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Tips to increase your chances of selling a house

Selling a house, particularly in 2022’s hectic market, comes with a certain level of demand.

Chances are good that you will always attract some interest, but you can’t simply rely on being guaranteed an easy sale.

Potential buyers can be held back, put off, or forced to reconsider a house purchase for a lot of different reasons, most of them, frustratingly, outside your control.

However, there are some things you can do to make the process of selling a house more manageable, enjoyable, and somewhat quicker in the form of some simple house-selling tips.

Tips for selling your house

Not every house sale is the same. Some buyers may be part of a long and complex order of separate house sales and purchases, known in housing terminology as a ‘chain’.

Property chains are common – selling a house typically means buying another, after all – but their absence is very welcome, which is why some house sales are advertised as having ‘no chain’ – meaning the seller can be gone and out of the way quickly.

This brings us to our first tip:

Prepare yourself for a lengthy property chain

As mentioned, property chains can make the act of selling your house a longer one than it often needs to be. Chains can be long and involve many people, yet it only takes one of those people to halt the process for everybody. Chains aren’t solely to blame for a lengthy house sale process that may take several months, though, and sometimes it can be the case that you’re simply waiting for an interested buyer.

While this is time that you as a seller can also make good use of during the period you’re waiting to move into your new home, it’s a good idea to set out knowing that it may not be a speedy process. Accepting this ahead of time can make all the difference.

Know your budget

Selling a house should be profitable, but there will still be costs involved. Selling with the help of an estate agent will involve fees, and there may be Capital Gains Tax to pay on the profit made from your home. There will also be fees to pay for conveyancing and anything else you wish to take on, like a survey on the property you intend to buy.

Researching these costs or getting ideas of some figures from your estate agent can help you set this money aside and avoid nasty surprises.

Tidy up

If you’re advertising through an estate agent, you’ll have to do (or may have already done) some tidying so that they can take the photographs they need to display your property on their website and attract potential buyers. But you may want to go beyond some carefully curated cleaning.

Tidying your house, getting rid of old junk, and dusting down the nooks and crannies can not only help you feel prouder of your house and more confident about letting people in to see it, but it can also help potential buyers visualise what they might want to do with the place.

Open the windows to air the rooms out, de-weed the pavement and garden, and ensure that features like the front-facing windows are clean and presentable. Interested parties who turn up to a clean and well-kept place will also feel more inclined to trust the seller, who in turn has a better leg to stand on if it comes to negotiating an offer.

Consider making some repairs

Some buyers will have keen eyes when it comes to anything that could justify reducing their maximum offer. Remedial work that they’ll need to tackle once they’ve acquired the property is sure to trigger just such an offer reduction, but quite often, these issues could be remedied with some light DIY work.

Consider whether the cost of a tin of paint and some flexible filler is worth it for the sake of resolving cosmetic issues. For larger repairs, the cost may still be worth it for your house sale in the long run. Replacing the old boiler may cost a couple of thousand pounds you didn’t strictly ‘need’ to spend, but it shows buyers that you’re serious about a fair sale – and it can add value to your house.

Research your estate agent

Online estate agents have grown in popularity in recent years but going into your local estate agent’s office means a face-to-face conversation about the services they can provide to help sell your house. Seeing some past successful sales in their portfolio can also give you peace of mind that your house sale will be overseen by an experienced team and treated with the appropriate level of care and attention.

If you’re selling a house in Cheadle, then you want an estate agent that understands house sales in Cheadle; it just makes sense.

Estate agents will want to compete for your business, so ensure you’re getting the best service for your money if you do decide to sell your house with an agency’s help.

Selling your house with Mistoria Estate Agents Cheadle

We know the business of house selling, and our team can help you make your sale a success. Our wealth of experience puts us in the best position to give you tips for selling your house and help you every step of the way with our Propertymark accredited services.

To learn more about selling your house and how we can help, contact us today.

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What searches are done when buying a house?

You can’t be too careful when buying a house.

Solicitors know this better than perhaps anybody else, which is why any house purchase overseen by a qualified conveyancer will be subject to multiple property searches.

Unlike surveys, these searches aren’t specifically concerned with just the property itself and are larger in scope. So what are these searches on a property, and why are they necessary?

What are property searches?

Property searches – also called conveyancing searches – are enquires made about the house you’re buying. They’re made before you commit fully to buying the property so that you’re making a said purchase with all available information and no hidden surprises.

Property searches cover an extensive amount of information and convey pretty much everything you need to know about the house, including the land it’s built on and the surrounding area. This information is helpful for you as the buyer, but it’s also necessary for others in the situation, especially if you’re buying with a mortgage.

What searches are done when buying a house?

The most common property searches fall into three categories: local authority, water and drainage, and environmental.

Local authority

These searches are, fittingly enough, carried out with the help of the local authority relevant to the property. The local Land Charges department will hold information that affects any property in their administrative area and will share this data with the conveyancer when requested.

Local authority searches fall into two further categories: LLC1 and Con29.

LLC1 searches produce results from the Local Land Charges (LLC) Register, with each local authority maintaining its own. This provides information about all sorts of charges against property, including covenants (restrictions or obligations agreed upon in the past), planning permissions, whether the property is or is adjoined to a listed building, and more.

Con29 results inform the buyer of anything that could affect their purchase in the future, like planning decisions, contaminated land, and proposed roads and traffic schemes. The Con29 report is quite comprehensive and gives you a thorough overview of the property’s situation and any surrounding public footpaths.

Water and drainage

These searches will reveal the presence of water and sewerage-related infrastructure, including:

  • Whether a sewer runs within the boundaries of the house
  • The water supply to the property and whether it’s metered
  • Who drains and supplies belong to and who has responsibility for maintenance

These searches will also let you know if you can extend the property without needing to ask the water provider or if you’ll need their permission.

Environmental

Environmental searches can reveal important issues such as:

  • Flood risks
  • Issues with subsidence or landslides
  • Contaminated land from waste or landfill
  • The presence of radon nearby

The information yielded by an environmental search may not prove relevant for a long time, if ever, but knowing the risk associated with land surrounding property is vital for an informed purchase.

There may be extra searches requested depending on the property itself, such as mining searches for areas that have historically been used for coal mining. These searches bring up the locations of any former mines used within a certain distance of the property, as properties have been damaged by collapsing shafts before.

Who carries out property searches?

The searches will be done by your conveyancer, who contacts the necessary departments in local authorities and companies that specialise in carrying out the other searches.

If you’re buying your property with the help of a mortgage lender, then that lender has a vested interest in ensuring there are no issues attached to the property that could complicate matters in the event of something like repossession.

Therefore, your lender will inform your conveyancer what searches need to be carried out before they will release the funds for your mortgage. If you’re buying a property with cash, you’re normally under no obligation to have these searches, and you can take the risk to shirk them if you wish.

Be aware that by missing out on searches, you might save the costs involved for short-term gain, but you leave yourself unaware of any underlying problems with land or any future planning that might affect your property. If you’re buying a property to let, this affects more than just your money.

What do property searches cost?

The cost of having property searches done can vary between conveyancers, as well as being affected by factors like the amount of land involved in a search and the extent to which a mortgage lender wants searches done.

You, as the buyer, will be responsible for the cost of conveyancing searches, and your conveyancer should lay out these costs in addition to the fees you’re paying for their business.

The total cost of searches can range from around £250 to £500, depending on the local authorities and the companies helping with finding information. The most expensive portion of this normally falls under the local authority searches, with approximate cost ranges of each being:

  • Local authority searches: £50 – £250
  • Water and drainage searches: £50 – £100
  • Environmental searches: £25 – £55

How long do house searches take?

Property searches have faced trouble in the past, particularly local authority searches that lack the investment or staff to undertake them swiftly. Some councils have come under fire for taking as long as several months to return searches, significantly delaying the process of moving for everybody involved.

The government is continuing to invest in digital conveyancing services, which will hopefully streamline the process much more than what homebuyers currently deal with (some local authorities still rely on post for this process).

Find out more about property searches If you have questions or queries regarding searches on a property and what they entail for the Cheadle area, don’t hesitate to get in touch with us today.

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Buying a house in Cheadle: What you need to know

buying a house bolton

The Manchester property market is commonly regarded as one of the most competitive in the UK.

A thriving economy and abundant job opportunities keep properties in high demand, which naturally spreads to the surrounding areas in Greater Manchester.

Cheadle is one such location that gains a lot of attention from buyers hoping to buy in and around Manchester, but what should the uninitiated know about this location in their search?

Whether you’re a first-time buyer or simply a first-time mover, here’s a short guide to buying a house in Cheadle.

Why Cheadle?

Cheadle is a village in the Metropolitan Borough of Stockport, placing it among the southernmost settlements in Greater Manchester.

Cheadle itself shouldn’t be confused with either Cheadle Hulme or Cheadle Heath, which are their own suburbs bordering Cheadle. Knowing the distinction between them can a small but helpful advantage in your house hunt.

Cheadle enjoys good public transport links between neighbouring areas as well as Manchester itself, and is a mere four miles from Manchester airport.

The village holds a long history as a settlement in Britain. Those looking to live in South Manchester but still enjoy the peace and greenery of a village that has its own thriving high street will find Cheadle an attractive prospect for a house purchase.

What are house prices in Cheadle like?

Property prices in Cheadle are on the high side when compared to the region of £232,000 wherein average first-time buyers in the UK fall.

According to Zoopla’s property price index, the average sale price of properties in Cheadle over the past 12 months is £353,563.

Terraced houses, which are commonly cheaper than detached or semi-detached properties, still sit above first-time buyer averages at £266,391.

These numbers are collected from 673 property sales over the previous year. Considering Stockport itself saw 2,814 property sales over the same time period, Cheadle alone makes up an impressive 23.9 per cent of Stockport’s property sales for this time period.

This goes some way to showing the level of activity in Cheadle and the competition it is generating. Understanding this level of competition and being prepared for it will help a lot when trying to secure a home in Cheadle.

What do Cheadle house buyers need to know?

Using Zoopla’s 12-month averages for Cheadle house prices – excluding the sale prices of flats – gives an average price of £364,762 for houses regardless of detachment from neighbouring properties.

For first-time buyers looking for a mortgage, this means that a 10 per cent deposit alone will cost an average of £36,476.

Factoring in the other costs of buying a house such as Stamp Duty Land Tax, conveyancing, and surveys, it would be wise to assume at least an upfront saving approaching £50,000 on average for a house purchase in Cheadle.

This will of course vary depending on whether certain services are left out, such as a survey, and the amount of deposit a lender would ideally accept.

Being such a close and significant city, Manchester will influence the housing market in Cheadle in its own ways. Lying within easily commutable distance to each other, many people who work in Manchester will find a home in Cheadle a reasonable distance from their job and so the demand for housing in Manchester spills over into Cheadle and surrounding areas.

The large neighbouring town of Stockport presents another reason for people to search for properties in Cheadle, being within cycling distance of one another.

Investors looking to buy property in Greater Manchester will want to consider Cheadle thanks to the general demand of property in the area coupled with the handsome sale prices of property in the borough itself. 2021 saw the property market in Greater Manchester reach its ‘craziest’ point in two decades.

The North West market reached an incredible high with some homes selling the same day they were put up for sale and others reportedly selling for more than £50,000 their asking price.

In such a hectic market and a focal point for buyer demand, it’s no surprise that people wanting property in Greater Manchester would widen their scope and look to the surrounding areas such as Cheadle.

Can I purchase a home in Cheadle?

Seeing the competition can easily make a homebuyer despair, but the property market often requires a tough mind and a lot of patience.

Those with their heart set on Cheadle may need to be prepared to view homes quickly and offer above their asking prices, but each seller is different and some may consider an offer from one buyer over another for any number of reasons.

In any case, to get the best help and advice when looking to purchase a home in Cheadle, you’ll want to take on the services of an experienced estate agent.

Buying property in Cheadle with Mistoria Estate Agents

Our Mistoria Estate Agents Cheadle office is your solution to the puzzle of buying a house in Cheadle. Our team draws on extensive knowledge of the Manchester property market, giving you the most accurate and honest advice that allows you to make wise decisions and smart moves.

To find out more about buying or selling property in Cheadle, Stockport, Greater Manchester to learn more about our estate agency services, contact us today or speak to a member of our team on 0161 519 9554.

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What Tax Do You Pay When Buying a House?

What Tax Do You Pay When Buying a House

Many aspects of owning property comes with charges and taxes that need to be paid. Whether you’re buying a home for yourself or a property to be let out to tenants, you’ll need to know the applicable tax when buying a house.

How does tax differ from one situation to another? How does the tax on buying a house in the UK contrast to the tax on selling a house? Let’s take a closer look.

What taxes do you pay when you buy a house in the UK?

Stamp Duty Land Tax

When property (or land) valued over a certain threshold is purchased in England or Northern Ireland, you must pay Stamp Duty Land Tax (SDLT), commonly referred to as just stamp duty. Scotland has its own version of this called Land and Buildings Transaction Tax.

Stamp duty is charged by the Treasury, and its name derives from the historical practice of physically stamping documents that proved the payment of the duty.

Stamp Duty Thresholds

SDLT has differing thresholds at which it applies depending on the nature of the property in question. For residential properties, the threshold in 2022 is £125,000. For non-residential properties and land, the threshold is £150,000.

Beyond this, the rate of applicable tax for residential properties is divided into bands:

  • Values from £0 to £125,000 pay no stamp duty.
  • Values from £125,001 to £250,000 pay a rate of 2% of the purchase price.
  • Values from £250,001 to £925,000 pay a 5% rate.
  • Values from £925,001 to £1,500,000 pay a 10% rate.
  • Values over £1,500,000 pay a 12% rate.

If the property you are purchasing is in addition to property you already own, then an extra 3% is added to your rate. This applies for property owned anywhere in the world, not just property in the UK. Non-UK residents also face a further 2% added onto the rates, making the tax for a foreign investor with an existing portfolio overall 5% more expensive on the purchase price.

Note that these rates don’t apply in the same way for first-time buyers as of July 2021. If all buyers involved are first-time buyers on a property valued at £500,000 or below, stamp duty doesn’t apply.

Additionally, you are still eligible for stamp duty even if you are acquiring a property (not for the first time) through means other than money, such as through shares or swapping another property.

If you have paid the additional 3% rate for an additional property purchase, it may be possible to claim that portion back if your original home is sold or passed on (e.g. to your children) within three years of the purchase. For properties sold on or after 29th October 2018, it must be claimed within twelve months of either the transfer of the previous main residence, or the date that the stamp duty return was filed for the new property – whichever date comes later.

For residential properties, once the purchase has been completed, the only tax that remains to be paid is council tax. Council tax is calculated differently in each territory of the UK, and in England is derived from what the value of your property would have been on 1st April 1991.

Paying Stamp Duty

Stamp duty cannot be paid in instalments, and in most cases must be paid as an upfront lump sum within 14 days of the date of completed purchase. It can be paid through online banking, by debit card, or via cheque, but HMRC banned the use of credit cards to pay stamp duty as of 2018.

Some people opt to pay their stamp duty off through their mortgage, for instance if they don’t have the necessary savings to pay it up front. It’s commonly advised not to do this unless absolutely necessary, as it ultimately means an increase to the debt you must pay off.

By including stamp duty with your mortgage, you’ll also end up paying interest on the added amount for the full term. This could end up costing you more than the stamp duty itself by the time your mortgage is winding down.

For the process of actually buying a home, SDLT is the only tax that directly applies to the purchase (assuming you’re not a first-time buyer).

Council Tax

Whereas stamp duty is a fixed amount you pay upon a house purchase, council tax is ongoing and is never truly paid off. You only have to start paying Council Tax from the date of Completion, not from the date of Exchange. The seller is still responsible for paying Council Tax until the date of Completion.

Paying the council tax bill is usually the responsibility of the person living in the property. This would be either the owner-occupiers or the renters in privately rented or council accommodation. Some people are exempt from paying council tax, including full-time students and some live-in carers.

First time home buyers may find it beneficial to understand which council tax band their property falls into when buying a house, and whether their property is in the correct band. In some cases, you can pay less council tax by securing a change in band.

Council Tax Bands

In England, there are eight council tax bands lettered A – H, representing the lowest to highest valuation ranges:

Band A = up to £40,000
Band B = £40,000 to £52,000
Band C = £52,000 to £68,000
Band D = £68,000 to £88,000
Band E = £88,000 to £120,000
Band F = £120,000 to £160,000
Band G = £160,000 to £320,000
Band H = Greater than £320,000

The amount charged for each respective band is set by the property’s local authority, so two houses in the same lettered band will not necessarily pay the same amount. Under the English council tax system, the amount charged for a property in band A will always be a third of that charged on a band H property.

Who pays stamp duty? The buyer or seller?

Stamp duty is purely a tax when buying a house, and it isn’t a concern of the seller.

Capital Gains Tax is a possible tax on selling a house if the value of the property has increased beyond £12,300 and is charged at either 18% or 28% depending on the seller’s income and other financial factors.

Buying a house with Mistoria Estate Agents Cheadle

We understand the ins and outs of paying tax when buying your home. Let us take the stress out of the mounting costs and taxes involved with conveyancing by providing clear, experienced advice to guide you every step of the way.

To find out more about buying your home with Mistoria Estate Agents Cheadle, contact us today.

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Step by Step Guide to Buying a Home

Guide to Buying a Home

Buying a home is one of the biggest steps you will take in life.

With the most affordable mortgage repayments existing on the longer terms of 30 and 35 years, it is not an overnight decision, nor a short-term one.

For first-time buyers, the questions can feel endless and complicated. How long does it take to buy a house? What do we need to be wary of?

House buying is complex, and it can be stressful, but it is ultimately something anybody can do once they’ve secured their funds and made the commitment.

Here we outline some of the most pressing questions together with essential tips for buying a house.

How do I buy my first house in the UK?

First things first – it’s time to shop around.

There are plenty of places to browse houses on the market, and many of them can be accessed with a few taps of your phone screen. Big property sites such as Rightmove and Zoopla list hundreds of thousands of homes that can be searched and filtered to your preferences.

Talking of needs, it’s important to know yours, and identify what you are ultimately looking to buy. Two houses of similar size and location could vary drastically in price for the sake of an extra bedroom, and some houses may have reduced prices owing to the need for remedial work or modernising.

Online property browsing is quick and convenient – and it gives you an overview of the types of available houses in the areas in which you’re looking to buy – but there is still a lot to be gained from taking the route of approaching a high street estate agent.

The benefit of enquiring with a high street agency is that you get to speak with a real person while outlining your needs. You can work with people who know the market first-hand and can provide advice or suggest properties from the agency portfolio that might suit you.

Once you’ve found an available property that you’d like to buy, the process begins in earnest by placing an offer. If it is accepted, then congratulations – you’ve taken your first step towards purchasing a home!

How can a beginner buy a house?

While experienced buyers may be more confident and knowledgeable when it comes to buying a house, there are no real penalties for beginners; you have as much right to view houses and put in offers as anybody.

It may be beneficial to brush up on terms and processes that will be crucial parts of the home buying process. Terms like ‘conveyancing’ and ‘chain’ might be thrown around with ease by agents and solicitors, but it’s easy to quickly get lost when these words mean nothing to you.

The best way to arm yourself with the right knowledge to take a look at a glossary of property terms like ours, to ensure that confusion isn’t the biggest barrier to an informed and confident purchase.

Being a beginner homebuyer could, in some ways, be an advantage when it comes to dealing with the current owners of a home you’re looking to buy. Sellers reserve the final say in who gets to buy a property, and some sellers may be swayed by seeing an eager first-time buyer over somebody looking to expand their portfolio.

There are also some great incentives for beginning buyers, like the government’s Help to Buy and affordable home ownership schemes. Help to Buy ISAs are no longer available, but loans to aid with the cost of a new-build home still exist through these schemes. This does, however, limit you to looking at new-build properties exclusively, should you need one of these loans to make buying a home possible.

Who qualifies as a first-time buyer in the UK?

Being someone who can be classed as a first-time buyer is not as simple as it seems on the surface.

Many first-time buyers are buying as couples – what happens if one of you has owned a home before? Or if one of you has inherited property?

First-time buyer status applies to an individual if they have never owned a property used for living purposes. If one person in a couple has indeed ever owned a home, they will not qualify as a first-time buyer. Despite this only applying to one person in this example, it means that the couple will not quality for stamp duty relief or Help to Buy.

Note that the wording applies to people who have ‘owned’ property before. The phrase ‘first-time buyer’ is slightly misleading in this regard, as people who have owned property they did not technically buy still do not qualify as a first-time buyer. This includes property they have inherited or property that was bought for them as a gift.

Commercial property does not apply, so long as there aren’t living quarters attached. People who own a property for a business but are hoping to buy their first home to live in will still qualify as a first-time buyer.

First-time buyer status is not something that should be sought dishonestly. If you sign a declaration which misrepresents your homebuyer status, you are committing a criminal offence and could pay with the loss of your home. Plus, it’s far too easy to search the UK Land Registry and other places where your name may come up from past purchases.

How much money should you have before buying a house?

Many homes are bought with the help of a mortgage because first-time purchases for younger buyers are often out of the question without one. This means that you don’t necessarily need a huge cache of money set aside to buy a home, but it doesn’t mean your finances are irrelevant – far from it, in fact.

Mortgage lenders will deep dive into your finances, both current and in recent history, in order to make their assessment of whether or not you present a good investment choice.

Different lenders will have different criteria, but it is generally accepted that you’ll need to have several months of payslips or any other proof of income, as well as proof of your outgoings and explanations of what your typical spends may look like.

Overall, lenders will want to get as clear a picture of your financial health as possible. This could also involve credit checks and you may need to explain individual purchases if your advisor wants to know how often you might splurge on purchases.

You don’t necessarily need to be wealthy to be eligible for a mortgage, but you do need to know your own finances and demonstrate sensible spending and good financial health.

Conversely, you may be fortunate enough to have the funds for an outright purchase of a home, which simplifies the process by completing negating the need for a mortgage.

How much your mortgage costs depends on the value of the home you’re looking to buy, how much the lender is willing to provide you, and over how many years you intend to pay the mortgage back. Luckily, you don’t need to commit to a mortgage in order to find out how much you can borrow.

A mortgage in principle – also known as an agreement in principle – is a projection of how much you could be lent with your finances as they currently are. They’re a useful form of proof that either you need to make some changes to afford the home you want, or that you can rest assured that you could get that home in principle (thus the name).

Mortgages in principle are not the same as assured mortgages. There may be other factors that complicate or delay a hard agreement, so take them with a pinch of salt.

Even when a mortgage is signed and agreed, things are not set in stone forever. Mortgages can be transferred between properties, or you may remortgage from one lender to another without moving home. If your finances improve over time, there is room to work with your new level of funds.

Who is eligible to buy a house in the UK?

Many people are eligible to buy property in the UK. Citizens are of course eligible, as are residents and foreign nationals, though there are certain factors that may affect this eligibility in various ways.

Foreign nationals are typically expected to have both two years of residency and a job within the UK. Those who have not spent that much time aren’t necessarily restricted from purchasing a house, but they might face bigger deposits and more checks than resident buyers. That having been said, property value itself will not be changed between citizens and foreign nationals.

Expats hoping to buy a house in the UK can apply for a special mortgage fittingly called an expat mortgage. In function, there is little to no difference between a traditional mortgage and an expat mortgage. Both include lending money for the purpose of purchasing a property, which is paid back in agreed installments.

The main difference with expat mortgages is in the process of securing one. Lenders may see expats as more of a financial risk, and changes in exchange rate could drastically affect how healthy a person’s finances appear on paper.

How big should your first home be?

Not everybody buys their first home at the same stage in their life. Many first-time buyers try to secure homes before starting a family, but others may be looking to break away from renting a property after raising two children into their teenage years.

Your first home should be as big as you need it to be. There is little sense in spending more money and tying yourself into a bigger mortgage for a property with extra room that you don’t need.

The size of house you can secure in the first place will depend on where you are shopping for a home. Places like Cheadle will have a great range of property sizes to choose from, whereas other places in the UK may limit you to a certain number of bedrooms or a certain property size due to price.

There is always room to try and negotiate with sellers and buyers with no chain are often an attractive prospect, so first-time buyers should weigh up the space they need (or will need in future) against what they can afford without hamstringing themselves financially.

Buying your first home with Mistoria Estate Agents

We’ve helped many people secure their first home and we have the expertise to help you too. Our Cheadle office is full of helpful, knowledgeable staff that can demystify the process, providing tips for buying a house and making the process as smooth and painless as possible.

If you’re thinking of buying your first home or just need some early advice, get in touch and chat with us today.

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What is the Cost of Selling Your Home in 2022?

Cost of Selling Your Home

Selling your home can be a complex business, and in 2022 that’s truer than ever.

Despite house prices hitting record highs, selling your home needs more consideration than jumping when you’ve got the most to gain in your pocket.

Of course, selling a house isn’t pure profit.

There is the cost of selling a house in the first place, with fees to consider for solicitors and estate agents as well as the work needed to ensure a home is ready to go on the market.

How much does it cost to sell a house?

The cost of selling a house will always vary from person to person. Even two people trying to sell the same property will likely end up with different costs depending on their choice of solicitors and estate agents.

Ensuring a home is fit for sale can require a fair amount of money being spent, and some costs can emerge after an offer has been accepted. For example, there may be a service needed on the boiler, or a safety check needed on a wood-burning stove.

The average value of a house in the UK in 2022 is around £268,349, as per the latest government data. Property comparison site CompareMyMove puts the average cost of selling a house at around £5,700, after considering average fees from estate agents, conveyancing, Energy Performance Certificates (EPC), removals, and porting a mortgage.

This can range from below £5,000 to over £8,000, depending on individual needs and services taken on.

Of course, certain variables can be reduced or taken out of the equation. You could hire a vehicle for the day, for instance, and move your own furniture. Regardless, there are necessities that cannot be avoided, and invariably you will need to pay a considerable portion to sell your home.

Estate agent fees are likely to be the highest part of your overall cost, with high street estate agent fees a small percentage of the final sale price. Depending on the value of your home, this could be in the high hundreds or the low thousands. Fortunately, these charges tend to come at the end of the process once the house has been officially sold, so it doesn’t require you to save that sum up front.

Fees for selling your house

Fees can accumulate from all kinds of sources.

Let’s break down some of the individual commitments and what they pay for in a house sale.

Estate agents

Estate agent fees go towards:

  • valuing your home
  • marketing your home
  • arranging viewings
  • managing offers and negotiations

Many of these you could theoretically do yourself, but you will be missing out on expert knowledge that estate agents have built up over years working in the property market.

Estate agents also have accounts with the big property websites to get your home in front of as many potential buyers as possible and reputable names will draw more attention.

Buyers that come through estate agents will also have been duly checked and had the source of their finances verified.

Conveyancing

Conveyancing is the legal process of moving a title of home ownership from one party to another.

It’s a complex and document-heavy process that should ideally be done by a conveyancer or solicitor.

Their work will include making enquiries with the local authority and searching for water and environmental factors that may affect the property like drainage, flood risks and historical work that may have affected the surrounding land.

Conveyancing is something else that can be undertaken yourself, but conveyancers understand the process far better than the average person and are not as likely to make oversights in the process.

Conveyancers may also have professional indemnity insurance, which offers them protection from claims of faults by either side in the house-buying process.

You’re likely to pay a conveyancer for every search and service that they carry out. Conveyancer and solicitor fees for selling a house can vary but are never cheap, so as with estate agents, it’s best to shop around.

Removals

Moving furniture from one property to another is probably the most straightforward part of the process, but that doesn’t make it easy as many can attest.

If you’ve already got the muscle, costs of removals can be saved by hiring a van or light commercial vehicle to move the heaviest stuff around and getting stuck in yourself.

If not, a removal company will take away some of the stress by providing the vehicle and handling the loading and unloading of your possessions.

Fee structure will vary from business to business; some may charge a flat fee for the work based on time. Other firms might base it on size and number of boxes as well as number of appliances, or charge per the hour.

EPC

The Energy Performance Certificate (EPC) denotes how energy efficient a property is. It’s a legal requirement to have a one to sell a home, and each is valid for 10 years.

The EPC must be available to potential buyers before the house goes to market, so it will be one of the earliest tasks to check off your list.

Your estate agents will likely handle obtaining a EPC on your behalf, but for DIY sales an accredited assessor can be found using the Gov.uk website.

How much do estate agents charge for selling a house?

Estate agents charge in different ways depending on your property, and there are typically key contrasts between high street agencies and their online-only counterparts.

Online agents, for example, are likely to want upfront payment.

These payments will also represent different packages depending on which services included, while high street agents will tend to include most of what you need to sell a house – ‘for sale’ signs and all.

The payment structure of online estate agents tends to be more ‘modular’, with extras like hosted tours needing extra payment on top of the core fees.

This permits greater flexibility for customers who may feel they can save money by mixing in some of their own work, ensuring they only pay for the things they consider to be too costly or time-consuming.

High street estate agents typically charge at a percentage of the final sale price, ranging from around 0.7% to 3%.

Online estate agents, conversely, after taking upfront payment, sometimes add a small percentage of the final sale price. Fees typically range from £499 to £999.

How much are solicitors’ fees for selling a house?

Solicitors will provide a lot of oversight during a house sale, offering expert advice and communicating with the other party’s solicitor to ensure a smooth exchange of documents and information.

The majority of your solicitor’s work will be involved in conveyancing, which will typically range in cost from around £799 to £1,799.

This will vary depending on how complex the sale of your home is in terms of legal matters and extra details to consider. Conveyancing disbursements are less costly for selling a house than for buying, and will typically include small payments for bank transfers and land registry enquiries.

Some solicitors will offer a fixed fee service for conveyancing – something worth knowing when considering who is best to hire.

What was the average selling price of UK houses in 2021?

By the end of 2021, the average price of a house in the UK sat at £274,712, according to the UK House Price Index.

This is slightly about the UK average for property value for the same year, which was slightly above £270,500.

The average price of a UK house in January 2021 was £249,888, demonstrating an increase of £24,824 across 2021 and a percentage increase of 9.93%.

For December 2021, the annual price change was 10.8%, showing not only growth leading from 2021 into 2022, but growth from 2020 into 2021. The monthly price change was a small increase of 0.8%.

What will the average selling price of UK houses in 2022 be?

The housing market can be incredibly volatile, and events both national and global can take place overnight that send house prices soaring or tumbling.

While it is still too early to say for certain, data from the end of 2021 – as well as UK House Price Index and mortgage approval data from early 2022 – suggest increasing growth, at least for now.

Average house prices showed a roughly 1% increase from January 2022 to February 2022, with the average price increasing by about £5,000.

UK House Price Index data displays an increase from 476.10 points in December 2021 to 477.24 points in January 2022. Year-over-year growth for February 2022 also sits at 10.8%, demonstrating steady growth over the past 12 months that seems to be in the right place to continue.

Challenges such as the COVID-19 pandemic have driven significant growth in house prices over the past two years. While the first lockdowns caused an initial slump in the market, the easing of restrictions in June 2020 saw a big resurgence.

July 2020 saw the introduction of a stimulus in the form of a stamp duty holiday, which allowed buyers to save thousands off their tax bill when buying a home. Observations of the data from around that time suggest that the surge in house prices that followed actually cancelled out the savings, but the effects had already taken place.

With 2022 looking to be a year wherein borrowing becomes more expensive – thanks in part to the Bank of England increasing the base rate from 0.25% to 0.5% and interest rates set to reach 1.25% by the end of the year – it is likely that the market may wind down slightly, with the majority of house sales having taken place.

This may mean a decrease in house selling prices across 2022, but ultimately, time will tell.

Who should you use to help sell your house in 2022?

For a local and trustworthy estate agent to help sell your home in Cheadle, look no further than the Mistoria Estate Agents Cheadle.

We can answer any of your questions on how to sell a house and ensure that you get the best price for the value of your home.

Our experienced team is on hand to guide you through the process and outline our fees in a clear, transparent way.

To find out more about the services offered by our award-winning real estate agency, contact us today.

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Property market continues to boom despite end of SDLT holiday

cheadle property prices

It’s fair to say the housing market is experiencing a remarkable surge at the moment. And in the words of our own agents; people are making up their own prices… and buyers are paying it, and then some!

The unprecedented boom in the price of property has been put down to the Stamp Duty Land Tax (SDLT) holiday, introduced by the Government at the beginning of the Covid-19 pandemic, to keep the market moving during the numerous lockdowns. Nobody could have predicted the impact of this move.

The temporary nil rate for SDLT was introduced in April 2020 when the UK went into its first lockdown, allowing anyone to purchase a primary residential property up to the value of £500,000 without paying stamp duty. From 1st July, the nil rate band was reduced to £250,000 and will be reduced again on 1st October to return to the standard threshold of £125,000 (except for first-time buyers who have a threshold of £300,000).

Whilst potentially saving buyers thousands of pounds on the cost of purchasing a new property, it seems buyers are diverting the money “saved” in stamp duty and putting into the price they are willing to offer vendors. Add into the mix low interest rates, a stagnant stock market, savings made during lockdowns and no overseas travel, buyers suddenly have more disposable income that they are eager to put into a property purchase.

This action has driven up the cost of property to extraordinary levels, across the country. Mistoria’s own estate agents are seeing property selling for 30, 40, £50k more than it previously would have. Sarah Morris-Turner, branch manager at Mistoria Estate Agents Bolton said, “We can’t believe what we’re witnessing in the residential sales market at the moment. Every property that we bring to market we’re having to offer block viewings on due to the demand. From these viewings we’re receiving multiple offers, all of which are over the asking price!”

As original SDLT rates return on 1st October 2021, it was predicted that the end of the SDLT holiday would slow the market but, from Mistoria’s standpoint at least, this shows no sign of happening anytime soon.

Whilst rising prices has made for a seller’s market and boom time for the industry, there are concerns from an agent’s perspective. Morris-Turner continues, “It’s quite challenging valuing property in the current market. Some agents are valuing quite erratically giving false expectations to clients. As agents we have a responsibility to value property accurately, so as not to end up in negative equity. As and when the market dips, negative equity is a real concern for many buyers that suddenly find themselves with a property worth less than they paid for it.”

This call for caution is echoed by Dewi Caughter, branch manager at Mistoria Estate Agents in Cheadle. He says, “Whilst we are currently seeing property sell within seven days of coming to market, and for far more than the asking price, we predict next year may be more precarious for those currently paying overinflated prices for property. Should the market plateau, clients may face negative equity on their mortgages. It will be interesting to see how the market adjusts.”

There’s no doubting the SDLT holiday has done what it was intended to do in contributing towards keeping the housing market moving during the last 18 months of the Coronavirus pandemic but the long-term repercussions of such a rise in the cost of property is yet to be seen.

Cheadle property prices

If you’re considering buying or selling a property, the agents at Mistoria Estate Agents can help you navigate, make sense of and accurately value or make an offer on Cheadle property prices. Speak to our friendly and expert team on 0161 519 9554 or email cheadle@mistoria.co.uk. You can find a Mistoria Estate Agent in Bolton, Cheadle, Liverpool, Salford and Walkden.

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What’s Driving the Current Surge in Property Valuation Prices, and is it Sustainable?

cheadle housing market

2020 was undoubtedly a unique year by any standards. COVID-19 took the world by storm, forcing humanity to rethink its definition of normality and disrupting the global economy profoundly.

In the UK, the housing market was one of the most affected sectors of the economy. The factors affecting this sector include:

  • Brexit
  • The pandemic 
  • The success of the vaccine
  • How businesses will act post-pandemic

However, contrary to many expert predictions, the global pandemic has not spelt doom for the property market. On the contrary, demand for housing has increased tremendously, and it does not seem likely to wane any time soon.

Mistoria estate agents have been looking at the factors driving the surge in property values in the Cheadle housing market and predictions about its sustainability.

What is Driving the Surge in Property Valuation?

The primary reason for the drastic increase in the valuation of property is the chancellor’s stamp duty holiday. The government introduced this tax holiday to maintain stability in the housing sector, and the plan is working well.

The government is keen to maintain stability in the housing sector to avoid a severe crisis, as was witnessed in 2008. This single move has played the most significant role in ensuring that property value did not plummet due to the pandemic.

Additionally, banks throughout the country are being pragmatic and not increasing interest rates for mortgages. This has undoubtedly played a role in increasing the value of properties because buyers are not afraid of seeking loans to finance property purchases.

Moreover, people have been saving more over the past year than they did previously. This behaviour has also played a part in ensuring that the value of property keeps going up.

The pandemic itself has also led to increased valuation of the property. This is because of working from home, which has forced people to redefine what they want in a home.

For many city dwellers, staying at home for days on end led to the appreciation of space in a house. Consequently, many people are looking to move to the suburbs to have enough space to work comfortably from home.

On the flip side, property in the city has seen a drop in valuation, reflecting the decline in demand for homeownership in urban areas. People are no longer concerned about commuting for hours since they are working from home, which further decreases the lure of city property.

Is the Surge in Property Valuation Sustainable in the Cheadle housing market?

According to many financial experts, the value of real property will level off in 2021. This is partly because the stamp duty holiday is set to expire by the end of June, making the transfer of property quite expensive.

However, demand for suburban property is set to continue increasing since the viability of working from home has been tested and proven. Therefore, people are bound to continue with the practice long after COVID becomes a thing of the past. If you want to sell your house fast, this is certainly the time to do it.

Contrary to many predictions, the value of property in 2021 has been increasing steadily despite the pandemic. This can be attributed to government policies as well as consumer behaviour. However, property value is set to level off in 2021 as the dust settles post-COVID.

To find out more, or for help and advice in any other Cheadle housing market related matter, please call us on 0161 519 0554 or use the details on our contact page.

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Stamp duty holiday extension: what you need to know

house for sale bolton

As part of his 2021 Budget, Chancellor Rishi Sunak has announced that the stamp duty holiday will be extended for a further three months until the end of June. For those looking to purchase a property in the near future, this provides much-needed reassurance and an incentive to push ahead with their purchase. If you have a house for sale Bolton based Mistoria Estate Agents have put together all you need to know about the stamp duty holiday extension and how it could affect you.

Stamp duty holiday extension: the details

Stamp duty land tax (SDLT) is a tax on the purchase of property or land in England and Northern Ireland.

Last year, many buyers took a financial hit because of the coronavirus pandemic and began reconsidering their options. In response, the government announced it would temporarily increase the nil-rate band (the amount at which tax becomes payable) to £500,000 until the end of March. This has now been extended to the end of June. After that, it will reduce to £250,000 until the end of September, when it returns the standard rate of £125,000.

How does this affect you?

The stamp duty holiday has boosted the property market as intended, but this has created delays in the purchase process. Through no fault of their own, many buyers have found themselves stuck, unsure whether their purchase would be completed in time to qualify for the stamp duty holiday. The extension has relieved pressure on these buyers and encouraged them to push ahead with their purchases.

For those buyers who don’t meet the initial deadline, the staggered return to the standard stamp duty rate ensures they won’t run off a cliff-edge at the end of June. Providing they complete their purchase before the end of September, they still stand to make a significant saving.

If you have a house for sale Bolton based Mistoria Estate Agents can help

Whilst the stamp duty holiday extension has eased the pressure on buyers, a swift, hassle-free sale is still essential to ensure you make the maximum saving. Mistoria Estate Agents is a professional letting service with many high-quality, affordable properties in Bolton, and our team of experts will seamlessly guide you through the process. For more information, call us on 01204 800 766 or use the details on our contact page.

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How to sell a property in 2021

sell a property bolton

Last year property demand surged, as buyers rushed to capitalise on the Stamp Duty holiday and repeated lockdowns left many people wanting to move. With Stamp Duty set to return in April 2021 and restrictions set to continue, it’s likely to be another busy year in the property market. With this in mind, if you’re looking to sell a property Bolton based Mistoria Estate Agents has put together some top tips…

Make your home look its best

Clean your house and clear any clutter (including the front and back gardens, if you have them). If your property is messy and covered with personal belongings, it can be difficult for a viewer to imagine their ideal version of it, making them less likely to buy.

In addition to cleaning up, you could invest in some home improvements, such as installing a new fireplace or redecorating a room – however, first check with an estate agent if this would be worth the cost. If not, some DIY work, such as hanging new wallpaper or replacing a light fitting, could give your property an edge.

When trying making your house stand out, consider how the pandemic has changed what people look for in a living space. Home-working is now common, and therefore an office is highly desirable for many buyers. If you have one, make sure it’s clearly stated and pictured in your listing, and ensure it’s optimised for working in. Perhaps you don’t have a purpose-built office, but do have the space for one – if so, you might consider transforming it before you sell.

Set the right asking price

Overvalued properties take longer to sell, which in turn creates more problems, because a property that has been on the market for a long time is less attractive to potential buyers. It also reduces your chances of capitalising on the Stamp Duty holiday.

To avoid this, think carefully and research similar properties that have recently sold in your local area. Then, ask some estate agents to value your property. It’s wise to obtain several valuations from different agencies to gain a figure you can be confident in.

Reassess your approach if necessary

If your property isn’t selling, you should try to find out why. Talk to your estate agent about this. Are there any desirable features that aren’t being advertised well enough? Or something specific you can address that’s holding back potential buyers?

Alternatively, you might need a new estate agent. If you’re considering this, it’s best to act quickly – there is often a set notice period you must give your current agent before another firm can re-list the property.

If you’re looking to sell a property Bolton based Mistoria Estate Agents can help

With everything else going on at the moment, selling your home brings added unwelcome stress. We are a professional estate agent in Bolton that’s here to provide expert guidance on how to sell a property in 2021 and beyond. Whether it’s developing a marketing plan or handling all the complex paperwork, we have the experience and knowledge you need. To find out more, call us on 01204 800 766 or use the details on our contact page.