fossil fuels and contributes to a lower environmental impact. 

 

Heat pumps, whether they are ground source  heat pumps or air source heat pumps, are highly efficient in converting energy from the air, ground, or water into heat for indoor spaces. This is because they achieve high levels of efficiency, especially in moderate climates like the UK.

Solar panels convert sunlight into electricity, providing a clean and sustainable energy source. Solar panelling reduces reliance on traditional energy grids and fossil fuels, leading to cost savings and environmental benefits. 

 

Solar panels can add between 4% and 14% to a house’s value, with some rare cases seeing house valuations increasing by 25%.

Water conservation systems such as rainwater harvesting and efficient plumbing fixtures, help reduce water consumption. In areas facing water scarcity water conservation systems can be great as it collects rainwater to use within the property. 

 

Water conservation systems can save homeowners between 40% and 50% of their water bills, all while adding up to 8% to a house’s value.

Incorporating reclaimed or recycled materials into construction reduces the demand for new resources, minimises waste and promotes a circular economy by preventing valuable materials ending up in landfills. 

 

While using reclaimed materials can be a great way to save costs when building, you will need to be careful that the property does not become classified as ‘non-standard construction’ as this could affect the likelihood of potential buyers getting mortgage approval on your property.

Double or triple glazed windows enhance insulation by providing an extra layer of thermal resistance. Glazed windows help in maintaining a comfortable indoor temperature, reducing the need for heating or cooling, and contributing to noise reduction and energy efficiency. 

 

It is estimated that double glazing windows can increase the property value by up to 10%, while triple glazing can improve the house value by up to 20%.

Smart technologies, such as energy efficient appliances, programmable thermostats and home automation systems enable homeowners to monitor and control energy usage, leading to optimised energy consumption, increased efficiency and cost savings. 

 

Making smart technology additions to a property may add on average, £16,000 to a house’s value. But, this will depend on the type of smart tech added and whether you have taken steps to increase your EPC.

Does interior design matter when it comes to eco housing?

Interior design matters to a degree when dealing with eco housing, as sustainable home design practices can complement the overall environmentally conscious ethos of a property. 

 

Sustainable interior design can be achieved via the use of eco-friendly materials like recycled or reclaimed wood, low volatile organic compound paints, and energy efficient appliances.

Why would potential buyers be put off by an eco friendly house?

As we have previously mentioned, one of the drawbacks of eco friendly housing is the steep learning curve attached to their home systems, especially if they are off grid or are completely self-sustainable ecologically, 

 

Away from this, another issue some potential buyers may have with your eco-friendly home is the fact that its airtight insulation traps sound indoors which can be annoying if the potential buyer is part of a large family – as noise is trapped within.

 

Another issue that arises is eco homes need some or a lot of maintenance in order to maintain their eco status, and potential buyers will need to be proactive when keeping up with energy consumption requirements.

Enquire for free

What is the most eco-friendly town in the UK?

In May, Oxford in Oxfordshire, was crowned the greenest and most eco friendly town in the UK, under the ENDS Report Green Cities Index 2023. The index evaluated England’s 55 largest urban cities on more than 30 environmental factors grouped into five categories: public realm, green behaviour, air quality, climate and water quality.

 

Oxford scored highly in the public realm and green behaviour categories. The city’s residents were recognised as among the greenest in England. In addition to this, Oxford has the fourth highest recycling rate in the country, which represents a commitment to sustainable waste management. 

 

In terms of sustainable infrastructure, the city boasts the fifth highest number of electric vehicle charging stations per 100,000 people in England. Oxford also performed well in terms of green commuting behaviour, with a high proportion of residents travelling to work by bicycle or on foot.

 

The city has a history of leading the way on environmental measures for the South of England, with initiatives such as the UK’s first Zero Emission Zone pilot, Europe’s most powerful EV charging hub and the UK’s first citizen’s assembly on climate change.

 

Oxford has demonstrated commitment to zero carbon efforts including the establishment of a Zero Emissions Zone in the city centre and plans for an all electric bus fleet. 

 

Despite some controversies over recent green initiatives like low-traffic neighbourhoods and the decision to serve 100% plant-based meals at internal events, Oxford has been proactive in implementing measures to enhance its environmental sustainability.

What town in the UK has the most eco-friendly houses?

Norwich has the most eco-friendly homes in the UK, according to research provided by Rated People. The research calculated eco-home scores based on a set of 20 ‘eco-home criteria’, considering environmentally friendly features such as extra insulation, smart metres, electric car charging points and heat pumps, biomass boilers and electric cars.

Is it harder to sell an eco-friendly house?

Selling an eco-friendly house can be interesting to sell on the open market because although it has some very good positives, it may be seen as a learning curve by inexperienced eco home buyers which narrows the pool of potential buyers.

 

One of the positives of eco homes is that they are more energy-efficient and appeal to environmentally conscious buyers as they offer reduced monthly energy bills. 

 

But, this energy efficiency will probably come with a steep learning curve as eco-friendly houses tend to have their own insulation systems, window shutters and water conservation systems.

 

It gets even more complicated if your house has Passivhaus recognition as this will need to be maintained in order to retain its value and quality.

Enquire for free

What are the main differences between eco housing and normal housing?

The main difference between eco housing and normal housing is that eco friendly housing and their sustainable features are 25% or more expensive than traditional homes, but buyers will take into account the fact they are making an investment into the future and environment. 

 

Eco housing tends to be more energy efficient, resulting in lower utility bills which is a significant selling point for cost-conscious potential buyers, especially as normal housing may lack the energy efficiency features of an eco home and will result in higher long-term utility costs for buyers. 

 

Sustainable properties appeal to people looking to prioritise sustainable living and reducing their ecological footprint, which unsurprisingly, has become a top demand amongst buyers on the open market within the last decade. 

 

Most new build properties are built with some form of eco friendliness to them, offering double or triple glazing, underfloor heating and thorough insulation throughout the properties. Although these are not considered completely sustainable properties, they are a good starting point for eco friendly housing. 

 

In most cities in the UK, especially in the Government’s Investment Zones like Cambridge and Leeds, there are incentives and tax exemptions for eco-friendly features which can be additional selling points. It’s always good to find out if your property falls within this as it will make your house more attractive to people on limited budgets. 

 

Finally, buyers are far more likely to buy traditional properties with period features, as this is what they have become accustomed to. Although demand for eco friendly housing has risen, there is still quite a narrow pool of buyers that are interested in one specific area.

Where can I sell my sustainable property?

The best way to sell your sustainable property or eco friendly house is through us! We are a leading UK estate agency with over 50 years of combined experience in selling and buying houses. 

 

We can help sell your property in as little as 28 days, all while handling and covering the costs of all your marketing, photography, listing, visiting and more. All the costs usually associated with selling your house, we will cover — even your solicitors!

 

We have an ethos here at The Property Selling Company, that selling your house should be fast, effortless and free. And, we have made it our mission to do just that! We will work alongside you with every step of the house-selling process, ensuring that you are satisfied around every corner.

 

We will market your property on property portals such as Rightmove and Zoopla, organise viewings and much more. If you are looking to buy or sell a property, get in touch today and fill in one of our free, no-obligation forms!

Enquire for free
Posted on

Should You Trust & Sell To UK Property Cash Buyer 2024

Should you Trust & Sell to UK Property Cash Buyer 2024

Looking at why you may sell your house to a property cash buyer, if you can trust a cash offer, and how we can help you sell…

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

When it comes to selling your house, it can be easy to feel overwhelmed. In the golden age of the internet, it seems as though we have no limit when it comes to researching all the various options for selling your home. Estate agents, auctions houses, and property cash buyers, are all options that you are likely to have come across when researching how to sell your house fast.  

 

Property cash buyers aim to purchase your home fast and usually without fees, in a time frame to suit you regardless of condition or location. But should you trust them? And should you sell to a UK Property cash buyer 2024? 

 

In this blog post, we are going to answer these questions and more, looking into the pros and cons of a cash buyer, whether they will give you a better offer, and if you should sell to them. 

Enquire for free

What is a Property Cash Buyer? 

A property cash buyer is a person or company who is able to purchase a property without the need for a loan or mortgage first. In order to be classed as a genuine cash buyer, the buyer must have the cash funds readily available when they make the offer. Sometimes companies will claim to have a cash buyer waiting in the wings to purchase your property, but in reality they are waiting for their sale to go through before they can purchase yours. 

Why do people use a cash house buyer? 

There are many reasons why someone may use a cash house buyer to purchase their property:

 

Pros and Cons of selling through a cash property buyer 

As with any selling decision, there are pros and cons to be had with selling your home to property home buyers. Whilst selling to a cash buyer can provide you with a fast and secure sale, not all companies are what they are cracked up to be.  Below we take a closer look at the advantages and disadvantages of selling your home for cash: 

 

Pros 

The main advantage to selling your home to a fast house sale company is that they are able to buy your home in a quick time scale. If you need to sell quickly, then a cash sale may be the route for you. As there is no need for a loan or mortgage, most cash buyers can purchase your home in a time frame to suit you.

As cash buyers will buy any property, you have assurance that they will purchase your property. They are not typically put off by the condition or the location. They are also undeterred by any issues the property may have, such as fire and smoke damage, subsidence, lease issues and other problems. 

As there is no property chain involved in a cash sale, there is less chance of the sale falling through and takes away a lot of the hurdle that you would associate with a typical house sale. 

Selling through a sell house fast company is often more secure than an open property market sale. This is because cash buyers will purchase any property and have the cash funds readily available to do so, so the sales are less likely to fall through. 

As a genuine cash buyer is able to purchase your home without the need for a loan or mortgage, they do not need to wait for another sale to go through before they can purchase your home. This takes away the property chain aspect that you find with most sales. 

Enquire for free

Cons:

Part and parcel of dealing with a fast property sale company is that you will have to sell your house below market value.  Exactly how much below value your cash offer will be, will depend on a variety of factors, such as the condition of the property, and the company that you sell with. However, many people will look at this as a fair trade-off in return for a fast and free sale. 

As we have already mentioned, cash buying companies are unregulated, which means that some companies try to take advantage of customers. In order to ensure that this does not happen to you, you should do your due diligence when selling, looking at reviews from a variety of sources, and checking to see if the company is a part of any redress schemes such as the National Association of Property Buyers or The Property Ombudsman, and shopping around for a variety of quotes. 

Should you trust property buyers?

Yes, you can! However, just because you can trust UK property buyers, doesn’t mean that you should trust EVERY property buyer. The business of cash buying property is unregulated, and whilst for most companies this does not prove to be an issue, some use this to their advantage and purposefully trick customers into much lower offers. 

 

If you decide that you wish to sell with a cash buyer, you should always be sure to check that they are part of a redress scheme, such as The Property Ombudsman or the National Association of Property Buyers. Whilst these companies have no regulatory powers, they can help to provide an extra layer of security for buyers. 

 

You should also be careful to check out a variety of reviews for your chosen cash buyer online. Be sure to read the negative as well as the positive. And always remember if something seems too good to be true it often is. 

How do I know if a quick house sale company is dishonest?

Thankfully, whilst there can be many unethical house buying companies, there are telltale signs that you can look out for to ensure that you are being taken advantage of: 

 

  • Before you sign on with any cash house buyer, ensure that there are no cancellation or withdrawal fees.
  • If a cash buyer offers you 100% market value for your property, then it is a scam and they cannot be trusted. 
  • If something seems too good to be true, it often is. 
  • You should look into a property buyers companies house. If they are a genuine cash buyer then they should have a high-profit turnover as they should be purchasing with their own cash funds.
  • If you are selling through a reputable company, then there will be no fees involved in the process. 
  • The company you sell through should not ask you to sign an option, a lock-in contract, or an RX1 form. 
  • You should check to ensure your company is with a redress company of some sort, although if they claim to be with a regulatory board they are lying, as cash house buying is an unregulated company. 
  • You should also look at reviews left for the company. You should be sure to look at a wide range of reviews and keep an eye out for fake reviews. If a company has nothing but 5-star reviews then you need to ask how they can get it right every single time. Whilst the internet is a great tool, it can also be used to push misinformation, so it’s always wise to read around and not take everything at face value. 

What are some tactics that dishonest cash buyers use? 

Some cash buying companies are not above pulling unethical tricks in order to take advantage of those looking for a quick sale. Below are some of the tactics that they use:

 

  • Unreliable online reviews
  • False advertising and incorrect statements 
  • Falsely selling option agreements as a cash offer
  • Reducing their cash offer at the last minute 
Enquire for free

What is a buying agent?

A house buying agent is similar to an estate agent except they act with only the buyers interests in mind. The role of a buying agent is to find a property for their client that best suits their requirements. Once the buyer finds a property they like, their buying agent will then negotiate an offer to get the best price for them. 

 

When you are selling a house, you will typically use an estate agent whose sole interest is the seller, so by using a house agent, it can help to balance the scales. 

Why do people use house buying agents

There are many reasons why a buyer may decide to employ a house buying agent. Some of the reasons can include: 

 

Off-market 

By using a buying agent, you are not only gaining access to their knowledge but also to their contacts. Often buying agents will have access to various off-market properties. These are properties that you will not find in an estate agent’s window or advertised on online property portals such as Rightmove or Zoopla. 

 

Furthermore, if a property is going on the market in the coming weeks, a buying agent who is worth their salt will know this in advance. By having an advanced warning about a property’s entry into the market, you may be able to get an edge over the other buyers. 

 

Time-saving 

Buying a house is not always the fastest process in the role, but when you have a buying agent on your side it can help to speed the process up considerably. They will be able to search for properties that meet your specifications, preview the property, and provide you with a shortlist of the properties they think will be most suitable for you. 

 

Negotiation

By using a buying agent, you will be able to make an informed decision on the property’s value. They will be able to provide you with a negotiation strategy and they may be able to secure you a discount on the property. 

Enquire for free

Do property buying companies give you a better offer than normal buyers

There are many property buying companies on the market, that will offer you varying degrees of market value, however, they will not be able to give you a better offer than a regular buyer on the open market. If you are looking for a fast sale, then you may be willing to sacrifice the lower offer in return for a much quicker sale time to suit you. However, if you can afford the time to wait, then you may be able to get more for your property than a cash house buying company can offer you. 

Need help selling my house and not sure if you should use a uk property buyer?

A cash buyer can be a great option for selling, they will typically provide a quick and free way to sell your home. However, you will not receive full market value for your home, and there are many companies that may not be as they originally appeared. Thankfully, if you need help selling your home, there are several other options that you can explore. 

 

Besides cash buyers, you may also wish to explore selling your property through an auction or an estate agency. Each of these selling options have pros and cons, which we will look into in more depth below. 

Auction

One such way that you may wish to sell your home is through a property auction. A property auction works by agreeing on a minimum reserve price for your property, and if a buyer meets the reserve price then it sells to them.

 

The best case scenario that you will want from a property auction is multiple interested buyers outbidding each other for your lot, raising your total profit. 

 

They are a popular selling choice as sales rarely fall through due to the tight rules and regulations surrounding the sale. 

 

However, property auctions do bring their own issues with them. One of the biggest problems is that selling data auction is not always the quickest selling route. They involve waiting for the next auction, then marketing, viewings, and valuations can take another month on top of this, and even after the auction is complete you will still have to wait for the paperwork to go through. 

 

Furthermore, they are often preferred by those who have slightly more unusual [properties to sell. Often those who have problem properties or houses with boundary issues or damage sell at auction, so if you are trying to sell the family home, there are often better routes to take. 

 

On top of this, selling at auction is not without cost. Auctioneers will charge fees to cover the cost of marketing and selling your home, which can once again eat away at your final profit. 

Estate agent 

Another option you may wish to explore when selling is going through an estate agent. An estate agent is a great selling option as they will undertake all of the heavy lifting involved in a house sale, in return for a commission at the end of the selling process. 

 

An estate agent will undertake the marketing of your property, create listings, host viewings, and negotiate deals for you so that you don’t have to. 

 

A big advantage of selling through an estate agent is that you won’t need to undertake as much of the legwork for your sale, such as advertising your property, creating floor plans, hosting viewings, and negotiation.  

 

The downside is that many estate agencies charge a fee for undertaking the sale of your house, but this is not always the case. 

 

If you are looking to sell your house fast and for free, without going through property cash buyers, then read on…

Can the property selling company help me sell my house?

If you are looking for a way to sell your home for free and without any hidden costs or fees, then you have come to the right place. 

 

We are The Property Selling Company, an online estate agency who wants to change how you sell houses. Say goodbye to the days of expensive solicitor and selling fees; we cover the costs so you don’t have to. 

 

We pride ourselves on our philosophy that selling a house should be three things; fast, effortless, and free. That’s why we offer a tailored service, where our team of property professionals are by your side for every step of the process. We will advertise your property on Rightmove and Zoopla, organise viewings cover legal fees, and negotiate better deals for free.

 

We are making the challenges of selling your home a thing of the past. Over the years, we have built a seamless process to provide you with an excellent service and sell for free.

So if you are ready to get your home on the market, fill out one of our free no-obligation forms today! 

Enquire for free