Frequently asked questions
Should I arrange my mortgage before I start looking at properties?
If you know that you will need to take out a mortgage of some description in order to buy a property, we would advise you seek financial advice as a priority. Once you have provisionally arranged for the mortgage funds to be made available to you it is a good idea to obtain a mortgage certificate from the lender. This can then be used to prove to a seller or agent that you have the necessary funds to finance your purchase.
Should I retain the services of my existing solicitor?
If you have a solicitor who you know can work quickly and professionally then we would advise you to keep this legal representative. However, if you have any doubts then feel free to call our office and seek advice from our knowledgeable Sales team, who will be pleased to recommend one of our excellent local solicitors.
Do you take the photographs and do the floorplans?
Yes, we use the latest digital camera equipment and produce professional and accurate floorplans of your property.
Advise on how to prepare a property for the market, to maximise its appeal?
Yes, we are able to inform vendors on all aspects of presenting your property for purchasing. Our team’s advice is based on many years of experience of what buyers are looking for in a new home, and what selling points to focus on.
How long can I market my property with you for?
We will market your property until it is sold or you ask us personally to take it off the market.
How are offers dealt with?
We will provide feedback on every viewing carried out at your property. This will be via phone or email, if requested. Our team member will convey any offers, questions and enquires made by the prospective buyer. If you are not happy with the offer made, we will do everything possible to negotiate a price you are satisfied with.
What happens once my offer is received & accepted?
Once your offer is accepted we will do the following:
- Prepare a memorandum of sale
- Write to all parties to confirm the agreed price
- Ask you to confirm your solicitor's and mortgage broker's details
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.
How long does it take for a sale to go through?
There are many factors that influence the timescale for a properties sale time. In a simple property transaction, i.e. where there is no chain, and where a survey does not reveal anything untoward; the average period of time between an offer being accepted and contracts being exchanged are 4 to 6 weeks; with completion taking place some 4 weeks thereafter. It can take less, of course, and it can take a lot longer - it all depends on the circumstances, and the level of co-operation between the parties involved.
What if I am struggling to sell my property?
The sale of any property is held by four main factors; the price, the agent, the current market climate and the property itself. Assuming that all of these factors are positive, your property should sell.
What about surveying a property?
There are two main types of survey; a 'Home Buyer Survey' and 'Building Survey'. Choosing what type of Survey is correct for you depends upon many things including the age and condition of the property.
A survey should be undertaken and the results taken into consideration before you enter into any kind of contractual agreement. This way, if the survey highlights defects or problems with the property, you are in a position to negotiate the asking price - through your solicitor if required.For further information please contact a member of RNR Sales team on 0118 957 1800
How soon can you have my property on the market?
After your free valuation has been completed, Terms & Conditions signed and an EPC has been produced for the property; one of our friendly negotiators will take photographs and measurements of your property. This information will then be uploaded onto our website, on all property search portals and placed in the window of our town centre, based office. Your property can ideally be on the market within 24 hours of completing your valuation.
What is the difference between freehold and leasehold?
Leasehold: Method of owning property (usually a flat) for a fixed term but not the land on which it stands. Possession of the property will be subject to the payment of an annual ground rent. When the lease expires, ownership of the property reverts back to the freeholder.
Freehold: Outright ownership of the property and land on which it stands. A freehold estate in land (as opposed to a leasehold) is where the owner of the land has no time limit to his period of ownership.
What are service charges?
A service charge normally applies to the purchase of an apartment or flat in a ‘block’. This charge will go towards the up-keep and maintenance of external features connected with the property i.e. communal garden and car park maintenance, paint work to the outside of the building etc.
What does ‘onward chain’ or ‘no onward chain’ mean?
This is a situation that occurs when a buyer is reliant upon completion of the sale of their existing property in order to complete on the purchase of the new property. No onward chain means the seller has already completed the sale of the current property.
How can I find out about local Schools or Nurseries?
By contacting the local Council, they will be able to advise you of the best local nurseries, schools and universities, as well as other local information.
Where can I get a mortgage from?
Mortgages are available from Banks, Building Societies, Insurers, and Financial Institutions and through Estate Agents. If you as a buyer are unsure, please contact a member of RNR Sales who will be happy to help on 0118 957 1800.