Looking to offer on a property? Our Top tips on securing the property of your dreams!
With 17 years experience and negotiating thousands of offers on behalf of our sellers, what do we think is the best way to offer on a property, should you verbally offer on a property or should you ask a solicitor make the offer for you?
Amongst the emotion and turmoil involved in buying and selling a property, finding a property you've fallen in love with, and are keen to make an offer on, buying a property can be a stressful and anxious time. You may be wondering how to make an offer and how much to offer.
Would you be best to make a verbal offer yourself or ask your solicitor to submit an offer on your behalf?
If you have recently sold a property, you will most likely have entrusted a professional and knowledable estate agent to value and market your property and it is advisable to entrust a professional and trusted solicitor to negotiate an offer on your behalf. If you are a first time buyer, you will have spoken to a mortgage advisor or spoken to your bank who will have helped find the best mortgage for you and your circumstances to buy your first home so why would you not enlist a professional to negotiate on our behalf for what will undoubtably be one of the highest value transactions you will make.
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In our experience we would strongly advise to submit an offer via your solicitor. The solicitors that we recommend will submit an offer free of charge and only when an offer is accepted there will be costs involved to progress to purchase the property. Your solicitor like ourselves would have many years of experience in negotiating and advising clients through the process and can be very helpful and knowledgeable in advising what you should / could offer, they will also find out helpful information from the selling agent;
1. How many people have viewed and are interested, any other viewers.
2. Have there been any offers made.
3. Is there a closing date.
4. Would the seller consider an offer.
5 Are there any notes of interest.
When your solicitor submits an offer on your behalf, they submit the offer in writing and put a clause in that they require and answer regarding the offer made by close of businsess that day. The estate agents may ask for a little longer (maybe a day) depending on the sellers circumstances.
There are some exceptions to the rule that may delay on a decision being made, below are a few examples; .
- If the property is part of an estate where family members have to be consulted, it can take a bit of time to get in touch with all parties and agree on an offer.
- If the property is being sold because of a separation.
- If the property has bee reposessed this can take quite a lot longer to get an answer.
If you wish to make a verbal offer yourself
You can make a verbal offer at time of the viewing or call the agent once you had decided that the property is for you and make the offer verbally, however, a solicitor is much more experienced and I would stress that if you have made a verbal offer, advise the estate agent that your offer is on the table until close of business the next day, this gives the agent plenty of time to speak to the sellers and for them to have a chat and get back to you. If you do not have an answer by the time given, call your solicitor and ask them to submit the offer in writing along with a deadline for an answer, there are very few cases where making a decision on an offer should take longer than a day or two at most.
Once an offer is made, the agent may come back to you/ or your solicitor to say that the seller is looking for a higher offer or that they would like to continue with viewings, especially if the property is in high demand, you would then decide if you are happy to wait - leave the offer on the table or continue your search and possibly withdraw the offer. (The estate agent should only make contact with you if you make a verbal offer, if your solicitor submits the offer then the agent should only make contact and negotiate / correspond directly with the solicitor)
Other Helpful tips
Set a budget for yourself - So that you know where you are financially and don't get carried away when negotiating. It is easy to think, "it's only another thousand pounds," which is a small amount in the grand scheme things. But, if you say this frequently enough, you could have increased your offer by ten thousand before you know it. Be strict with yourself.
Check your finances are all in order and that you can secure a mortgage for the property you wish to buy. If you are offering over the home report value please remenber that your lender will only lend up to the value of the property and you would have to have the extra funds available and that the extra can't be included as part of your mortgage funds.
Don't forget to factor in legal costs and any LBTT, SDLT (Stamp duty or if this is a second home check with your solicitor)
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