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Our experts answer some of the most frequently asked questions

 

What is loveyourpostcode.com®?

A modern performance focused estate agent offering all the services a traditional estate agent does, but better. Our aim is to leave you with more of the sale, saving you a huge amount of money in the process and achieving a higher selling price.

Why should I use Love Your Postcode®?

We’ve listened, acted, simplified and explained the whole process, which is often perceived as more complicated than it really is. If you appoint us as your estate agent, we will promote your property for you on the leading property portals including Rightmove, Zoopla and Prime Location. Infact due to our unrivalled marketing power, we will ensure that your property sits on page one in a featured Rightmove box, allowing it to have more attention than any other property in your area. We do not charge anything upfront. All marketing related costs are free of charge. You never have to pay a penny upfront for anything.

So who is Love Your Postcode® for?

Everyone. If you want have more control over your property sale, achieve more and save thousands at the same time, then loveyourpostcode.com is for you.

You don’t need to be an internet genius to sell with us, as our agents are on hand 24/7, 7 days a week to give you all the assistance you need.

Where does Love Your Postcode® cover?

We currently only feature properties from across the UK.

How can you charge zero % commission and still provide a great product?

Simply put – fewer overheads for us mean a lower fee for you. We charge a performance based fee which is linked to time on market and final selling price.

Our easy to use website reduces the amount of administration tasks that would usually be involved in selling a property.

Why should I choose you over a local estate agent?

98% of people now begin their property search online, so this is where you need to be. We aim to be the very best estate agent, with the most experienced and professional team of agents behind us. You’ve only got to read our reviews to get an understanding how well we perform.

Where will my property be seen?

We will expose your property to up to 180 million property searches per month. Your listing will be shown on a huge number of sites, papers and portals including Rightmove, Zoopla and Primelocation.

What are your opening hours?

Office opening hours – full agency office are open 8am-8pm and the viewings office is open 24 hours a day. There will also be an agent on hand out of hours should you require assistance.

How do your packages differ?

The only difference is the costs. You can choose between three different packages. We only ever charge you at the end of a sale. We don’t believe in charging anything upfront.

Can I see your independent reviews?

There are over 500 independent client reviews on online.


Does a floor plan really mattter?

It’s provided for free and it certainly does. Rightmove statistics have proved that people searching on listings with a floor plan spend 35% longer on that listing than one without. So the longer we can get people looking at your listing, the better for you.

How soon can you list my property?

Most property listing are live within seven working days.

Why do you suggest using your panel of conveyancers?

We have hand picked a selection of conveyancers that work with us to ensure your sale/purchase is as seamless and stress-free as possible.

* We can keep your buyer updated and fill them with confidence throughout the transaction period.

* We provide you with a dedicated progression team at loveyourpostcode.com that have direct access to your personal conveyancer.

* We don’t have to ask you to chase your own conveyancers on a daily basis as some solicitors/conveyancers will not speak to estate agents. You can sit back and let us do the chasing.

* Saves our customer valuable time, as we can cut down the time you would possibly have to wait for paperwork to be sent and phone calls to be made.

* Streamline the transaction times to save you in some cases 4/6 weeks on your transaction times, this is also a financial saving on mortgage costs for some customers of loveyourpostcode.com.

How quickly can you visit my property?

We will arrange the visit within 24 hours. The length of time for the home visit to be conducted will be dependent on your area. As an average, we can normally conduct the home visit within 3-4 days

Will you come to show potential buyers around my home?

Sellers prefer their home being shown around to perspective purchasers by the agent.
Viewers prefer being shown around by the owner or the agent who can answer and questions immediately and most effectively.
loveyourpostcode.com prefers open house events or block viewings.

A potential buyer is interested in purchasing our fixtures & fittings, white goods and furniture. How do I work out the price for these?

The fixtures and fittings you mention are generally included in a sale – your solicitor will send you a form to complete in readyness for a potential buyer to offer – if there are any particular curtains you plan on taking with you you need to specifically mention these.

The white goods have little/no value – if you want them at your new home then you need again to specify that they are not included on this form – if you don’t want them I think it unlikely that a buyer would pay extra for them.

Furniture however is generally not included – if the buyer specifically wants to buy a piece of your furniture they would normally have to negotiate separately – or sometimes they may ask for it to be included if they pay x price.

The long and short of it is that there are no rules as to what is included or not but these would be considered normal – ultimately it depends on what you put in your paperwork.

How long does an Energy Performance Certificate (EPC) last?

It lasts for 10 years from the date that it was purchased. Please note if you already have an EPC you do not require another unless you have made some energy changes to your property.

Do any hidden charges occur?

There are no hidden charges.

Do you vet potential viewers and reference check tenants?

Yes it is essential we carry out all the necessary checks including their full names, numbers, addresses, financial situation and if they have a property to sell.

What if my home is already for sale with an estate agent?

We are happy to advertise your property alongside your local agent but it would be nice to know what’s not working and what we could do differently.

You would need to understand any technical small print on your contract and advise your current estate agent of your intentions.

There may well be a 14 or 30 day termination process with your current estate agent. This is deemed unnecessary by our group.

How can a high street agent claim to have a ready-made buyer?

The market has now changed! Instead of calling up a local agent, buyers simply search on one of the main portals (Mainly on rightmove.co.uk.) This is the shop window for all estate agents. Even if a high street agent claimed to have a buyer, if they are serious about purchasing a property they will be still be searching on Rightmove/ Zoopla many times a day and will find your home regardless. Most motivated buyers are members of the email alert systems of the portals, and as soon as we upload your home your details will be emailed instantly to matched buyers.

I am a landlord, will you carry out the referencing for me?

Once we have found our landlords a tenant, it is vital that a full reference is carried out. Just like most letting agents, we charge a fee to your tenants to do this, this fee includes their tenancy agreement. Please contact us if you wish to know more about fees.

Will you negotiate the offers for me?

Yes we do – as your agent we will take care of this process – all our senior agents are experienced in getting you the very best.

Should I put my house on the market before I start looking for a new property?

Generally speaking it is much easier to find somewhere to move to, than to sell your property. I would suggest you put your property on the market well in advance of looking for the next one, purely because of timescales. You don’t have to accept an offer on your current property before you have found a new one, and can also ask a potential buyer for time to find one before you move out.

I am a landlord, will you carry out the referencing for me?

Once we have found our landlords a tenant, it is vital that a full reference is carried out. Just like most lettings agencies, we charge a fee to your tenants for this. Their fee also includes, their tenancy agreement and handling their deposit with our chosen Government deposit scheme. Please contact us if you wish to know more about our fees.

Can a leaseholder of a flat make structural changes such as removing non-loadbearing stud walls to make the rooms larger? If so, what permissions etc are required?

As a general rule as long as you don’t affect the structure or outside, you would not need the freeholder’s permission (or planning permission or building regulation approval) but you need to get your solicitor to check through your lease.

How do you verify potential viewers?

Prior to a viewing, the potential viewer needs to supply their full name, contact number, email address and clarify if they have a property to sell. We will ask many other qualifying questions.

Do I furnish a newly converted barn for sale out in the countryside or not? Should I split the house and the barn, or convert them into one?

Whether you convert to one or two should depend not only of course on planning but also on the land you have with the building – if it is a big family home it needs a good sized garden especially in the countryside. A blank canvas is fine but there is a big difference between bland and neutral. You need to inject a bit of good style into the property for it to really appeal to buyers.

An interested party in our property wants to put down a deposit but their own property has not gone on the market yet. Should we give them first refusal with a time limit, while keeping our property up for sale?

A very tricky one – you may be better off suggesting that the buyer exchanges contracts but has a delayed completion of say 3 months providing time to sell, which secures your sale. This is a big risk though for the buyer as if they do not sell they are legally bound to go ahead with the purchase and would have to borrow money to do this. However if you are not too bothered as to exactly when you sell the property you could accept a non refundable deposit which effectively ‘buys’ them a window in which time the buyer will be able to purchase the property and you are not entitled to sell to anyone else – this is generally called an ‘option’ and any good property lawyer will be familiar with the paperwork required for this. At the end of this period if they are unable to buy the bungalow at the level agreed you would keep the deposit in payment because you were unable to agree any other sale.

Is there an index that I could go to to see how house prices have moved over the last 10 years? e.g. 2001 = 10%, 2002 = 14% etc…

Yes, you can simply search the Land Registry data here: https://www.gov.uk/government/collections/house-price-index They have data since 1995 sorted by region.

How much do you charge for a private consultation?

It’s free of charge. Just call in and make an appointment.

Could removing a shower over the bath and adding a shower cubicle damage the resale value of my house?

We would certainly not recommend doing so if your property is a 3 bedroomed house or smaller – as only having a shower will tend to put any families with young children from buying the property.

Do you think that I should put my house on the market before I start looking for a new property or wait until I have found a house I like before putting it on the market?

Generally speaking it is much easier to find somewhere to move to, than to sell your property. I would suggest you put your property on the market well in advance of looking for the next one, purely because of timescales. You don’t have to accept an offer on your current property before you have found a new one, and can also ask a potential buyer for time to find one before you move out.

We’ve had 3 estate agents value our house and their figures were £275k, £300k and £325k. What price should we go on for?

Valuation is actually just trial and error really – if you can find other houses at £300,000 that seem less exciting than yours then you should perhaps ask more – the market will tend to find its own price for the house – if it is too cheap you will have considerable interest and many offers and if it is too expensive nobody will come round to see it at all.

You should try putting the house on at somewhere in the middle, and then raising or lowering this depending on the level of interest.

I’m considering buying a second home and letting out our current home. Can we move our current mortgage to the new property and take out a buy to let on our current property?

This can be done although you would need to check out a couple of points. Firstly speak to your existing lender and check that your current mortgage is portable. If it is you can then apply for them to move it onto a new property although it would be treated as a whole new application, so they will probably want to credit check you again, and check your income as well as requesting a valuation on the new property. If this is all within their criteria you should have no issues.

Taking a buy-to-let product on your existing property should be straightforward enough as long as the rental income is sufficient to cover the interest payments on the new loan amount by around 125%. Beware that at present however, lenders generally will not lend more than 70% – 75% of the value of your property if it is rented out and, though the actual rates of interest are not bad at between 4.5% to 6%, the fees added on can be anything between 1% of the loan amount to 3.5% of the loan amount .

What would be a sensible minimum percentage return to make on a property development worthwhile?

As a rough guide, as a developer, you want to aim for a 20% profit from a development and a 20% annual return from a rental investment.

What is the best way to finance property development? Via an existing business account or release of equity from current property?

In terms of obtaining finance for developing properties, although things have tightened up a bit there are a few products available if you look hard enough. However, this sector at the moment is not prescriptive and therefore the terms and amounts available will vary dramatically from project to project, dependent upon the property itself and the amount of works that need to be done. A simple “tart and turn” could be done via a traditional buy-to-let lender such as Birmingham Midshires or The Mortgage Works providing you can get a rental income initially to support the loan.

Something requiring more work that is not habitable initially will mean more specialist commercial finance. It is worth discussing with your own bank first and speaking to an independent mortgage broker to get a feel for the market. Generally lenders offer more favourable terms to those with a good track record and experience in this type of project and you would be expected to put in a sizeable deposit initially, around 40%. There are other methods involving initial bridging finance whilst the works are being done but this can be expensive and you need to make sure there is a lender in place to take out the bridge when the work is done.

Is now a good time to begin buying investment property again?

We are currently in a very buoyant market with three out of every 4 homes coming on the market with us selling within 6 weeks. This makes it difficult to pick up great deals as there at least 9 people chasing every property. We believe we are set to enjoy a good market for the short to medium term and there is plenty of property for investors to chose from. If you are looking at buying for the long term then now is a good time to find some good deals. Speak with our specialist team that sources homes for investment purposes only. You can also find some advice in our blog.

I’m a first time buyer looking to place an offer on leasehold flat. Is there anything crucial I should be asking about the lease?

The main issue is how long it is – you really want to get a lease longer than 75 years – also it might be worth checking to see who the freeholder is and whether you are able to buy the freehold at the same time.

My family needs more space, should we move home or do a loft conversion?

The cost of moving can be up to 10.00% of the value of a home. Assuming the loft space has enough head height and the ground floor/garden are good sizes, it is usually better value for you to convert the loft rather than move.

I’ve have found a house I want to buy on the market for £250,000. What should be my first offer?

It rather depends on how much you want it and how much you think it is really worth – if you think the price is high then come in at the level you think it is worth – if you would be happy to pay £250,000 and really like it, you could come in at £245,000 and be prepared to pay the asking price. Despite what you might read there are no rules about this as it all depends on what the seller is happy to accept.

I have an endowment policy on a property which matures in 2017. I want to move, can I transfer this endowment to my next property. The policy includes life insurance?

The endowment and any associated life insurance is generally separate from the mortgage and as such can be transferred to any subsequent property. Lenders very rarely physically “assign” policies to the loan any more so you should be free to use the proceeds in any way you see fit. Just keep an eye on the growing value of the plan and estimated maturity value as it may not be quite enough to pay the whole mortgage loan back, particularly if you are increasing the loan amount.

 

FAQ
Last Updated: 2014-12-02T20:52:16+00:00
By adminortiz