What does the conveyancing process involve?

Buyers and sellers will hear a lot about conveyancing or the “conveyancing process”, but many may be unclear on what exactly this means.

Below, using our experience as the leading independent estate agent in the borough of Redbridge, we aim to outline what exactly the process entails.

Conveyancing, to put it simply, is the legal transfer of home ownership from the seller to the buyer.

The process starts when a buyer submits an offer and comes to a halt when the seller officially hands over the keys.

To begin with, your estate agent will negotiate with the buyer to obtain an appropriate, realistic offer.

When this offer has been accepted by you, the seller, everything gets going.

It is then your job to employ the services of a solicitor or conveyancer to conduct the conveyancing process on your behalf.

Choosing the right solicitor/conveyancer

To avoid any needless delays, it's a good idea to pick your solicitor or conveyancer at the same time you pick your estate agent.

A bit of advance planning and research will help to get the ball rolling without any hiccups.

In many cases, an agent will have links with a solicitor’s firm or a conveyancing company that they can recommend to you.

Question time

Once you’ve made your decision and the conveyancing process is ready to begin, you will be required to complete a range of comprehensive questionnaires about your property, including the TA 6, the TA 10 and the TA 13.

This will also show what you plan to include with the sale (for example, fixtures and fittings, furniture, appliances, etc).

Taking this information, your conveyancer will then draw up a draft contract, which will in turn be sent to the buyer for approval.

There will need to be agreement between you and your buyer about things like the date of completion (this is usually 1-4 weeks after the exchange of contracts).

Also, if a buyer’s survey flags up anything untoward – e.g. significant damp or roof problems – then there may need to be negotiations between you and your buyer over who will mend this.

If this isn’t agreed upon, there may even have to be renegotiations on the sale price. 

 

You must also put plans in place to pay off your mortgage. In order to do this you need to request a redemption figure from your mortgage lender. This is how much you will pay upon completion of the sale.

Exchanging contracts

You and your buyer will already have arranged a time and date to exchange. When this comes around, solicitors/conveyancers from both sides will then exchange the contracts on your behalf.

Exchanging contracts is something that should be treated with the utmost seriousness – once you’re in, you’re in.

Once you’ve exchanged, you have entered a legally binding contract to sell your property.

If you withdraw post-exchange, your buyer can sue. On the other hand, exchanging contracts offers sellers protection, too.

If the buyer suddenly pulls out and doesn’t see the sale through to completion, you will still probably be able to keep their deposit.

It’s also important to mention that, once contracts have been exchanged, you will be unable to accept any offers from other interested parties. 

The waiting game

Unfortunately, completion doesn’t happen overnight and there is often a gap between when you exchange on the contract and when the home is no longer yours.

This gap could be one week, a month or – in some cases – even longer.  Delays and complications, for a variety of reasons, can occur.  

Remember, you still own the home until completion. In other words, the home still legally belongs to you and you are under no obligation to move out right after the contracts have been exchanged.

Nevertheless, it’s probably wise to start preparing with plenty of time to spare. As anyone who has moved home will tell you, packing in a hurry is a recipe for disaster.

You should receive the buyer’s deposit immediately after exchange. It’s normally between 5-15% of the agreed sale price, but it can be much higher.

So, assuming you have sold a home for £300,000, you would receive a deposit of £30,000 once contracts have been exchanged. 

Handing over the keys

The conveyancing process ends, as we said before, when you hand over the keys to your buyers (in reality, you’re more likely to be handing them to your estate agent who will then hand them to the buyer on your behalf).

Upon completion you will get the outstanding balance of your sale price and your conveyancer will hand over legal documents to the buyer, in doing so confirming ownership.

Any outstanding mortgage on the property will then be paid off from the profits of the sale.

After all this, it is then time to pay your estate agent and conveyancer for the work they have done to bring the sale to completion.

As you can see, conveyancing can be quite a confusing and complicated business. That’s why choosing the right estate agent – one who knows the inner workings of the property market inside out – can help to guide you through everything in a calm and unflustered manner.

At Sandra Davidson, we provide exactly that. Our experienced and knowledgeable estate agents will work closely with you, and your conveyancer, to ensure you get the best possible price for your home.

To find out more please contact us on: 0208 551 0211. For a free online instant valuation of your property, click here.   

How to make the most of a spare room when selling your home

When it comes to selling your home, it’s wise to make use of every room. The spare room, however, is too often ignored or locked way – instead of being utilised to the max, it is unloved and neglected.

With a bit of innovation and clever use of space, the spare room can be turned into something special. It can be even turned into a place that could form a major part of your sales pitch.

The spare room is likely to be one of the smallest rooms in the property you’re looking to sell. But, as the famous old saying goes, all the best things come in small packages.

Below, borrowing from our experience as the leading independent estate agent in the borough of Redbridge, we take a look at a few possible uses for your spare room.

Home office

The work at home revolution has gained many new members in recent years, with advanced technology and faster internet speeds making it a viable option for many. As such, a home office will have a great deal of appeal to would-be buyers.

Converting your spare room into a comfortable and relaxing work environment won’t take much time or money. All you need is a good-quality office chair and desk, as well as enough shelf space for books, files and folders to be stored. Pot plants and well-chosen lamps will also help to create a happy workspace.

Home gym

These are all the rage at the minute, as people start to take fitness and health more seriously. A home gym would probably appeal most to young professionals eager to keep in shape, but a wide range of buyers could be enticed by the opportunity to carry out a workout in their own home.

Before you worry about the cost implications of all this, we’re not advocating the creation of a state-of-the art gymnasium with all the up to the minute equipment. Second-hand gym equipment is often in just as good a working order and can be sourced for fairly reasonable prices. Dumbbells, exercise mats and other cheaper gym accessories can also help to successfully convert your spare room into a fully functioning home gym.

Children's playroom

If your target demographic is families with kids, or young professionals who are thinking of having children soon, then this could be a way of turning your spare room into something useful for them.

Children tend to have a lot of toys – and these all need to be put somewhere so the house doesn’t become too cluttered. A spare room is the perfect location for that. It is also somewhere for kids to amuse themselves in a child-friendly environment.

Making sure the décor and furniture in the room is catered towards children – and keeping the room light and airy throughout – will help you to produce a space that could have significant appeal to certain prospective buyers.

Extra bedroom

This is arguably the most obvious choice, but also the one that could bring with it the most rewards.

It could, with a bit of clever planning and use of space, turn a one bedroom home into a two bedroom one, or a two bedroom into a three bedroom. This could make all the difference when it comes to the asking price you set.

Also, some buyers may want to use this extra room to house lodgers, which is often seen as a fantastic way of bringing in a decent second income. This is even more so the case since George Osborne increased the tax-free Rent-a-Room limit from £4,250 to £7,500.

An extra bedroom is also a fairly simple modification to make. Giving the walls a fresh lick of paint and then installing a bed, wardrobe and chest of drawers will help to complete a handy little transformation. 

If you would like more information about making the most of your spare room, or selling your home in the areas we operate in, please get in touch with Sandra Davidson on 0208 551 0211.

To find out how much your property could be worth in the current marketplace, check out our instant online valuation tool.

How to improve the look of your rental property

Tenants want their house to feel like a home. If it does, they are more likely to stay for a long-term, guaranteeing a regular rental income and the avoidance of void periods.

As a landlord, there are a number of things you can do to make your tenants feel comfortable and happy in their surroundings. And they are all things that won’t take much time, effort or money to implement.

Below, we outline a few of these top tips...

Get the right furniture

You won’t necessarily have to buy from scratch; high-quality furniture can be sourced second-hand for reasonable prices. Either way, attractive, modern and stylish furniture will have far more appeal to tenants than tatty, old-fashioned items. Cushions, designer lamps and clever lighting can also give your home a more intimate, homely feel.

Also, it’s important to work out which demographic you are targeting towards and tailor your property accordingly. For example, students and professional tenants are likely to have quite different needs.

Plump for tiles

Easier to maintain and more durable, tiles are cost-effective and a good way of fighting off mould – especially in rooms that are susceptible to it (i.e. bathrooms, kitchens, utility rooms).

You can get tiles in all colours, shapes and sizes these days. It is of course advisable to make sure the tiles you choose fit well with the room they are in and that any existing tiles that are cracked or discoloured are replaced.

Refresh the paintwork

A fresh lick of paint on the walls – blues, creams, whites and pale greens are the most sensible, neutral choices – could make all the difference, allowing your tenants to live in a home that looks brighter and more vibrant. 

This also shows them that you care about the appearance of the place they call home, that shabbiness isn’t acceptable. If tenants feel valued and house proud, it stands to reason that they will stay put for longer. Stable, reliable, long-term tenants are what every landlord is striving for, so you should do all you can to make that a reality.

What’s more, decorating on the cheap could end up costing you more in the long-term, so it’s best to get it done properly first time round.

Decide on flooring

Carpets and wood flooring both have their ups and downs. If you decide to go for carpet, keep it neutral and go for a colour that doesn’t stain easily.

With wood flooring, of course, you will have no issues with stains and it will be easier to clean. Nonetheless, walking on it will create more noise, it will be colder on the feet in the winter months and the chances of things being smashed or broken will be upped.

Make your home look its best

If you are looking to attract tenants to live in your rental property, it will need to look its absolute best to stand above the competition. If you already have tenants in situ, keeping them there will be that much easier if your property is attractive, well-maintained and cosy. 

This can be done in a few simple steps. Give your bathrooms and kitchen the once over to ensure it has that new, gleaming, sparkling look, plump up the cushions in the living room and make sure that garden space – assuming you have some  - is kept in a decent condition throughout the year.

Tenants have a duty to keep the home they live in up to scratch, but as a landlord you have a duty to make sure it doesn’t fall into disrepair or look tatty or uncared for in any way.

If you would like more advice about letting out your home in Redbridge, Chadwell Heath, Ilford or Seven Kings, please get in touch withSandra Davidson on 0208 551 0211.

To find out how much rent you could be charging in the current market, check out our

free and instant lettings valuation tool

Three tips for Redbridge landlords

Being a landlord is far from a walk in the park, with so many things to consider. So, before you start letting out your home, here at Sandra Davidson, we thought we would give you some top tips on how to keep your tenants happy, and ultimately ensure you are a successful and profitable landlord.
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Remain within the law

In the lettings industry, new legislation is being introduced all the time, and it’s incredibly vital that landlords are well-informed.
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You have a responsibility towards your tenants to keep them safe, and since last October all landlords have been legally obliged to fit one smoke alarm on each floor of every property they own, as well as a carbon monoxide alarm in any room containing a solid fuel-burning appliance.
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Since February it has also been mandatory for landlords to check that every prospective tenant has the Right to Rent in the UK.
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These are just two of the more high profile examples of legislation which have come into force in recent times and it's due to initiatives like these that its now more important than ever to choose the right letting agent to manage your properties.

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Don’t be a stranger

As well as keeping on the right side of the law when letting a property, it’s also important that you build and maintain a working relationship with your tenants.  
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When tenants move into your property, it’s crucial you provide them with all of the your contact details – or those of your letting agent.
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However,  remember not to turn up at the property unannounced – give your tenants at least 24 hours' notice if you need to visit.
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Maintain, maintain, maintain

With more people renting than ever before, tenants' expectations are on the rise and this means a landlord who cares about their rental property and values its upkeep is more likely to succeed in the current market.
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If a tenant alerts you to a fault with the property, the worst thing you could do is ignore it. The speed in which you address problems after they have been reported could define a tenancy and its chances of being renewed.
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Fixing maintenance issues promptly will also mean that you won’t be faced with an astronomical amount of work to do should your current tenants leave and you have to get your property in order for the next ones.
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Being cheap and trying to paper over the cracks won’t help either, so ensure you get in the professionals when specific skills are required.
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Ultimately, being a great landlord is about being proactive, up-front and understanding.
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Here at Sandra Davidson, we help to take care of the letting process for landlords, by assisting with anything from completing property maintenance to conducting all-important Right to Rent checks.
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If you would like to find out more about letting property with one of Redbridge’s leading letting agents, then contact our team of property professionals today.
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Alternatively, if you would like to discover how much your property could earn in monthly rents, then why not try out free rental valuation tool?

Crossrail: Why now is the perfect time for landlords to invest in Redbridge property

The London Borough of Redbridge is in the midst of major regeneration and although this East London location is known as one of the capital's most affordable, this could all change in the next couple of years, particularly as the effect of Crossrail begins to take hold.

In case you're not up to speed, Crossrail is a high frequency, high capacity transport infrastructure designed for London and the South East. The line plans to run from Stratford to Shenfield, with the rail service set to run through several Redbridge locations.

Crossrail, which is 70% completed, will have stops at Ilford, Seven Kings, Goodmayes and Chadwell Heath; all located within Redbridge, and locations in which we operate here at Sandra Davidson.

Therefore, if you are considering becoming a landlord, we advise in investing in Redbridge sooner rather than later to avoid burgeoning house prices.

Moreover, getting the initial transaction done and dusted before April will be beneficial to your bank balance as you'll dodge the impending stamp duty charges which will hit buy-to-let investors.

Furthermore, letting your property in areas which will be directly impacted by Crossrail could certainly earn you a pretty penny in the future, with demand set to increase as a wider and more varied pool of tenants will be attracted to the benefits Crossrail has to offer.  

Families have always been drawn to rent in locations within the Redbridge borough thanks to lots of open spaces and brilliant schools, but the implementation of Crossrail will appeal to other renting demographics, too.

Young professionals will want to live close to one of the nearby Crossrail stations as rents are likely to be much cheaper here than in Central London locations.

For example, once Crossrail starts, getting from Goodmayes to Bond Street will take just 29 minutes, and Heathrow will be accessible in 57 minutes.

This is great for both those who partake into the daily commute and local residents who need to travel abroad.

Not only will the introduction of Crossrail attract more tenants and boost the property market, but it could also serve as a catalyst for the regeneration of the surrounding areas.

Currently the average rental price in Redbridge stands at around £1,287pcm. This is just above the average national figure, and is likely to increase the closer a property is located to a Crossrail station.

The local authority, like many landlords in Redbridge, has grasped the potential of Crossrail, and has consequently invested £5 million in transforming the stations’ surroundings – making life easier for pedestrians, improving town centres, and building more affordable homes.

Businesses, too, are flourishing in the area, with 6,500 new businesses being formed in the borough in the last year, according to statistics from inform Direct. This is more than in nearby Newham, Kensington and Chelsea and Islington.

In Seven Kings alone, 499 new businesses were formed, providing more jobs opportunities for its residents.

Here at Sandra Davidson – an estate and letting agent operating all over Redbridge – we have already felt the impact that Crossrail has had on the area, and how it has triggered a surge in tenant demand; music to the ears of landlords.

We’re here to offer advice to potential landlords who are looking to invest in the area, so get in touch with the team of property experts here today!

Alternatively, we also offer completely free online valuations for landlords to discover how much rent their property could generate each month. 

http://www.sandradavidson.com/news/666/Crossrail-Why-now-is-the-perfect-time-for-landlords-to-invest-in-Redbridge-property

How to make your property stand out from the crowd

How to make your property stand out from the crowd

When selling your home, one of the main objectives is to ensure your property stands out from the crowd and is seen above the competition. But how do you go about achieving this?

Using our experience and knowledge as a leading independent estate agent in the borough of Redbridge, we have come up with a list of top tips on how to make your property more attractive to buyers...

Keep it neutral

Yes, kooky, quirky décor and loud colour schemes will appeal to some, but they are likely to deter many more. When it comes to selling your home, you don’t want to narrow your pool of potential buyers in any way, so neutral, low-key colours (white, cream, pale blues and greens) are the way forward.

Bright orange walls might make your house stand out from the crowd, but for the all the wrong reasons. You want your house to stand out because would-be buyers can visualise themselves living there, you don’t want buyers to be turned away at the first hurdle.

Maintain, maintain, maintain

A well-maintained, aesthetically pleasing home will, of course, be more attractive to would-be buyers than one that is falling into disrepair. But this is an area where sellers might get a little complacent, thinking they can get away with a bit of wear and tear without visitors noticing.

Prospective buyers, however, will be eagle-eyed and on the lookout for every little thing when it comes to viewings. Don’t give them a reason to be turned off.

It doesn’t take much to make your home look nice – plump up the cushions, give the property a thorough once over, ensure all fixtures and fittings are in fine working order and carry out all those little DIY tasks that have been sitting on the backburner for the last few months. It could make all the difference.

Also, keep the outside of your home looking spick and span (no clogged gutters, overgrowing gardens or untidy driveways), as this will be the first thing prospective buyers will see. And, as the famous old saying goes, first impressions are everything.

Utilise the portals

The power of the portals – in particular Rightmove and Zoopla – can’t be underestimated. The vast majority of people now head online when it comes to browsing for property. As a result, you need a significant presence on these websites if you want to reach the widest possible audience.

Working with an estate agent that can provide you with nice-looking, well-worded, engaging ads that will appeal to potential buyers is key. 

Get the pictures right

If you want your property to stand out from the crowd, you need to give buyers something to be wowed by. They will respond best to visual images – because we all do – but these images need to be of the highest-quality.

Poorly-taken, grainy photos from a camera phone will simply not cut the mustard. Instead, professional shots showing off your home at its very best should be used.

At Sandra Davidson Estate Agents we are well aware that selling a home can be a stressful experience and we aim to take that pressure away by being with every step of the way throughout the sales process. To get in contact with us, please call: 0208 551 0211.

To check out our exclusive video content, please click here.