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What does a Surveyor look for?

What does a Surveyor look for – When surveying a House?
When surveying a house, a surveyor looks for stuffs like quality of the materials used in the construction of the building, structural damage, maintenance & workmanship quality. There are two types of surveys: Full Structural Survey for bigger or older buildings and the Homebuyer’s report for smaller, newer houses.

What Surveyors Look For Inside a House – When buying property
Here’s what Surveyors check for –
You can add this to your list of things to spot when you go for a viewing, even when it’s a discounted property:

 Surveyors Look For Inside a house when buying property
* Cracks in walls or ceilings.
* Check internal walls for signs of damp – tell-tale signs include mould, flaky paintwork and peeling wallpaper. Another sure sign is if the wall feels damp to the touch.
* Problems with condensation – most common in kitchens and bathrooms.
* Check woodwork for holes bored by woodworm
* Beware of internal woodwork which is crumbling. This could be a sign of dry rot.
* Look in the loft/attic – check for signs of daylight showing, and whether there is adequate insulation (around 200mm).
* Check the plumbing particularly the water pressure since poor water pressure could be a sign of potential plumbing problems.
* Check for springy floors – feel free to bounce up and down.

What Surveyors Look For Outside a House – When buying property

Surveyors Look For outside a house when buying property

* Check the brickwork. If the pointing is in a poor state, then damp will get in. Also check for staining in corners or below gutters.
* Check if the buying property has a damp-proof course. An older property may not have a damp-proof course – so you then need to ask the owner what measures have been taken to prevent rising damp.
* Check the roof. Ensure there are no missing tiles, and that the roof line isn’t sagging. Check the state of the guttering is not missing. With a flat roof, check for cracks or bubbles.
* Check the chimney to make sure the pointing in the brickwork is in good condition.
* Check for cracks in external walls. Large cracks may mean subsidence.
* Check if the drains are blocked or damaged.
* Check for cover-ups – such as where paint or render has been applied.
* Check for large trees near the property – roots may interfere with the foundations.
* Check doors and window frames for signs of rot.

Where Can I Find A Surveyor?

You can usually find a surveyor through recommendation from your lender, solicitor or property agents or property specialists. It’s important to use a qualified surveyor. If you can sometimes combine the mortgage with a survey, then you will have to use one from the lender’s approved panel.

However, particularly if you are buying a BMV property that’s been neglected – or one you suspect has been patched up – it’s also advisable to have an independent survey done. Even if the house seems in good condition, it could be money well spent. Either way, ensure the surveyor is a member of the Royal Institution of Chartered Surveyors (RICS), he or she will have the qualification MRICS, FRICS or TechRICS.

A property specialist buying agent like Propsavvy can insure any property you purchase has an independent survey conducted by a RICS surveyor. Usually they will cover this fee and make sure you receive the survey report direct for you to review the surveyor’s findings.

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Is it better to buy a property in the UK or rent?

Before the current problems with the UK property market began, the rent versus buy question wasn’t really broughtbuy a property in the UK or rent up. Simply because the mindset was, ‘if you can afford it and you’re going to stay long enough to recoup the transaction costs you buy’.

As a society, the belief was that house buying was simply what normal people do. Home ownership has traditionally been what everyone dreams to do once they have a stable job and family. Anyone not wanting this was assumed to be either transient or not able to measure up financially.

Financially, house buying was never better because over time the value of your home would escalate.

The housing crisis changed all of that.

How should you choose?

If ‘’not buying a house’’ for fear of falling prices makes sense then it also makes sense never to buy something such as stocks, since they also have the ability to decline. That’s not good logic for either stocks or houses. What falling prices of any kind teach us isn’t that it’s nonsense to buy – it’s that it’s nonsense to speculate. You will never be able to speculate what happens in the UK property market, and those saying they know are just guessing.

Here are a few rules to consider if buying in the UK:

1. Buy only if you’re confident you’ll be staying for at least five years:

That’s because buying property in London has very high transaction costs, the longer you own it, the more likely you are to make money from it.

2. Hope for appreciation, but don’t count on it:

You’ll gain equity in your house by paying off the mortgage, especially if you have sourced the best mortgage deals. You’ll gain additional equity via appreciation over time. But the beauty of a house is that it’s an asset that you live in. Making a home into something that reflects you isn’t something you can take to the bank, but it is rewarding.

3. Be your own boss:

The average house in 1950 was less than a few square feet. Today it’s more than twice that. Whatever you decide to buy, you’re going to have to furnish, heat, cool, and maintain. With renting the landlord has to deal with this, this may seem like an advantage but you are likely to hear many stories of tenants whose living qualities haven’t been met, whereas, with the help of buying agents, you can successfully monitor the maintenance because you live there.

4. Wait until you’re ready:

If you have bad credit and as a result are forced to take on a high-interest mortgage it will cost you considerably over the life of your loan. Also, the more money you put down the less you borrow and the less risk you take. Instead be patient and wait for a while, so you can take advantage of the best deals.

Consider the factors above. If you don’t feel that you’re ready to own there’s certainly no shame in renting. But if you do feel like you’re ready, it would be a fantastic idea to go for it.

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Buying a Home in the South West

House buying
From Southgate to Stanmore and Ealing to Bromley, purchasing a house in the South West is characterised by street after street of 1930’s houses. These buildings may not be packed with period features like their Victorian and Edwardian predecessors. They tend to have large practical features such as large light rooms, bigger plots, off street parking and garages that can easily be converted into additional living spaces. For these few reasons they are in as much in demand now as when they were first built.

Worchester Park is a case in point. Situated between Sutton and Kingston it contains the whole spectrum of 1930’s properties, from compact terraces upwards. Although the town is fairly small and has a single KT4 postcode, it actually spans three boroughs, Sutton, Kingston upon Thames and Epsom and Ewell. Some boroughs boundaries fall in the middle of residential roads, which can lead to strange anomalies – for example, rubbish collections on different days and higher costs for dropped kerbs depending on which side of the street you live.

The speedy rail link to Waterloo is a major pull for first time property buyers to the area, with journeys taking up to 24 minutes. Worcester Park is in zone 4 and an annual travel card covering zone 1 costs £1,672. The station is at the northern end of the local high street Central Road, with its mix of shops and eateries. With well-known names such as Waitrose and Costa Coffee both showing signs that this is an area on the up.

There are some modern blocks and older buildings and maisonettes for sale tucked behind both ends of the high street, in Donnington, Moreton, Longfellow and Washington Roads, convenient for shops and stations. No large-scale developments are underway but demand is high for resale at The Hamptons, a scheme of New England Style Homes of various sizes from St James.

Prices in this area are competitive in comparison to their surroundings, enabling home buyers with a flat to sell to trade up to a house. One bedroom flats costs around £160,000 to £180,000, although The Hamptons is more expensive with prices starting at £225,000. Two beds flats are up to £220,000 and three bed terraced housed £340,000. Rental demand is high and investors can let a one bedroom for about £850 a month. So why not try exploring this South London area – there are heaps of surprises inshore.

If you need professional help finding your desired property type in your chosen area you should employ the services of a professional buying agent to do the work for you. These types of companies can substantially increase your chances of finding your dream property and also remove the hassle, cost and risk of going it alone.

Resources:
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Guide to getting on the Property Ladder

Despite all the doom and gloom, fear not, as there are still a range of different ways which enable first-time buyers to get on the property ladder. House Buying

1. Save

Granted, this old fashioned method isn’t as easy as it once was due to increased levels of rents, but it is still achievable. Saving money on rent will give your savings that much needed boost and, if you are prepared to put in the extra work possibly a second job will help you extend your savings even further.

2. Borrow

Looking for the best mortgage deals is also essential to getting on the property ladder. Increasingly, mortgages are available over longer terms, so it is getting easier to find ones that are suitable for you. You will of course be paying thousands of pounds extra in interest – but you could remortgage later to a shorter term.

3. Borrow from Parents

Your Parents are aware of how difficult it is at present to get into house buying, and are also aware of how easy it was in the past to get onto the property ladder. If they are willing, they can aid your property purchase by possibly matching your savings to put towards a healthy deposit, or becoming a guarantor, to help you get the best mortgage deals. Put simply, this means that should you miss a monthly repayment they will be able to help make up the difference.

4. Buying with someone else

Buying a home on the UK property market with someone else, can easily help you save your money more quickly than if you did it on your own. You will therefore increase your deposit and reduce all of your monthly outgoings. Specific mortgage deals are currently available with this buying method, but there is no reason why a traditional mortgage wouldn’t be suitable– meaning that your co buyer wouldn’t automatically inherit your half of the property. Make sure that you have a secure contract that you read thoroughly, and are looked over by a respected solicitor, covering both of you. Make sure to also look into something known as the ‘Deed of Trust’ which will enable you to know which one of you holds a particular percentage of the house buying property.

5. Instruct the services of a professional buying agent or property specialist

Unfortunately the UK property market is not created in the interest of property buyers. This is bad news for first timers and investors alike because estate agents, once the pillar of the uk property industry, ultimately work for sellers (vendors) to get the best possible price when selling because they earn their money form commissions paid on the sale price so it’s in their interest to sell buyers property at the most expensive price possible however the rise of professional buying agents who work for and on behalf of Buyers to save them as much money as possible have become a viable option in the pursuit to own your first property!

If you are still unsure about whether you’re in the position to purchase a UK property talk to someone at PropSavvy and we can guide you through your finances and the processes to show whether you can afford to climb onto the property ladder.

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Why choosing a BMV Property is a Fantastic Investment

BMV Property
Many people are choosing to make financial investments because in these dire times they know things such as gaining interest on their savings in a bank account or relying on a pension is not going to offer them the type of security enjoyed by our parents and those of yesteryear. More and more people are choosing to invest their money in property. Yes, even with the difficulty of getting a mortgage in tough times, people still opt to invest in bricks and mortar as a sure long term investment. There is always the opportunity to make money long term especially due to the current house price slump meaning (depending where you’re buying) houses are relatively cheap compared to what they have been which means that, with the right help, you can get a fantastic bargain with BMV or discounted property deal.

The UK property market will undoubtedly begin to pick up again, which means that you can benefit from capital appreciation and sell your property for a profit at the right time. Property is such a great investment as you can make money from it almost straight away which means it’s not only an investment but it can become a business too with many individuals becoming full time property investors. A great way to make money from a property you have invested in is to rent it out. If you are renting out a property you may be able to afford to save up for a deposit for a mortgage so that you can purchase another property to rent and so forth. Due to the UK property market being very slow more people are choosing to rent as they feel it’s the only way they can afford to move out rather than moving back in with their parents.

Without the services of Property Buying Agents, it is very difficult for the average person to afford to buy a home of their own and so friends are choosing to live together so that they can have their own space like they are used to.

One of the best ways to purchase a property for investment is by choosing a Below Market Value or BMV Property in UK. Also known as discounted property these there are many reasons why someone may be willing to sell you their property at a discount. Ill health, financial difficulty, immigration, probate, divorce are just a few reason why someone with enough equity in their property may be motivated to sell quickly for a discount. A discounted property does not necessarily mean it will be in a poor condition even if it is repossessed, and if you employ the services of a professional buying agent most of which are in very good condition. These properties can be rented out almost straight away for very little additional cost, saving you time as well as money.

You should take the time to consider the area, style and type of property you can purchase. You must also have realistic requirements and look at property which you can actually afford to purchase and maintain in a worst case scenario in terms of investment along with its rental potential.

Investing in the UK Property market is a fantastic investment because it gives you many different options, if you choose to invest your money into something like the stock markets there’s a much higher risk of losing your money and all of your savings could be down the drain in moments. Whereas, as mentioned before, the UK property market is a cycle, which due to the basic factors of a growing population which unfortunately has a substantially greater demand for property than the available supply of property. This one powerful factor dictates that property prices will always increase over the long term and if you sell at the right time you could enjoy substantial profits.

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Questions you should ask before buying a home?

Buying a House
Questions you should ask before buying a home?

Buying a house, especially for the first time, can be an extremely exciting prospect. You could possibly be making the transition from renting or have saved up a considerable amount of money to put towards a deposit. Regardless of your reasons to buy your home, there are key decisions you need to make before you even start looking.

The following has been devised to give you an idea of what you need to think about before making any decisions on purchasing a home:

1) Can I afford to buy a home?

An obvious and important question. You of course need a considerable amount of money to buy your dream home. It’s likely that if you are reading this article, you have an indication that you can. Or you possibly have a budget in mind. Most mortgage lenders calculate the amount they are prepared to lend on your total household income. They will look at your financial commitments such as credit card payments and utility bills, focusing on how much you have left over to pay the mortgage back.

Purchasing a home is likely to be one of your biggest financial commitments, so you need to know you have formulated a realistic budget. Don’t stretch your finances so much that you can’t afford to do anything but pay your bills. Attempt to make cutbacks where you can and don’t forget to consider the set up costs.

2) Who do I contact?

Locate a property solicitor to help you carry out the legal processes of the house buying process. They will draw up contracts and papers that will protect you if your situation changes. For example, if you are purchasing a house with a friend, a property solicitor will construct an agreement contract in case either one of you decides to leave in the future.

3) What is the right mortgage for me?

A mortgage is essentially a loan. You need to pay back the amount borrowed to you in addition to the interest charges. Your mortgage lender will discuss with you what options you have, depending on your budget. There are a few incentives offered by several mortgage lenders so it is a good idea to understand the basics. These include: early repayment charges, opportunities to pay more towards your mortgage to reduce your balance and cash back options. It can take a few weeks to arrange a mortgage so don’t delay, but do choose carefully for the right one that suits you. If you are using the assistance of a specialist buying agent they should insure that they are fully aware of your requirements to insure your mortgage is arranged promptly.

4) Where do I want to live?

The area you choose to live is almost as important as the budget itself. As mentioned earlier, purchasing a house is a large financial commitment and so you want assure you can see yourself living there for a while. Although you might not realistically be able to buy your dream home straight away you could think about essential features such as: transport links, proximity to schools, off street parking, central heating and so on.

About the Author:

Finding the right type of property in your chosen area can be an extremely time consuming and fruitless process when doing it on your own. I’m John Savvy and I run Propsavvy.com to assist the first time buyers and investors alike to buy property in their chosen area with amazing efficiency whilst saving tens of thousands of pounds in the process.

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Making an Offer on a UK Property

Buying a property in UKWhen you are confident you have found the right place property you can make a formal offer on it. If you are dealing with a professional property buying agent instruct them to take control of the buying process to save you time an hassle and insure the best possible price when buying alternatively if you are dealing with an estate agents you may be given the option to pay a holding deposit to the estate agent, held on behalf of the buyer until it is time to exchange contracts. This will be refunded if the seller pulls out of the deal.

You will need to fill out a formal application to your chosen lender for a particular mortgage. The lender will need information about the property and yourself. They will make checks that will consider whether you are able to pay off the loan off a long period of time and that the property is in a good condition. This is usually assessed by a qualified surveyor.

What does a surveyor do?

You need to know you are getting good value for money and your lender needs to be certain the property is suitable security for a mortgage. The lender will commission someone to evaluate the property. The valuation isn’t particularly thorough so you need to consider a more detailed inspection, a survey called a Homebuyer’s Report will do this for you, or if you want to even more meticulous a full structural survey. The Homebuyer’s report gives a good general overview of the property. A full structural survey goes into more depth and is advisable for considerably older UK properties.

Advance

The lender will make a mortgage offer based on the valuation of the property or the purchase price –whichever one is lower. Once you have agreed to this offer the legal procedures need to be completed before the property finally belongs to you.

What is the role of my solicitor

The main job of your solicitor will be the legal transfer of ownership of your new home. Before engaging with any solicitor, ask them first how much they will charge for their service and then shop around for quotes. The cheapest deal isn’t necessarily the best as these can sometime have an impact on how well the solicitor does their job well.

When contracts have been drawn up and agreed and your solicitor has received your mortgage offer, then contracts are exchanged. At this point the price is fixed and the purchase is secured. A 10 per cent deposit is normally required at this point, but this is negotiable if, for example you are borrowing more than 90 per cent loan to value. When you finally own the property, it is usually one month from the date of exchange, but it can be shorter or longer depending on what both parties agree.

The feeling of purchasing your own property is indescribable. Making an offer and it being accepted is a long process, but well worth it if you go by it in the correct manner. All you need to do thereafter is to move, which in itself can be an even bigger worry.

Author Bio:
John Savvy is a professional buying agent working on behalf of property buyers & assists them in climbing the property ladder. If you need any assistance to buy property in UK, I’m always there at your service. You can contact me @ 02085175550 or else visit: www.propsavvy.com