Wise Money Decisions When It Comes To Moving Home In The UK

Being Money wise is what we all focus on, so that we get more for our hard earned cash.

Moving house certainly costs, and Sellers and Buyers should calculate the total fees for all services before they commence on either selling or buying a property.

What’s surprising is that many Buyers have a Survey carried out and they do not have a contingency for potential highlighted works.

Many Buyers forget about the required works and simply negotiate the price of the property to take into account the cost of works.

Say you are buying a property in Carlisle and you made an offer subject to survey of £295,000. The Survey was carried out and highlighted that the property needed £5,000 spent to bring it up to a RICS standard. Most Buyers would simply negotiate the price of the property down to £290,000.

They believe they are getting a great deal.

The Problem Is Just Around The Corner

1. Have they checked with their Mortgage Lender that no retention will be placed on their property deal. In other words is the lender still prepared to lend the full mortgage at the £290,000 price. Sometimes the lender holds back monies until works are carried out. In this instance the Buyer would need to carry out the £5,000 works and get the property reinspected before full monies are released, often between exchange and completion. This could cause a problem as not many people have £5,000 in their budget for works.
2. Alternatively even if the Lender doesn’t hold monies back the works should be planned for.

Negotiating a price down “Subject to Survey” isn’t always what it seems.

When you are buying property you do need a contingency that you should budget for.

When you use a Homebuyer Conveyancing Lender Panel Solicitor the purchase quotation comes with a Search Pledge. This provides a replacement set of searches for a replacement property should you decide to pull out from your current transaction through no fault of your own.

Compare online conveyancing quotes without disclosing your personal details instantly online by visiting the Homebuyer Conveyancing website.

Good Luck With Your Conveyancing