Waiting for viewings can be a stressful, and despairing time. Buyers are expected to present their properties to get the most from viewings and are often encouraged to declutter and/or to depersonalise and/or to keep properties clinically clean for viewings. While all those suggestions are excellent (see below for more of the same), keeping a home in pristine condition can be expensive, time consuming and stressful. It’s no wonder most people would prefer lots of viewings in a short time frame than maintaining often impractical and inconvenient standards over prolonged periods because of a lack of viewings.
On average, it takes 15-20 viewings to sell a property if it is priced appropriately for the market*. Properties that are suitable for large numbers of people, priced correctly and advertised widely should attract 1 or 2 viewings per week most weeks of the year to achieve the UK average of 3 – 4 months to sell.
* If a property is priced too high, sellers may find they attract lots of viewings but do not receive any offers.
Continue reading Get More Viewings To Sell Your House Faster
Probate normally takes 9 – 12 months to complete. Houses take an average of 90 days to sell and 77 days to complete. Running an empty property for over 12 months can be expensive, time consuming and emotionally draining.
In A Nutshell
We save our clients time and money by working with executors to sell inherited property in 28 days or less during probate for a fraction of the cost of obtaining Grant of Probate through solicitors.
What’s the difference selling an inherited house to selling other houses?
As well as the emotional distress of clearing a property ready for its new owners, the legal processes can be more complicated (especially if there is an outstanding finance or other secured loan against the property OR if the value of the property is to be shared between siblings or other family members).
There can be long delays before you are able to sell the property if you wait for a will to be read before selling the house. All the time the property is empty, any mortgage repayments or other repayments on a loan secured against the property plus any other continuing expense will need to be paid by the beneficiaries or deducted from the estate.
Continue reading Selling Inherited Property Faster
The single most important thing to get right to sell your house fast is the asking price. Almost every property will attract attention from buyers if the price is right so if you aren’t even getting many viewings, it could be a sign that buyers think your asking price is too high for the size and type of property compared to others in your area.
Continue reading Setting A House Price
Are you looking for joint venture funding for your next property development?
Look no further… we want to talk to you!
We have vast experience in buying and selling and developing property projects. We also have funds available to help experienced investors fund their projects. So long as you have a project with equity and value in it we can fund up to 100% of the costs to build or develop in return for an agreed share of the eventual profits.
Unlike banks and other lenders, we are not giving you a loan we will not carry out credit checks. So long as the project stacks up we will fund 100% of the costs in return for a share of the profits and take our security on the property.
If you can demonstrate you have experience and a sound asset/project we’ll fund up to 100% of the development costs and in return, we’ll agree a share of the profits on completion. It’s that simple
Continue reading Joint Venture Property Investing
Landlords face many problems, most relate to property and/or tenants however ongoing economic and legislative changes have added a lot more things for landlords to worry about. Shrinking returns, increased costs, more rules, more penalties and the prospect of fewer options to end tenancies have resulted in more and more landlords selling some or all of their rental properties.
New Rightmove research indicates 24% of landlords are planning to sell at least one property from their current portfolio, 13% will be selling more than one and 11% report they wish to sell their entire portfolio. This is despite rents being at record levels having increased by 2% in the last year.
We take a look at some of the common problems forcing landlords to sell and how we can help landlords wanting to sell up because of them.
Continue reading Helping Landlords Solve Problems No Other Estate Agents Can Manage
Are All Property Auctions The Same?
ABSOLUTELY NOT – also, worthy of note: not all bidders are the same either – our auctions recognise that.
The method we use to sell property is often referred to as a ‘Modern‘ Property Auction’ (also known as conditional auctions). It is different to many other types of auction (offline and online)f because of what happens when the bidding ends. In a Modern Property Auction when bidding ends the winning bidder pays a non refundable deposit to secure the property but the crucial difference is the winning bidders are given time to secure lending.
Because our auctions are open to private buyers with mortgage funding (not just cash buyers who are often developers looking to buy a property at rock bottom prices so they can make a profit when reselling), our properties typically sell for 10 – 15% more than similar properties sold at auction houses.
Our fees are lower too, (see next section)!
Similar to the ‘sealed bids’ process, in our auctions a winning bid is the BEST offer the seller chooses to accept which is usually but not always the highest bid. Like traditional auctions, all bids are legally binding and the bidding process is transparent so all bidders are kept informed of other bids throughout the process.
Continue reading Property Auctions
What Will Happen To House Prices After Brexit?
A lot of people have speculated about what will happen to house prices after Brexit. The uncertainty has had a dire affect on the housing market with fewer buyers, fewer sellers and sales taking longer to complete. Despite the smaller volumes of trade and slowed growth rate, house prices have largely remained the same with only Scotland showing a small fall in house prices in the months immediately running up to the first withdrawl deadline in March , so why is the market so affected by the uncertainty over Brexit?
Stark Warnings About House Prices After Brexit Have Excited Buyers
There have been stark warnings from the Bank of England’s governor Mark Carney that house prices could fall by up to 30% from their pre Brexit level if there is no deal. He also said that is his job to plan for the worst case scenario suggesting that the pessimism is based on possibility rather than probability. While most industry experts do predict some sort of drop in price following a no deal Brexit, although there are also those who predict no change and those who predict slight increases .
Gauged by the reduced activity in the housing market it seems as though a significant number of buyers are delaying their plans to buy property until after Brexit due to the fear of negative equity if the property values drop significantly.
The buyers most tempted by the prospect of a drop in property costs are those who are not also selling during the same period – i.e. first time buyers, second home owners and buy to let landlords. They represent a significant percentage of the housing market buyers.
Will House Prices Drop After Brexit?
The simple answer is that nobody can know until a plan has been agreed and even then the extent of any affect on house prices after Brexit will also depend on a range of other economic factors including Secton 24, aka The Landlord’s Tax.
The following information gathers together some relevant factors and attempts a logical understanding of the situation. It is NOT intended as any sort of advice.
Continue reading House Prices After Brexit
The problem: Broken House Chains
With over 10 years of specialising in selling property quickly, we do of course know the pitfalls that can derail any house sale – i.e. issues that cause chains to break resulting in everyone involved wasting time and money.
We also know that the average percentage of agreed sales that fall through is currently stands at almost 40% and unfortunately, the number is on the rise*.
* According to recent figures released by Quick Move Now, the number of house sales falling through before completion has risen to 38.8% in Q1 2018 – nearly four percentage points higher than a year earlier and 18 percentage points higher than five years ago.
Of course, any experienced estate agent also knows this but unlike most, we at National Residential do not accept that it is an ‘acceptable risk’ and/or unavoidable.
That is why we have tailored our sales process to minimise risk and maximise success. Our stats speak for them selves – due to our rigorous buyer approval procedures 95% of our agreed sales complete.
Continue reading Stop An Agreed Property Sale Collapsing
Section 24 Means Buy To Let Landlords Can No Longer Offset 100% of Mortgage Interest Against Rental Income.
Section 24 is a HMRC taxation change affecting what costs can be deducted from rental income to calculate ‘Net Profit’ – i.e. the figure counted as income and the figure that you will pay taxed against.
As tax relief drops and tax bills rise, in some cases* the annual sum of mortgage repayments and taxes will be more than rental income minus costs. Some landlords will need to sell at least part of their portfolio to avoid making SIGNIFICANT annual losses.
Chris Cooper of Axe The Tenant Tax said,
“A perfect storm is brewing in the rental market, landlords will either have to raise rents or sell because of the tax rises. Landlords are sleepwalking into disaster”.
According to Landlord Referencing UK, circa. 1.4 million landlords are unaware of the drastic effect it is going to have on their rental income and their tenancies over the next 4 years while RightMove research indicates 24% of landlords are already planning to sell at least one or more properties from their current portfolio in response to the new regulations and tax changes.
* See below for examples.
Continue reading Section 24 – HMRC UK Tax Changes
Buy To Let Section 24 Finance Expenses, Tax Changes
NB. All figures are intended as a guide only. The calculations have not been confirmed by the HMRC however they are based on the formula given on the HRMC guidance – please see HMRC Case Studies re Section 24 Tax Changes
Anyone considering selling their property based on these figures should seek confirmation from their accountants. National Residential cannot be held accountable for any inaccuracies in the information given.
All case studies are based on before 2017 (i.e. before the tax changes come in force) or after 2021 (i.e. after the gradual changes have been phased in).
The 4 phases are:
- 17/18: 75% of finance costs deductible from rental income, 25% basic rate tax reduction for finance costs.
- 18/19: 50% of finance costs deductible from rental income, 50% basic rate tax reduction for finance costs.
- 19/20: 25% of finance costs deductible from rental income, 75% basic rate tax reduction for finance costs.
- 20/21: 0% of finance costs deductible from rental income, 100% basic rate tax reduction for finance costs.
As summarised on Section 24 – HMRC UK Tax Changes, the biggest affect to tax bills will be to people whose income is taken into the higher tax brackets however people whose tax remains the same could find that they lose some benefits as the amount classed as income will change.
As a general rule of thumb, the bigger the finance costs are, the bigger the effect of Section 24.
Continue reading Case Studies of Section 24 Buy To Let Tax Changes
National Residential have been at the forefront in setting standards for selling property quickly and fairly since we began in 2007. We were a select group of industry representatives selected to define a Code of Practice For Quick House Sales Companies to The Property Ombudsman (TPO) and in 2013 we helped set up the National Association of Property Buyers (NAPB) to inform the public of companies that agree to the principles and abide by the practices listed in the code.
At the heart of the code is transparency – see Code of Practice for Residential Property Buying Companies
We believe that selling property using our ‘Modern Auctions’ method adds convenience and transparency to our property sales:
- by accepting a combination of online and telephone bids ensures no-one is prevented from making an offer due to other commitments, inexperience of internet bidding or financial arrangements that prevent us ring fencing funds for the holding deposit until the auction ends.
- all offers (including telephone bids) are added to the auction and our consultants keep all participating parties informed.
Although the process that follows online bidding to secure a purchasers agreement usually takes just 24 hours to conclude it can sometimes take longer and the bidding process is only formally ended once we are sure we have the highest bid, the seller has accepted this bid, and the winning buyer has paid their deposit and has passed the financial qualification process with our sales team.
To complement our existing sales options by providing sellers a faster qualification period and more certainty to the highest bidder at the end of an auction, we are pleased to introduce ‘Registered Auctions’ which will run alongside our existing auctions.
The platform is provided by the ‘Essential Information Group’ (EIG), a secure, independent online auction service provider since 1991.
Continue reading Introducing ‘Registered Auctions’.
How Long Does it Take To Sell London Property?
On average, London property takes longer to sell than any other area of the UK.
According to RightMove’s October House Price Index, top London property takes an average of 86 days to sell and the average for all London property types is 65 days.
National Residential sell all types of London property from 1 bedroom flats to 5 bedroom semi-detached housing. Our top property (with a sale price of £780,000) took only 29 days to sell – that is over 50 days below the average for the same type of property.
During the year Nov 2016 to Oct 2017, the average selling time National Residential took to sell all types of London property was just 26 days compared to the average time other estate agents take of 61 days.
Continue reading London Property Market
We sell property in our 28 day auctions for 100% of their market value – but what is ‘market value’?
Market value is the top price that buyers from a mix of the private and investment sectors will pay for a property. It isn’t always the price sellers think their property is worth and it isn’t anything we can control – quite simply, it is what people want to pay.
There is, of course, more than one way to find the market value – one way is to start high and end low, reducing the price every 3 months or so until eventually it is what someone is willing to pay. On the plus side, sellers can dream big but the negative side of being ‘ambitious’ is potentially long and costly delay in selling your property.
The time it takes to sell a property fluctuates with season, the market, the asking price and regional influences but most people are aware of property that has been on the market for months and months and months…
Some estate agents recommend asking prices that, at best can be described as ‘ambitious’ (and at worst misleading) purely to secure representation.
Continue reading Performance Report for July, Aug, Sept & Oct
NB. National Residential are pleased to announce our new Joint Venture funding opportunities for anyone planning to re-invest their capital in property development. Please see Property Development Funding
As we previously documented in Complications & Problems Selling Rental Property, there are A LOT of decisions to be made and a lot of laws to be considered when landlords decide they want or need to sell their rental property and a lot of it depends on factors that are usually unknown at the start of the process – such as, whether the buyer you haven’t met yet is looking for a private residence or a rental property and whether they would prefer a sale with sitting tenants or vacant possession.
If landlords selling tenanted property choose to leave tenants in situ during the sale it could cause problems showing the property but if they vacate the property too soon, it could cost them thousands in lost rent.
The best option, of course, is to leave sitting tenants in situ as long as possible but not so long that it causes problems. Timing, speed and legal advice are all crucial to getting the best results for landlords selling tenanted property.
National Residential specialise in selling tenanted (& sub-tenanted) property, often with additional complications like short leaseholds or absentee freeholders.
Continue reading Selling Tenanted Property
Problems Selling a Rental Property With Tenants In Situ During The Sale
Selling a rental property with tenants in situ can be difficult in any circumstance because it can add cost (sometimes in the form of losses), risk and complication throughout the process to both the buyer and the seller.
For home owners selling property while tenants are in situ, the potential for problems range from showing interested parties around the property without infringing a helpful tenant’s legal right to ‘quiet enjoyment of the property’; to trying to arrange access to the property with ‘unhelpful‘ tenants; to ‘bad’ tenants putting buyers off through sabotage, unkempt surroundings and resentment; to collapsed sales through problems with mortgage conditions; to the compliance of any tenant to fulfil any state of occupancy at completion agreed between the buyer and seller.
In other words, some buyers might want the tenants to stay while other buyers want them to leave. They can refuse to do either. It’s a risky business.
Added to all that, with the legal implication tenancy types have on eviction options and thereby sales options it’s easy to understand why more sales can fall through selling a property with a sitting tenant and why property with tenants in situ can be difficult to sell.
Continue reading Complications & Problems Selling Rental Property
Waiting to sell your house is undoubtedly one of the most traumatic experiences you can have. Thousands of Homeowners and Landlords throughout the UK have taken the option to sell their house through National Residential rather than wait for possibly months with their local estate agent.
“Success has been built on providing the very best service for people selling their properties. We not only ensure the vendor gets the very best deal possible but we also ensure that all of our business practices are completely transparent. When you concentrate on being a loyal, friendly and courteous service, it’s natural for more people to come to us for help.”
David Coughlin, Managing Director of National Residential
Continue reading David Coughlin, Managing Director of National Residential shares the secrets of his success.
The National Association of Property Buyers (NAPB) was founded in 2013 in response to to the growth in popularity of Quick House Sales companies.
Quick house sales companies differ from estate agencies because they enable members of the public to sell their properties fast by buying them directly or brokering a deal with a property developer – i.e. without promoting them to the public or having to wait for someone to make an offer. Quick house sales companies that buy property directly must have significant funds available to make an instant purchase.
Continue reading National Association of Property Buyers (NAPB)
Help & Advice To Resolve Property Sales Disputes
The TPO provides consumers with free, impartial and independent advice for all types of property sales. Its Redress Scheme has been providing consumers and property agents with an independent dispute resolution service since 1990.
It is a government approved scheme to provide independent rulings designed to achieve a full and final settlement of disputes and all claims made by either party. Continue reading The Property Ombudsman (TPO) Member
The Office Of Fair Trading reported “Quick house sales can be beneficial to home sellers who want a quick, guaranteed and hassle-free sale. Our study has shown this to be a dynamic and innovative sector where some businesses have modified their business models to try to offer a better service to home sellers.“
The Office Of Fair Trading, Quick House Sales Market Study, 2013, http://webarchive.nationalarchives.gov.uk/20140402173245/http://oft.gov.uk/shared_oft/market-studies/oft1499.pdf
Continue reading Quick House Sales – Good Practice Regulations
Anyone trying to sell a leasehold property will know about the drastic affect a short term left on the leasehold will have on its value and the time it will take to sell (even at a very reduced price).
National Residential Can Solve Most Property Sales Problems
If only they also knew what National Residential can do to sell a short term leasehold property for a better price and a fast sale…. If you’re wondering, you could read this article ‘Is a Short Leasehold Stopping You From Selling Your London House?‘ or you could just take a look at a recent example then phone us on 01244 757152 to find out how we did it.
London flat purchased in just 3 days!
Instruction on Friday and completed the next Tuesday!
In June 2017, National Residential purchased a property with a short leasehold in London in just 3 days. The flat’s owner had the combined problems of a very short lease along with an absentee freeholder so had no way of extending their lease to sell on the open market. National Residential stepped in and we completed on the purchase in just 3 days.
Phone now on 01244 757152 to find out how National Residential can help you sell your short leasehold property in just 3 days.