#accelerate homes

An old house can hide a wealth of history within its walls. Equally, entering an older house can be like walking into a time machine to the future!

Perhaps it has been fully renovated from the inside out, which will of course increase the amount of money you sell the house for when using a we will buy your house service.

So if you are interested in local history, particularly that which is relevant to you, or perhaps you are just curious, look no further.

Finding When A House Was Built

Why does knowing the age of your house matter?

Besides our natural curiosity as human beings, the age of your house can actually be important for a number of reasons. The primary reason for most homeowners relates to insurance. This is because building and content insurers often ask for the age of your property.

Unfortunately, older houses tend to push you into a higher insurance bracket.

Furthermore, it can impact upon any work you wish to do upon the house. A property with listed features is likely to have heavy restrictions on any renovation work. Usually this is for the sake of preserving historical features.

However, it can be down to safety reasons also. For example, houses built before 1977 may contain asbestos, which presents a significant threat to the health of those inside.

Also, if you are looking to sell your house, the age of the house can even be a selling point. Older houses with interesting or distinct period features possess a lot of character that is appealing to buyers.

Equally, new builds can cater to a different market, or people that are looking for a more modern look.

What resources are available to me?

HM Land Registry

In the UK, this should be your first stop in finding out the true age of your house.

However, they keep records of land ownership, as opposed to what is built on the land. So if you bought your house from a developer, you may have to contact them directly.

Hopefully they can shed some light on the rough age using the date of the first transfer or lease by the developer, as this date is often referred to in the register.

Unfortunately this means that if your property was not sold by the developer who built it then HM Land Registry will not have information on its age.

Your neighbours

Often an overlooked method, asking your neighbours for information on your house age is actually one of the most simple methods to finding out how old your property is.

Not only are they likely to live in houses of a similar age, but they may have done some research of their own!

If they are recent purchasers they may have been told the original age of the house, and this method requires very little effort.

Alternative options

If you are in the process of buying a house, it might be worth asking your seller or their agent. When putting a house on the market, sellers are required to complete a ‘seller’s property information form’. These can contain the property’s age.

Alternatively, if you are taking out a mortgage on the house then the survey completed whilst processing this may contain the age of the property.

Furthermore, the local authority often has a record of any planning permission that has been granted on the property

Finding the age of older houses

Older homes are often harder to trace back to an original date of construction. The lack of public records and archives in previous centuries means that owners of older houses often have to adopt more abstract methods to identify this.

HM Land Registry offers public access to the 1862 Act Register. If you suspect that your house was built before this date, then this is an excellent resource. It contains historical information on people and over 2000 properties.

A further option is to check the archives of your local area. For example parish records, county record offices, or a nearby library. You could also check other historical records such as census returns. These were made at 10 year intervals between 1841 and 1911 to keep tabs on the population and their density. They could reveal the first mention of your address, and give a greater approximation of date.

Similarly, the UK has several historic records of houses that could be a good resource if you know what you are looking for. For example, if you are living in Wales, check out Cadw’s National Historic Assets of Wales. Or if you own property in England, you could look to see if your house is listed in Historic England’s National Heritage List for England.

Alternatively, you could get in contact with a local history society or amateur historian. If they are unable to pinpoint a specific date, perhaps they could take a look at the architecture to give an approximate time of construction. Style and features can be a good giveaway of the age of a home, particularly the position of windows or type of roof.

Frequently Asked Questions (FAQs)

Will insurers tell you when your house was built?

Yes, some insurers do provide this information. However, it is not entirely reliable as it is based on your postcode area as opposed to the specific property. The methods above will give you a more accurate idea of the age of your house.

Should I avoid buying an old house?

Not at all, this is an unnecessary precaution! Choosing a house should be based on personal preference. Although it is important to remember they may be more work and can be less energy efficient. Therefore, they can present a different set of challenges compared to new houses.

The Bottom Line

There are many reasons why an individual is seeking to find out the age of their property. Although this can be tricky sometimes, the resources laid out in this article should hopefully highlight effective methods to get the answers you need!

All the online tools available to sellers today make it difficult to identify the true price of your property.

However, there are hacks to intelligently assess the value of your home and determine market competition, as well as ensure that you get the best price if you use a we buy any house service, speaking of which, make sure to read our we buy any home reviews.

Keep reading to get the inside scoop on the UK property sellers market.

House Value Calculation

How accurate are value estimators and house price calculators?

There’s no such thing as a free lunch! Many prospective sellers are drawn in by the idea of a free house valuation, known as an AVM.

However, these are based on a myriad of factors that are considered by an intelligent algorithm to determine an approximate value. Often the figure is higher than expected, a relief in the eyes of sellers, but not to buyers!

To get a more specific idea regarding the value of your property, consider the following:

Looking at similar properties and what they have recently sold for

Look at similar properties that are failing to sell

Interviewing local estate agents

Examining other facts and evidence in the market

This will save you from the temptation of asking for more than a property is worth. Setting your sights on the figure calculated by an AVM can mean that sellers sit on the market for too long. Often this comes coupled to a reduced market price and a long drawn out selling process, which is stressful for all involved!

Often, this disadvantages sellers because it limits their ability to negotiate a selling price assertively. There is also a high probability of underselling, particularly if you are keen to get the property off the market.

How much is my house worth today?

When considering this, keep in mind that the most important factor determining property value is what a buyer is willing to pay for it. No more, no less! The best way to get an idea of this is to compare your property to other similar homes currently for sale.

Place yourself in the shoes of the buyer – when you were looking to buy, what were your considerations?

What was your budget?

What kind of property did you need?

What area were you looking to buy in?

Buyers will always put in offers on the properties that meet their needs and give the greatest value for money. Essentially, this becomes one big comparison shopping exercise! Once you understand that prices are driven by competition, you will realise that market value is not static.

Instead it changes constantly based on competing properties entering and leaving the market.

However, a buyer’s offer price is not static either. In the property market, prices are haggled and can be influenced by a good sales agent. The golden technique is to create an air of excitement and competition about your property. This encourages buyers to pay more and emphasises the importance of selling with the right agent.

Common myths about value

There is no relationship between cost and market value. To clarify, ‘cost’ refers to the amount you paid for the property, as well as any capital improvements made by you to the house. Whilst ‘market value’ refers to the amount buyers are willing to pay that will generate a sale in a reasonable time. This is because value is determined by what an individual gets out of a home, not what money is put into it.

Undeniably, improvements usually do add value to a home. However, it is important to remember that this value can be subjective. What adds value to you may not necessarily add value for a buyer. In fact, the major factors that affect the price that a buyer will offer is as follows:

Amenities

Condition

Size

Location

Location and size in particular are the determining factors for the value of your property. On the other hand, amenities and condition play a major role in determining the ‘saleability’ of your property compared to other similar homes.

How to intelligently research open market value

When determining a property price, it is crucial to perform fact based research. This is the greatest insight into the minds of buyers. A good starting point is as follows:

What similar homes have sold for, both historically and recently

What homes you are competing against

What similar homes are failing to sell

Easily accessible tools for this kind of search include Rightmove and Zoopla.

Begin by looking at nearby houses – within 0.25 miles in urban areas and 5-10 miles in rural areas. Look for properties with similar numbers of bedrooms and amenities.

Remember, it is also possible to find specific prices that someone paid for any home in England and Wales via HM Land Registry.

This is your competition, and their asking prices should fall into a relatively narrow range. It is important to take note of any anomalies in prices, chances are these properties are overpriced or that something is wrong with the property! Keep in mind, property valuation is just applied guesswork.

The issue with free evaluations from most estate agents

Free estate agency evaluations have created an environment that confuses both buyers and sellers. Sellers will usually choose the estate agent that gives the highest number for their property value, in the hope of maximising the amount they will get from selling their home. Unfortunately, this means that most estate agents offer an inflated sense of property value, and then lack the competency to sell at this price.

Therefore, it is important to stay aware and remember that estate agents have no control over property value. In fact, the market is the only thing determining its value! However, overpricing is a tried and tested tactic that wins business.

To avoid this, give the agent permission to tell you the brutally honest truth. Let them know that you are not basing your representation decision on who will give you the highest price.

The Bottom Line

There are a range of tools available to sellers to help determine the approximate value of their property. Just bear in mind the key takeaway message, that the most important factor determining property value is what a buyer is willing to pay for it!

It can be hard to find a home that entirely suits your needs. The greatest hack to get your ideal location, design, and amenities is to build your own.

However, there are a number of considerations that must be taken into account.

Read on to find out all you need to know regarding the cost of building a house.

House Build Costs Explained

What is your budget?

This is the first step in establishing the sort of house you can build as well as the amenities and condition of this property. Consider the following:

Your savings

Equity obtained from selling your current home

Funds available from a self-build mortgage

Funds from using a we buy your house service to sell your property.

Once you have a ballpark idea of budget, you must consider the price of land in the area you are looking to build. Account for the price of a site, legal fees, and stamp duty, gaining your information from hmrc.gov.uk or plotfinder.net. Often it is a good idea to set aside an additional 10-15% as a contingency for unplanned costs and architectural design fees, which are usually around 5% of the total build cost.

Construction system costs

The term construction system refers to the structural walls of a house, which is usually around 15% of the total build cost. This consists of concrete blockwork, that make up the external walls and ground floor partitions, as well as timber partitions for any upper floors. Keep in mind that oak frame construction is half as expensive again.

Additionally, one must consider insulation, which manufacturers estimate to be anywhere from 5-20% more expensive than the blockwork itself. Not only does this increase the speed of build, but will save money in the long run by improving energy efficiency.

Also, when looking for a plot, look out for one that is connected to mains electricity services. Otherwise, an additional £10,000 will be needed to connect your home to water, sewers, gas, electricity, and phone lines.

Foundations costs

This is one of the few costs that remains fairly consistent, regardless of the size of your future house. The price per square meter is dictated by your local building control surveyor. An engineered foundation solution may be necessary, in which case, allocate approximately £10,000 of your budget for this.

However, there are numerous variables which will influence the cost of foundations. For example, proximity of the site to a ready-mix concrete plant or tip. Furthermore, keep in mind that a flatter site will save a great deal of your budget, since the amount of landscaping needed is reduced.

Exterior costs

Standard stock bricks usually come at a price of £350 per 1000, rising to £900 per 1000 in the case of character bricks. Primarily because the unusual shape of character bricks requires additional labour for the construction worker, who must arrange the irregular patterns together. As such, natural stone is a more expensive option than stock bricks.

If you are looking to cut costs, consider sand and cement render on your blockwork. Or perhaps take different path and build using dense timbers such as oak, cedar, or chestnut. Often these are comparable in cost to a good quality brick, and bring a sense of character to the property.

Roof costs also vary considerably, depending on the structure, insulation, coverings, detailing, felt and battens. A low pitched roof is very cost effective, since the raft lengths are shorter and therefore use less timber. Furthermore, the simpler the roof shape the less it will cost, since these are quicker to build. For example, smaller tile formats demand more labor and production time.

Interior Costs

Floor, walls and ceiling costs

One of the most important decisions in building a house, the importance of choosing the right flooring must not be overlooked. The standard specification is softwood joists covered with chipboards, costing roughly £16-19 per square metre. Engineered joists or concrete structures will raise this cost, but offer enhanced strength.

The standard ceiling height is roughly 2.4m, and this is usually the cheapest option. For example, adjusting the ceiling height by just 100mm alters the cost by 1.6%. Bear in mind that a ceiling covering is usually priced around £20 per square metre.

Wall finishes however, are more consistent in cost, whether wet plaster or dry-lined. There are standard, good, and excellent specifications, priced at £64, £80, and £96 respectively per square metre

Windows and door costs

Similarly, windows and doors are cost according to standard, good, and excellent specifications. The approximate cost of a standard specification lies around £16,000, and this can nearly double in the case of an excellent specification. The difference in price is down to the quality of materials used in construction.

Kitchen build cost

Depending on your design specification, kitchen costs can vary widely from £14-£120 per square metre. Overall costing between £3000-£7000 depending on the material you are looking for.

Bathroom build cost

This is primarily dependent on the type of room you are looking too build. A bathroom consists of a WC, basin, bath, plumbing etc.) costs anything from £3500-£8700. A shower room accounts for a shower instead of a bath, raising the general cost to £3700-£9200. Whilst a cloakroom typically consists of just a WC, basin, and plumbing, therefore is priced lower at £1900-£3600.

Electrical costs

Luckily, these do not vary a great deal from house-to-house other than by scale. Generally these cost around £50 per square metre, but remember any extra fittings such as an alarm system will require an additional allowance.

Extra fees

It can be easy to overlook small costs once the big structures have been accounted for, but do not forget that the following must also be considered:

Topographical survey: £350-£500

Structural Engineers’ Fees: £400-£500

Planning Application Fees: £462

Building Regulations Fees: £500-£1,000

Warranty: Approximately 1% of contract value

Self Build Insurance: Usually 1% of the predicted build costs

Demolition Costs: £5,000-£10,000

External Works: Roughly 15% of total build cost

The bottom line

Starting the process of building your own house can be daunting initially, but worthwhile in the long run. It is possible to get your dream features with appropriate planning and costing!

When you have finally found your dream home, making an offer can be an exciting but nerve wracking step.

Luckily, there are some steps you can take that will make the entire process run smoothly, and feel reassured that your money is going into a safe investment.

Tips on Making an Offer on a House

Before submitting an offer

Research similar properties in the area

Look into the asking and sold prices of similar properties in the area (in terms of type and size). This enhances your understanding of the local market. Hopefully this will reassure you in knowing you are paying an appropriate price for your house.

Quick note: If you’re planning on buying a new house, you’ll likely need to sell your old house fast – if you need help with that make sure to look at We Buy Any House UK.

Have your finance, documents, and identification prepared

Before you begin your property search you should have an idea of where you are going to source your money. For example, through a mortgage, savings, equity from previous properties, or a loan. This should be documented, as this proves you have sufficient funds to purchase the property. You will be asked to show this.

With a mortgage, it makes sense to speak to your advisor and outline a mortgage agreement in principle. This is coupled to ensuring you have enough money to secure the deposit for the house. With this in place, sellers will look favourably upon your offer, already putting you ahead of the competition.

It is now a legal obligation for estate agents to perform customer due diligence checks on those attempting to buy property. Normally this involves asking you for some personal details, and checking your identification. Therefore, your driving license, and preferably passport are likely to be requested.

Prepare a bidding strategy

Potential buyers essentially have two strategies when it comes to preparing a strategy for bidding. On the one hand, you could make your initial offer the most you could offer for the property.

This states your stance as a serious buyer, and is useful when securing properties you really want. Opt for this when you want to avoid a drawn out negotiation strategy.

On the other hand, it can make sense to go in with a lower offer in an attempt to save some money. This has the added benefit of giving you some space to negotiate with the sellers in the event you cannot agree on a price.

Be prepared to use both of these strategies depending on the property, and make sure to take your position into consideration. If you are in a rush to move for example, the first strategy is better. Make sure that you don’t offer more than the property is worth, or more than you can afford.

Making an offer

Usually this is done by calling your estate agent, or going into their office.

However, it is also wise to have the offer in writing so that it is on record, usually this is done through email.

If you have taken the steps above then you will be well prepared for any questions they might have, such as where the money is coming from and how quickly you are able to proceed with the transaction.

Most buyers find this to be the most stressful part of the process of buying a house, but it doesn’t have to be. There are some simple steps you can take to guarantee that your offer is taken seriously.

State your position

First time buyers really stand out to sellers, as they have no chain. In the event that the seller is looking to move soon and you are in this position, be sure to make it clear since this can make you stand out from others that have made offers.

Build relationships

By forming a good relationship with your estate agent, you are more likely to be in the know than other potential buyers. Not only will they offer you good advice, but they might give you priority over others in terms of viewings. This is best done face-to-face rather than over the phone, so that they are able to put a face to your name and remember you.

Act fast

The property market is ever moving, and acting fast will help ensure you get what you want. Sellers are often busy, and will usually just show interest in people that can prove they are proactive. If you feel confident about a property then do not hesitate. Get a viewing in as soon as possible and prove that you are a serious contender

Name your price

A bit of back-and-forth negotiation with a seller is normal and expected when buying a property. However, if you start with too low a price, expect to meet some resistance and tension. This can paint you in a negative light in the eyes of the seller. It would be a shame to lose your dream house over something that is preventable.

After the offer is accepted

Congratulations! Many buyers are pleased to know that once the offer is accepted then the most stressful part is over. However, it is important to remember that nothing is legally binding until contracts have been exchanged between you and the seller.

There is always a risk that the seller could take the property off the market and back out, or even that someone comes in with a higher offer at the last minute. Luckily, the chances of this are slim and can be reduced further by contacting the seller and requesting the property is taken off the market.

Ensure that you set a realistic target date for exchanging the contract, and maintain good relations with your estate agent. It is important to stay in the loop to ensure things are progressing smoothly.

The bottom line

Ultimately, buying a property can be stressful, but there are always actions that can be taken to ensure the process works in your favour. The most important thing is to stay aware and be proactive. Good luck and happy house hunting!

Buying a house is one of the biggest decisions an individual can make.

However, it can be a game of psychology based on bluffs and tactics, and indeed the stakes are high!

Therefore, it is important to be well equipped with some probing questions so that you can play the game and find the right property for you.

It also might be worth looking into a We Buy Any Property service, if you plan on selling your current house to buy a new one.

Buying a House (Questions)

Why is the owner selling?

Although no agent is obligated to tell you this, their answer can hint at the possibility of negotiation. For example, if the seller is moving overseas, they might be keen to sell and therefore accept a lower offer.

If you were buying the house, is there anything you would want to know?

With this question, you could find out potential drawbacks that might influence your decision to buy. It is best to pose this question to those who have no reason to mislead you, for example neighbours or local shop owners. Best to find out before it is too late!

How much money has the property lost in value over the last 5 years?

Yes, estate agents hate this question! A quick search of the Land Registry website should reveal the previous prices the property has sold for. If there has been a significant drop in price it is well worth asking why.

Are there any plans for the local area that could affect me as a homeowner?

The sooner you ask this question, the better, because this could make or break your decision to buy. Or at least how much you offer the seller. If the reason you fell in love with a house was the sweeping views from the garden, would you still buy if construction work was going on?

How long has the property been on the market?

This is one of the most powerful questions available to you. If a property is for sale for longer than three months, it could be overpriced. Equally, prospective buyers may have identified an issue with the house that you have overlooked. In many cases, if the property is on the market for a long time, the seller is willing to take a lower price.

What is the lowest price the sellers are willing to negotiate?

Something that is always worth asking is the flexibility the sellers have with regards to price. Some are more willing to negotiate than others. Furthermore, agents working on commission can be keen to disclose this information provided they know the sellers bottom line.

How long have the owners lived there?

If the owners have lived there for just a short period of time, this can be a red flag to buyers. It is possible there is something wrong with the house, or something in the area that is driving them away. Equally, they might just enjoy a change of scene!

Does the property change hands regularly?

If the property changes hands regularly, this could be another warning sign. It is rare for a property to be repeatedly put on the market unless there is something that is unattractive to prospective buyers or owners.

How was the asking price decided?

A key point to be aware of is the tendency of estate agents to overvalue house prices in order to boost business and client numbers. Equally, the seller themselves may be overvaluing the house. If this is the case, the agent might disclose this to you. A good agent will also provide you with justification for the pricing. However, this question might be best answered by a quick search of similar houses in the area.

What other offers have been made?

Even if the agent has had other offers, he might not disclose the price of these offers to you. Primarily because this creates a sense of competition amongst potential buyers, which can prompt them to offer more. However, if you can find out about the other offers, it sheds some light on what you should offer. This could be incredibly important if you’re set on a property!

Are the sellers part of a chain?

Another bargaining question, because if the sellers have already found a new house to move to, they may be keen to sell as quickly as possible! On the other hand, if you must wait for them to find a new property you may find yourself in a position of uncertainty. Ensure you ask this question to clarify where you stand.

Is it possible to speak directly to the sellers?

Since it is the agent’s job to negotiate, they usually dislike this question, but they can’t stop you directly contacting the sellers. In fact this can be a huge advantage, because sellers are rarely industry professionals. Therefore they might be able to provide you with the honest answers. Ask about the favourite and least favourite parts of the house, or perhaps directly why they are moving.

Have any major works been conducted on the property?

If the answer is yes, probe deeper to be on the safe side. Request to see the relevant planning and building control consents. Alternatively, search online for planning applications (both granted and refused) from the local planning authority website. This removes the risk of any unknown surprises… imagine paying a fortune for a house then having to knock half of it down!

What can you tell me about the local neighbourhood?

You might not just be house shopping for yourself but your family as well. This question serves everyone’s interest, for example it can clarify the local school or public transport situation. Perhaps it might reveal some shocking crime statistics that you were otherwise unaware of. Either way, this is one of the most important questions you can ask the estate agent, just ensure you clarify what they say with an internet search too.

The bottom line

The chance of you being misled when buying a house are small, but never zero. Therefore, being ready to ask revealing questions is important, and asserts that you are serious about buying the property.

Statistics show that around 10% of British citizens own two homes. It’s a dream for many people to have a second home but sadly it’s not the reality for everyone.

There are various costs involved and some important considerations to make before committing yourself to two properties, especially if you require two mortgages to do so.

Buying a second home comes with a few differences when compared to buying your first home. It also comes with a few different requirements.

But, if you have the funds to cover the costs, own a clear credit score and have the ambition to take on a second property, it can really boost your income and work out as a great investment.

Important Considerations For Buying A Second Home

In every important financial decision, there are a few things you need to consider before making a financial commitment. Making an informed and clear decision is highly important when purchasing property as this is typically a lifetime investment.

Here’s a few questions to ask before you contact a mortgage lender or begin your property search.  

Why do you want a second property?

Can you afford a second mortgage?

What additional costs are there?

Will I need to renovate or redecorate?

Can I afford to furnish a second home?

What are the tax implications?

Is there potential growth in the property value?

We’ve put together this article on buying a second home to help you answer these questions and make a decision that is right for you.

What Type Of Mortgage Do You Need?

Unless you have money in hand to buy a second house, you’re going to need a mortgage. Therefore, you will need to be sure you can cover the extra monthly costs. Even if you have decided to rent out the property, you cannot solely rely on a rental income to cover your mortgage repayments.

There is also the option of using equity from your first property to purchase a second house. This could cover the deposit, or even a large sum of the property price. Covering at least the deposit on your second house can greatly reduce your mortgage payments.

Typically, you will need to consider the below to determine whether you could qualify for a second mortgage:

Do you have a deposit?

Do you have a good credit score?

Is your income enough to cover two mortgages?

What is your reason for buying a second house?

What Is The Purpose Of Your Second House?

There are a variety of reasons for buying a second house. It can be a great investment, an offer to help a loved one get into the property market, for business purposes or even a holiday getaway destination!

However, there are a few considerations to make depending on the purpose of your second house.

Business

Buying a second home for the business purposes, and partly residential, means the property will be classified as a mixed-use property.

Mixed use properties have lower stamp duty, but unfortunately this means higher business rates and other taxes.

Holiday Home or Letting

If you’re buying a second house for holidays, or to rent out to holidaymakers then you can get a normal residential mortgage. If you are planning to rent out the property for more than a few weeks a year, then you may need to apply a for a holiday let mortgage.

Renting out a holiday home can come with tax implications, but you if let it out for more than 105 days of the year, you may be able to claim allowances or reliefs.

A furnished holiday home can be classified as a business if let out for more than 210 days a year. This means that you can deduct your expenses from your rental income before paying for tax, even the interest on your mortgage!

If you’re considering the option of Airbnb, you will need to speak to your mortgage lender about the implications of this on your mortgage application. Lenders consider high guest turnover and short-term rentals as risky and most lenders will not offer a mortgage for this type of property. In some cases, you will have to apply for a ‘consent to let’.

Letting the property out to holidaymakers comes with its own risks and considerations. Firstly, the property needs to be appealing and be in a good location. You will be responsible for all the decorating, and any wear and tear. A holiday home should be redecorated at least once a year.

Holidaymakers will also expect all the necessary equipment and that the house is kitted out for their holiday. These are all costs that you need to consider before purchasing a second house for the purpose of holiday letting.

Letting

Letting out a second home is a great way to earn some extra income. In this case you will have to take out a buy-to-let mortgage as you are not allowed to let out a house on an ordinary homebuyer’s mortgage.  

With a buy-to-let mortgage you are required to put down 25% of the deposit and your interest rates will be higher than a standard mortgage rate.

Do your research and calculations to make sure the rental income covers the mortgage repayments, or that you are able to cover the remaining portion if not.

Letting a property comes with risks and extra costs. Maintenance and annually safety checks are the landlord’s responsibility, as well as having building insurance. Damages as well as wear and tear can be costly if you are not prepared.

Let-To-Buy

Let-to-buy means that you are letting out the property that you currently own, so that you can have the funds to purchase a new house. This typically happens if you are struggling to sell the house or you are hoping to keep it as an investment.

You also have the option of converting your residential mortgage on your first house to a buy-to-let mortgage. If you don’t want to switch your mortgage, then you need to approach your lender and ask for a ‘consent to let’.

Family

Maybe you’re purchasing a second home for your children or a relative. This would be considered your second residence and stamp duty will be charged.

Flip It

A popular option with investors is to purchase a house that requires renovations and repairs, fix it up, and then resell for a higher price. How good of an investment this can be, depends greatly on the property market at the time.

What Extra Costs Are Involved?

Stamp Duty

Every property purchase is required to pay stamp duty land tax. Stamp duty is determined on the property value and is increased with the property value.

A secondary residence adds an extra 3% surcharge onto the usual stamp duty price. This stamp duty has to paid on properties that are below £125,000, unlike with your first home stamp duty.

Stamp Duty example:

You purchase a second house at £750,000.

Stamp duty is paid at 3% on the first £125,000 (£3,750), 5% on the next £125,000 (£6,250), and 8% on the last £500,000 (£40,000).

This is a total of £50,000 for stamp duty.

Stamp duty is more expensive if you are buying a holiday home or a buy-to-let property. But, if you purchase a ‘moving’ home, like an RV or houseboat, then you won’t need to pay the extra 3% stamp duty surcharge.

Or, if you sell your first house within the first three years of buying your second house, you can qualify for a refund on the surcharge!

Capital Gains Tax (CGT)

Your main residence is not subject to capital gains tax should you choose to sell the property, even if you make a profit from the sale. However, if you decide to sell your second house then you will be liable for capital gains tax.

This is only if the property value has increased since your purchase. The growth in value is taxed and the CGT allowance will reduce the taxable amount. Make sure to consult with a financial advisor to work out exactly how much you will owe.

Income Tax

If you will be renting out your second house, then you will have to declare your rental income and will be subject to income tax. A Self-Assessment Tax Return will need o be filed.

Having a good accountant or financial advisor to help you through these taxes can help you avoid overpaying or missing tax breaks that you are entitled to claim.

Buying a second home clearly comes with added costs and extra responsibilities. However, if the time is right, it can be a great investment towards your future!

Getting into the property market is a dream of many, so if you have the opportunity to do so – grab it!

Selling a house is no simple task and the timeline is not guaranteed. There are a variety of factors that can influence the sale of your property and if you don’t know what is required then it can take a long time to get that sale. If you don’t understand the process, it can become quite frustrating.

So, how long does it take to sell a house in the UK?

It can take an average of up to 8 months to buy a house in the UK. However, this ranges for a variety of reasons. We’ve put together a comprehensive guide to help you understand the process and timeline of selling a property and what can cause delays.

Timeline For Buying A House

While buying a house can seem like a daunting process, there are a few steps to follow.

Firstly, you will need to find a property that suits your needs and budget. This can take quite some time and definitely should not be rushed as buying a house is a big financial and personal commitment. View the property multiple times if you need to and be realistic about your decision.

Once you have found your ideal property, you will need to make an offer. Typically this will be done through an estate agent who is handling the sale of the property. Estate agents only charge fees to the seller of the property and take a commission percentage of the sale price.

Next, you will need to arrange a solicitor or conveyancer. They will handle all the legalities and arrange for the property ownership to be transferred into your name. You will also need to hire a surveyor to conduct a valuation on the property, and a property survey. This ensures there are no issues with the property condition or with the local council that could affect the price of the property or causes costly issues in the long run.

Now you can finalize the offer. At this point, you can negotiate the asking price with consideration of any issues found during the surveys. The lender could also determine the asking price to be too high compared to the property value, so this could affect your ability to qualify for the mortgage. It's often considered the most stressful stage of buying a house.

After ironing out all the details with the offer, you can contact your lender and finalize your mortgage. Don't forget to compare offers from other mortgage lenders to ensure you are getting the best deal! If you are having any doubts, this is the time to pull out of the deal. Going further in the process, and then changing your mind can lead to further costs.

It's time to complete the sale and exchange the contracts. Before you sign on the dotted line, make sure you have read all the fine print and checked the details with your solicitor or conveyancer. If you have any queries, make sure you have them answered before committing. From this point onwards, you and the seller are bound to this sale. Sometimes the seller will ask for a holding deposit which ensures them of your intention to commit to the sale.

It's almost official. At this point, you will go through the final steps to conclude the sale. Money is exchanged, mortgage fees are paid, solicitor or conveyancers are paid, the sale is registered with the Land Registry by the solicitor or conveyancer, and sellers will need to pay their estate agents commission fee. If the residential property costs over £125,000, there are 14 days in which you have to pay Stamp Duty (this applies to England and Northern Ireland). Usually, this will be arranged by your solicitor or conveyancer. For properties in Wales, Land Transaction Tax has to be paid for properties over £180,000.

Lastly, moving! You will need to organize a removal company to get your goods to your new home. This is an exciting time and your opportunity to make the house your own. Moving on a weekday is cheaper, and removal companies can cost anywhere between £300 to £600.

What Factors Can Delay Buying A House?

If all goes well, you should be able to buy a house within 8 months in the UK. But as we can see, the process is complicated, and there are a variety of factors that can cause delays.

Finding a property 

Finding the house that suits your needs and budget can be a time-consuming process, but it is always best to make an informed and conscious decision before committing to a purchase. Never settle, but always be realistic.

Issues with your Mortgage

It's a good idea to get pre-qualified so that you know your budget and avoid future problems with the mortgage. But, when you are buying a property, the mortgage lender will conduct its own valuation to determine if the asking price is justified. If they deem the property value to be lower, they will afford you a mortgage based on their property valuation. This might change your decision on what home you will be able to afford. Mortgage offers only stand for up to 6 months so your purchase will have to be during this time or you will need to reapply.

Property Chains

If your property purchase is tied up in a property chain then the process can be much more complicated and lengthy. A property chain means that there are multiple people are buying and selling properties, and the purchases rely on the sales. therefore, if your seller is purchasing a new home using the money received from your purchase, this sale will have to be concluded in unison with your purchase. If the sellers' purchase falls through, they could pull out of the property sale. Chains can be complicated but are most of the time completely unavoidable.

Condition of the Property

During the sales process, issues can arise with the condition of the property. If this is the case, then repairs will have to be done to ensure that any underlying issues are taken care of and future costs are prevented.

Leasehold vs. Freehold

Typically the sale of a freehold property is less complicated than a leasehold purchase. Leasehold sales require more paperwork and take much longer.

Delays in the conveyancing process

The conveyancing process can be delayed for a number of different reasons. It's a complicated process that has to be done correctly. If there is a delay in instructing a solicitor or conveyancer, it can take much longer to get the process started. If there is a lack of communication, missing information, or incorrect documents then the process can take much longer than usual. Often these issues are beyond your control and can be caused along the property chain. The solicitor or conveyancer will also be responsible for obtaining FENSA and gas/electrical certificates and if there are any delays with these certificates, the entire process is delayed.

Delays in signing contracts

With other parties involved, there can be delays caused by the numerous documents that have to be signed by all parties involved. Make sure you are available to sign contracts and have them returned in due time.

Important ​Considerations To Make Before Buying A House

Buying a house can be overwhelming, especially if this is your first property purchase. We've put together a few important considerations to make before you go ahead with the house buying process.

Where do you want to live?

What property type are you looking for?

Can you afford the house you desire?

Are your requirements realistic?

Is now the right time in your life to buy a house?

Is the property market in favor of buyers?

Have you considered your limitations?

Can you qualify for a mortgage and how much can you qualify for?

Have you shopped around for the best mortgage deal?

Can you get a 'mortgage in principle'?

Can you afford the various fees that need to be paid during the buying process?

Can you afford a licensed solicitor or conveyancer?

Do you need to sell your property in order to buy a new house?

It's important to have a clear idea of what you are looking for, what you can afford, and what you will need to prepare for in the process of buying a house. 

This can help speed up the process so that you can buy a house within the average 8 months timeline.

You might be surprised to find out that it takes so long, but if all goes well then it's well worth the effort to find a place to call your own!

Selling your home can be a stressful and emotional time. Especially if you are selling a family home, or have a complicated sale to navigate.

Having someone who is knowledgeable in property sales to assist you through the process is truly advantageous. But if you are trying to cut costs, you might be wondering, 'why do I need a solicitor to sell my house'?.

Well, it is not a legal requirement to have a solicitor to sell your house. But whether you are buying or selling your property, it is a good idea to have a qualified professional to assist you with the conveyancing process.

Conveyancing is the process whereby property ownership is legally transferred from the seller to the purchaser. Conveyancers or solicitors prepare the sale agreement, conduct all property searches, and organize the required documentation to legally sell or buy the property.

Buying or selling property is one of the most stressful times in someone’s life and having a legal professional on your team can go a long way to making the process easier.

What Does A Solicitor Do When Selling A House?

A solicitor will assist with various tasks in the sales process, including:

Obtain Title Deeds

Legal advice

Carry out property searches

Negotiate a mortgage settlement figure if applicable

Draw up a sale agreement and distribute to both sides of the sale

Organize and agree on moving dates

Deal with the deposit

Prepare final statements

Approve the Deed of Transfer

Deliver property deeds to the relevant party

Settle outstanding balances

If you are considering conducting the conveyancing process yourself, here is a list of documents that you would need to get together for the sale of your house.

Benefits Of Using A Solicitor When Selling A House

More personal service

Someone to be with you throughout the house sale

Quicker sales process

Fewer errors in legalities

Extensive legal knowledge and on-hand advice

Up to date property sale information

Able to deal with more complex cases than conveyancers

Tighter security on your personal information

You will not be worried about facing expensive lawsuits in the future

Can I Sell My House Without A Solicitor?

Many people do choose to do the conveyancing on their own to save money. However, while some do manage to get this right, many fall back to hiring a professional to assist them due to how complicated the process can become.

Without prior experience, conducting your own conveyancing is not a good idea.

There are many procedures to follow, documentation to acquire, and unforeseen complications that can arise during the sales process.

Hiring a professional can go a long way to making the process smooth and speedy.

In most situations where a mortgage is involved, lenders will push for you to use a solicitor or a licensed conveyancer.

At the end of the day, it is possible to sell your house without a solicitor in most cases. But, hiring a legal professional will alleviate your stress, and reduce your risk of future lawsuits. It’s best to let the professionals do what they do best!

How Much Do Solicitors Charge To Sell A House?

Solicitors usually charge around £500 to £2000. The price will typically depend on the complexity of the sale.

A property that is a leasehold, will require more paperwork than a property that is freehold, and will cost you more in the long run.

Solicitors will charge clients either with a fixed fee, an hourly rate, or from a percentage of the property proceeds.

A conveyancing solicitor will generally be more expensive than a licensed conveyancer but they are also able to deal with more complicated sales.

Conveyance Solicitor vs. Licenced Solicitor

When you are selling your house, you can use either a conveyance solicitor or a licensed solicitor. They are both regulated professionals that deal with all the legalities of selling a house.

However, they are different in the fact that a licensed solicitor is qualified in law and specializes in conveyancing, and they can deal with a range of legal issues. While a licensed conveyancer is a legally qualified representative in property law specifically.

All conveyancers can legally handle property transactions, whereas solicitors do not always specialize in this area. They are generally more affordable than solicitors. But, with the extra cost, you will also gain broader property knowledge and advice.

A solicitor is a good idea if your property value is high, or if the sales process is going to be complicated, like with leasehold sales. They also offer a more individualized service so that you can feel more at ease with this already stressful process.

Licensed solicitors are required to disclose any fees they receive from estate agents, whereas conveyancers are not legally bound to do so.

Solicitors are also limited to acting on one side of the conveyancing process, whereas conveyancers can assist on both ends of the sale.

Regardless of whether you have decided to use a conveyance solicitor or a licensed conveyancer, please ensure that they are registered and licensed with the proper authorities.

Licensed solicitors should be members of the Law Society of England and Wales or the Law Society of Scotland. They should also be a member of the Law Society’s Conveyancing Quality Scheme (CQS).

Licensed conveyancers should be a member of the Council for Licenced Conveyancers (CLC).

Local (‘High Street’) or Big Firm (‘High Volume’) Solicitors

If you are searching Google for a solicitor, your results won’t necessarily show your local solicitors but will base the search on your needs, such as ‘cheapest solicitors’. These companies most likely won’t be local dealers and will most likely be from high volume legal firms.

Hiring a ‘high street’ or local solicitor offers one on one advice and more personal experience, however, they can be more expensive than ‘high volume’ firms.

These ‘high volume’ firms are sometimes called ‘conveyancing factories’ because they deal with hundreds of transactions every month. They have teams dealing with multiple property transactions and are overseen by conveyancers. The transaction process is faster and cheaper than ‘high street’ solicitors or conveyancers. However, the service is much less personal and you might not be dealing with a dedicated person and won’t have to deal with someone new each time you call.

For simple purchases, such as freehold property transfers, using a ‘high volume’ firm can save you time and money. These firms have systems in place to deal with these straightforward cases in no time!

If you are facing a complicated transaction, like a new-build property or leasehold, then it’s best to use a ‘high street’ firm so that you can deal with the complications personally with your solicitor.

Where To Find A Conveyancer Solicitor In The UK

Many people will get recommendations on a conveyancing solicitor from friends or family, or you can search for local solicitors in your area or ask your estate agent for recommendations.

Some real estate agencies have in-house conveyancers or preferred suppliers. However, while this can be tempting, this is often the most expensive route as estate agents can add extra charges for this.

Whatever you decide, research your options and read reviews online so that you can make an informed decision.

Top Tips For Choosing The Right Solicitor

Get Quotes

​Make sure that you receive a full quote before deciding on a solicitor. Get multiple quotes from multiple solicitors and ensure that the quote is itemized. This way you can see exactly where your money is going to, and who has the best rates around.

Watch Out For Up-selling

Some solicitors have extra fees added on for unnecessary services. If they have services offered on the quote for things that aren’t required in the sales process, inquire whether these are essential to the process.

Penalties For Delays

Solicitors can add on extra charges if the sales process has been delayed past a certain time. This means that if any unforeseen circumstances delay the process, then you may face extra costs.

Fixed fees

This is the best option for avoiding unnecessary or unforeseen costs. Avoid solicitors charging per hour rates.

A ‘No Completion Fee’

Choose a solicitor who uses this policy. If there is no sale, there are no legal fees.

A Bigger Firm Is Not Always Better

Bigger firms are not always the best option. Local or smaller firms tend to offer more personal care and attention.

Recommendations From Family Or Friends

Maybe your friends or family have someone they have worked with before in the sale of their home. Getting recommendations from people you trust can help to find someone who is reliable and with a good track record. However, you will need to make sure that their situation is relative to your own and that the specific solicitor will be able to assist with your situation.

Ensure Registration With Authorities

As previously mentioned, solicitors have to be licensed with the Law Society. You can search the Law Society website to find a licensed solicitor.

So, we have concluded that you do not necessarily or legally need to hire a solicitor to sell your house and this can be done yourself.

However, it is easy to see that having someone to assist you with the legalities of the conveyancing process can go a long way to saving you time and money, and less stress during this sometimes complicated process.

Dealing with the sale or purchase of a property is already a stressful time in anyone's life and so having someone knowledgeable and an expert in this process is the better option.

Sometimes it's best to leave the professionals to do what they do best!