THE
INFORMER Inspire Estate Agents Newsletter September 2014
WELCOME! Welcome to our latest edition of the Inspire Estate Agents newsletter September 2014. We are about to enter what is traditionally a great time to sell or let. The Autumn market usually thrives with buyers and renters alike looking to get into their new home before Christmas. If you are considering selling or letting then continue reading as here are some
informative articles that are well worth the read before you embark on your journey. If you are considering carrying out some essential home improvements we urge you to check out our trusted traders page, where you can find reliable trades people we use on a regular basis.
Housing market update Since our last edition there has been plenty of concern raised about the increase in house prices and indebtedness levels. The mortgage market review has come into force which has made obtaining a mortgage a lot harder with mortgage approvals in the UK dropping 4 months in a row. The Bank Of England and the Government are concerned about the housing market overheating, and the Governor of The Bank of England recently commented that “the UK housing market is the biggest risk to the durability of the recovery in the medium term”.
So the big question is what is happening to the market at a local level? Matthew Cousins, Director of Inspire Estate Agents commented: “Viewing levels have slowed generally and the phone isn’t ringing off the hook quite as quickly as before, however there are still buyers out there and it is still a good market. The key to selling is excellent marketing from your estate agent and pitching the asking price at the right level. If you do this you will sell and our results prove this with our best months this year for sales coming in June & July.”
We believe the current market is a lot better for people considering to move. Earlier in the year it was easy for people to sell but impossible to find, now there is a bit more sensibility in the market it makes it a little easier to find the home you are looking for, as stock levels have risen slightly.
Sales: 01293 582335 • Lettings: 01293 582333 • www.inspireestates.co.uk Follow us on Twitter: @inspireestates and Facebook: Inspire Estate Agents
Inspire Estate Agents The informed choice
THE INFORMER : SEPTEMBER 2014
THE IMPORTANCE OF CHOOSING A GOOD CONVEYANCER! Once you have agreed on an offer, you need to choose a solicitor or conveyancer to transfer the legal ownership of the property from the seller to yourself. Moving house can be stressful enough so choose the wrong one and it could add hundreds of pounds to your bill - or even derail the whole buying and selling process! You need to be considerate when choosing a conveyancing solicitor or licensed conveyancer to act on your behalf, whether that be online or not. A company with many clients may be able to offer lower prices, but they might not be able to offer the personal service you require and in the time you require it. So how do you choose the right one? Below are some points to consider:
1) Find a conveyancing specialist The ideal solicitor is one with an established reputation who specialises in or has a department specialising in conveyancing - not divorce or litigation, etc. One of the main complaints is that they are slow to respond to you. You will want a conveyancer who will respond quickly and meet your needs promptly. It’s also worthwhile to have a good personal relationship with your solicitor. Only hire a solicitor that you trust and feel that you can work well with. If in your initial meeting you feel the solicitor is unhelpful or dismissive, consider carefully whether you really want to work with him or her. Make sure that the solicitor takes the time to explain everything to you properly and that you understand everything that they say.
2) Cost
4) Locality
Although cost is an important factor, you should not let it become the only thing you take into account. As in so many areas of life, the cheapest course of action is not always the best one!
Consider choosing a local solicitor or firm as they should know a lot more about the area than one working at a distance. A local solicitor will also know about the type of searches required, and whether there are any pending developments in the area that you are not aware of. Also If you can visit them in person, you can save time by avoiding documents going to and fro in the post.
Get a complete quote - One problem with the internet is the growth of cut price online “law factories”. They pull people in with cheap headline prices. Then the final bill comes in with a host of hidden extras that push up the real cost by hundreds of pounds. These hidden extras are known in the legal trade as “disbursements”, which simply means expenses that the solicitors have incurred on your behalf. For example – land registry fees, telegraphic transfers, search costs. Cost will also depend on whether your property is leasehold or freehold. Leasehold properties will cost more as they involve additional work checking the lease.
5) Are they regulated or insured? The conveyancing solicitor that you choose to act on your behalf must be regulated and insured so that you will be protected if you discover any major legal defects following completion of the sale. Solicitors are regulated by the Solicitors Regulatory Authority. If your solicitor makes any mistakes you can complain to the Authority and seek compensation via your solicitor’s indemnity insurance.
6) Get a “fixed fee” quote
So when you ask for a quote make sure you know what costs the quote includes.
Never, ever hire a solicitor on a “per hour” basis.
3) Get a “No completion-no fee” quote
This is how costs skyrocket and get out of control. You risk paying many hundreds of pounds more than you need to.
Up to 1 in 3 property sales fall through. Because of this, one of the biggest unexpected costs when buying or selling is additional legal fees.
Instead, make sure that you get a “fixed fee” quote.
This is something that can be avoided by finding a solicitor who will work on a “no completion - no fee” basis. This means that if your transaction falls through you will not have to pay legal fees.
Because solicitors know the average cost of a conveyancing transaction “fixed fee” quotes are now relatively common. If a solicitor will not provide you with a “fixed fee” quote then look elsewhere.
Note that you will normally have to pay for expenses that have been incurred on your behalf - it’s just the legal fee that is waived.
Sales: 01293 582335 • Lettings: 01293 582333 • www.inspireestates.co.uk Follow us on Twitter: @inspireestates and Facebook: Inspire Estate Agents
Did You Know…
Inspire Estate Agents are not here to simply tell you how great we are, we want to give you a real insight into considerations you should make when selling your property. Selling your property is one of the biggest financial decisions you will ever make in your lifetime, so it is important you get it right. Choosing the right estate agent to act for your sale is vitally important and certainly not a decision you should make hastily- so how do you decide which estate agents to sell your property? After all, they all seem to sound so convincing when they assure you that they will sell your house quickly for more than you expected. The simple answer is you need to research your estate agent. A great estate agent isn’t necessarily the one who offers the cheapest fee or values it highest!
Word of Mouth A good place to start is recommendations, do you know a friend who has recently moved, ask them how good were their estate agents? Do your homework on Google, look at local estate agents in Crawley and the reviews they receive from their clients, after all every estate agent is going to tell you they’re the best, Google will give you an unbiased view from clients who have dealt directly with that estate agent.
How will the estate agent market their properties? You need to consider how the estate agents market their properties? After all over 90% of clients start their house hunting online, first impressions are vital! - The first impressions of your home will come from how your estate agents market your property. There are a few vital points you need to consider. Professional Photography - They say “a picture speaks a thousand words”. And they’re not kidding. Photos create the very first impression that buyers see of your property, so it’s essential that they’re top-notch if you want your property to stand out from the competition. If you have dark or blurry photos then the property can’t even be seen properly. Buyers make a quick decision based on the photographs they see. Floor Plans – Pictures are wonderful at giving you an insight into the decoration of a property, but nothing helps you to get a true feel of a property’s layout better than a floorplan. Floorplans allow your potential buyers to see the flow of the property, compare the size to other properties and might help them to imagine how they would arrange their furniture. A list of rooms with dimensions just doesn’t do that. Rightmove highlighted the importance of floor plans when they found that adding a floor plan can increase buyer interest and click through by a massive 52%.
Descriptions – the description shouldn’t just list the property it should sell a lifestyle. An estate agent who can provide more than just a simple list of rooms when describing your property will capture the attention of more people on websites with unusual words that set your property apart and help your buyers to imagine the atmosphere of a property or area. It should also promote the location which is one of the most important aspects of house-hunting! The area will really affect your buyer’s lifestyle. The marketing should tell a buyer exactly why your area is so wonderful. Is it a young and trendy commuter hot-spot with excellent transport links? Or is it a family-friendly area with good schools who consistently score well with ofsted reports? In other words, does it fit with their lifestyle? Finally the marketing should be personalised by the owner with an owner’s insight! After all there is no one better to describe living in the property than the owner who has actually done so.
Setting the right asking price Sellers never trust estate agents until they tell you that your home is worth £30,000 more than you originally thought – then you trust them implacably by signing into a 12 or 16 week sole agency agreement only to find the estate agent recommends you reduce your asking price after a couple of weeks and then you’re stuck with them. Be aware of a common tactic regularly used by some estate agents – which is to ask you what the last estate agent valued the property at, then tell you £10,000 more. This could result in you receiving less in the long run. Buyer demand is key to obtaining the highest value for your property, careful analysis of similar properties for sale and pricing considerations are critical to achieving success. Over price your property and you can miss out on those crucial first four weeks when your property is new to the market and likely to receive most interest! In those first four weeks your estate agents can drive a great price by informing offers’ that the house is new to the market and that due to the high interest they’ll have to pay full asking price. After the property has languished on the market for longer the buyer is aware that you have been struggling to sell and that they can drive down the price that you wanted to achieve.
Be aware of the contract you are signing Once you’ve set the right price it is important to be aware of the estate agents contract. It’s not uncommon to find estate agents asking for 12-16 weeks sole agency agreements. If an estate agent asks you to sign a contract of this length, then you need to question how confident they are of securing a sale on your property and how confident they are of the service they provide.
Good old fashioned pro-active estate agency Your house is finally on the market: it’s looking wonderful, your photography looks great, your brochure enticing; now its time to sit back and wait for the phone to ring? Wrong. An estate agents needs to be pro-active, ringing their database of buyers and selling your property with enthusiasm – the internet’s great at showcasing you home but a lot of buyers just need that nudge to get them through the door.
The importance of an accompanied viewing It’s common for estate agent to tell you that you should be doing the viewing as you know the property well, however most owners spend more time pointing out negatives than they do positives as they simply aren’t use to carrying out viewings. An estate agents job is to engage the viewer, to open doors, to answer questions, and very importantly, to protect the seller’s possessions. It is also a great opportunity for an estate agent to pick up on those vital buying signals.
Offers An experienced estate agent will negotiate well on your behalf (knowing that most buyers have 3 offers in them), maximising what you achieve!
Did you know… Inspire Estate Agents are always at the other end of the line - you will be given the two partners mobile numbers ensuring advice is always there.
Inspire Estate Agents The informed choice
THE INFORMER : SEPTEMBER 2014
Bright, Bold and Colourful Mural in the Community Students from years 7, 8 and 9 at Oriel High School have been working on a community project to design and paint a mural at Maidenbower Pavilion. Over the last few months students have worked together to create the mural which is inspired by Maidenbower Park, nature and play. On Thursday July 10th 2014 the students completed the mural which really brightens up the play area and looks great! Well Done to all the students involved.
StemFest Big Bang Winners Having won the Oriel High School Science Fair back in November, Alice, Charlotte and Samantha went on to represent the school at the Big Bang Fair South East. The fair attracts over 5000 students and showcases Science Technology Engineering and Maths (STEM) employers / careers from around the region. Schools also compete for an
array of prizes with their science projects. Alice, Charlotte and Sam won the £100 CGG Prize for Mathematics with their project, “Could Human Bacteria Survive on Mars?”. For this, the girls replicated the environmental conditions found on Mars and attempted to grow samples of human bacteria (kindly donated by Mr Arnott!).
Sales: 01293 582335 • Lettings: 01293 582333 • www.inspireestates.co.uk Follow us on Twitter: @inspireestates and Facebook: Inspire Estate Agents
Also of note are Tyler Murray and Alex Georgiou-Norman who came second in the Thales Inter-School Metal Detecting Competition. Over a series of after-school seminars, the boys learned how to make a metal detecting circuit. They then had 2 hours to then remake this circuit at the fair and use it to find hidden treasure.
DOES YOUR LETTING AGENT ACT IN THE RIGHT WAY? Landlords and tenants often make decisions based on cost, but it is important to ensure you ask your agent for details of the organisations they are regulated by. The lettings industry is not currently regulated so you need to be aware if your lettings agent is covered by a Client Money Protection (CMP) scheme. Many landlords are not aware that letting agencies are engaged to act as agents on behalf of the landlord. So, if the tenant’s security deposit money or the landlord’s rent money is misappropriated (or lost when the business goes bust) – then the LANDLORD remains liable for the loss. If you are a multi-let landlord then this could mean a serious amount of money! Inspire Estate Agents want our landlords to know that they are dealing with a reputable company who like to do their job properly. We have chosen to join the following schemes and have designated client money protection insurance to ensure you are protected.
SAFE AGENT SAFE agent denotes letting agents that subscribe to a Client Money Protection (CMP) scheme, which means that financial protection is offered should a letting agent fold or abscond with client funds. Many landlords are unaware that when they instruct a letting agent to manage their property they are also entrusting that agent to manage the tenant deposit properly and if the letting agent misappropriates the fund the landlord can be held liable for the deposit.
National Approved Lettings Scheme As a landlord or tenant, using a firm that is licensed by the NALS scheme has a huge amount to offer. Because of the strict criteria for licensing the NALS logo provides tenants and landlords with great peace of mind. Any member of NALS has to meet to the following criteria: • Have current Professional Indemnity Insurance • Have a designated client account with the bank • Be part of a Client Money Protection Scheme • Commit to offer services to Landlords and tenants meeting NALS Service Standards • Have a written Customer Complaints Procedure which offers independent redress should any complaint from a Landlord or Tenant not be re-solved in-house
The Property Ombudsman The Property Ombudsman (TPO) is an independent body which provides independent, fair and free advice and services for handling unresolved disputes between member agents, landlords and tenants. If the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not? If you are a landlord in Crawley and are concerned about your potential exposure then contact our lettings department now on 01293 582333 or email info@inspireestates.co.uk to discuss how we can give you that cover you desperately need!
Inspire Estate Agents The informed choice
THE INFORMER : SEPTEMBER 2014
Is a Professional Inventory Necessary? It is a question often raised by many landlords, and the simple answer is that they are vital if you need to make a claim for dilapidations to your property!
it item emss ar aree st stay ayin ing g at tthe he p rope ro pert rtyy IItt is a items staying property. highly detailed report of the condition of the property and cleanliness, often supported with photographic evidence at the start of a tenancy.
If there is an inventory lacking in detail, outdated or even worse no inventory exists at all, then you will have no evidence of what the property was like at the start of the tenancy. This means that if you or your agent are unable to provide documented evidence that the tenant caused damage, then you will not be in a strong position to make a claim, in the event the tenant contests the check out findings. For legal reasons, its important to use a third party who is impartial in case of any dispute.
The inventory is not there to catch tenants out, but rather to ensure peace of mind for both tenant and landlord; to enable agreement as to the condition of the property at the start of the tenancy.
Contrary to many landlords beliefs, an inventory is not just a list of what
At Inspire Estate Agents we realise the importance of maintaining your asset and we feel an inventory and schedule of condition is vital to help us achieve this. All landlords can rest assured that our inventories are compiled by a member of the “Association of Professional Inventory Providers”, ensuring less chance of disputes at the end of a tenancy.
Sales: 01293 582335 • Lettings: 01293 582333 • www.inspireestates.co.uk Follow us on Twitter: @inspireestates and Facebook: Inspire Estate Agents
Team Profile:
Tammy Williams Lettings Consultantt Tammy joined Inspire Estate Agents over a year ago after moving back from Dubai and she has proved to be a great asset to the company. Her attention to detail and dedication to providing the highest customer service never goes unnoticed by our landlords and tenants. Tammy strives to take the worry out of the entire letting process, so that landlords are confident that their property is being managed professionally and to the highest of standards.
Competition Time! How do you fancy winning a bottle of champagne? Simply visit and like our Facebook page (Inspire Estate Agents) and one lucky winner will be chosen at random to win a bottle of champagne! Terms and conditions Entrants must be aged over 18 years of age or over. One winner will be picked at random and notified via facebook. Inspire Estate Agents accepts no liability for the prize or any loss or damage arising from its issue. The prize may be collected from: Inspire Estate Agents, 12 Southgate Parade, Crawley, RH10 6ER. (if within 10 miles of 12 Southgage Parade, Crawley it may be delivered by hand)
Likes and Dislikes • I love to travel especially to warm destinations! • I really enjoy food, I could not tell you my favourite dish as I have too many • I am not a big fan of the cold or rain • I enjoy going to the gym to work off all the food I have eaten!
Tammy recently embarked on the ‘Pretty Muddy’ Race for Life for Cancer Research. “It certainly gave my family and friends a laugh as I am a neat freak so getting covered in mud was very much out of my comfort zone. But it was all in the name of charity so well worth it.”
Mark’s Alps Cycle Challenge 2014 Mark Denton will be taking part in the Alps challenge in September 2014 which is one of the toughest rides in the world over the French Alps. He will be tackling a series of mountain climbs, including the Alpe d’Huez which is the setting for one of the most gruelling sections of the Tour de France. Mark is completing the cycle challenge in aid of Macmillan Cancer Support in memory of one of our landlords, Brenda Lucas, who sadly passed away earlier this year. His JustGiving page is open and any donations would be greatly appreciated:
http://www.justgiving.com/Mark-Denton2
Inspire Estate Agents The informed choice
THE INFORMER : SEPTEMBER 2014
OUR TRUSTED TRADERS
FREE
Rick Conley
Quotations & 3D designs available a vailable:
Mob: 07949 823010
• Kitchen’s supplied & fitted • Plastering • Artexing • Coving • Painting & decorating
Gas Safe Registered Engineer
Plumbing & Heating
Email: conleyrick@googlemail.com
Ian Drewitt 18 Brighton Road, Crawley, West Sussex RH10 6AA
Tel: 01293 526031 • Crawley: DX 57109 Fax: 01293 562390 Email: ian.drewitt@lewis-dick.com www.lewis-dick.co.uk
• Carpentry • Fencing • General maintenance • Insurance work
David Bone Dip PFS Associate Director
• Flood, fire & damage
Sturdy Edwards (Financial Services) Ltd 193-193A London Road, East Grinstead, West Sussex RH19 1HA
A local Maidenbower company
Tel: 01342 313733 • Fax: 01342 410320 www.sturdyedwards.co.uk
Tel: 01293 888234 Mob: 07711 288550 Email: danny_dbdecorating@yahoo.co.uk
www.dbdecorating.com
HOW MUCH IS YOUR PROPERTY WORTH? Call today for a FREE no obligation market valuation on 01293 582335 or visit our website www.inspireestates.co.uk for an instant online valuation.
12 Southgate Parade, Southgate, Crawley, West Sussex RH10 6ER
Inspire Estate Agents The informed choice
Sales: 01293 582335 • Lettings: 01293 582333 • www.inspireestates.co.uk Follow us on Twitter @inspireestates and Facebook Inspire Estate Agents
Company No. 06944084