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Selling a property with asbestos

Asbestos is a natural fibrous mineral that has been in use within property construction in the UK since the 1930s. It was prized for its resistance to heat, chemical corrosion, and non-conduction of electricity.

It found its way into roofs and around water pipes and electrical wires but was banned in stages, with a complete ban on its usage in 1999. The ban was a result of the carcinogenic properties of the material. Although there have been drives to remove asbestos from many commercial and private properties, there are many sites where it still exists. Identifying whether you have asbestos in your home is essential, especially when it comes to selling. To ensure this is done correctly, hire a trained professional to carry out an assessment.

How to find out if you have asbestos in your home
Where will asbestos be located in your property?
Are you legally able to sell a property with asbestos?
What are the three kinds of asbestos in homes?
Will you need to have an asbestos survey to sell?
Should I purchase a property that has asbestos?
Is it worth buying a house with asbestos?

1. How to find out if you have asbestos in your home.

Any property built-in or before 1999 has a chance of having asbestos within it. The three main types of asbestos in residential properties are white, blue, and brown, which we describe in more detail below.

If you do believe that you might have asbestos in your home, our guide below will help you to identify which type you might have, to help with getting it removed.

2. Where will asbestos be located in your property?

Whilst there is the potential for Asbestos to be in most areas of your home, but below is a list of the most common areas that an investigation might turn up one of the forms of asbestos.

Roof and wall insulation
Ceiling tiles
Artex decorative coating
Vinyl floor tiles
Fireplaces
Roofs & roofing felt
Wall Panels
Water tanks
Pipe lagging
Gutters
Soffits
Exterior window panel

3. Are you legally able to sell a property with asbestos?

There is no law preventing the sale of a property that contains asbestos, but you are legally required to disclose that asbestos is present on the property. If you fail to do so, you risk running afoul of the Property Misdescriptions Act from 2013. However, if you buy a property and later discover the existence of asbestos and the seller had no reasonable way of knowing that it was there, there is not a lot that you can do. Additionally, this should have been discovered by your chartered surveyor.

4. What are the three kinds of Asbestos in homes?

There are 3 main types of asbestos

Brown Asbestos: This form of asbestos is called Amosite. It is particularly strong and was commonly used in cement sheets and for insulation of water pipes and electrical cables. It is very heat resistant.
White Asbestos: Properly known as Chrysotile, it was the most commonly used type of asbestos. It consists of fine fibres and is resistant to heat transfer, thus making it a great insulator. It is commonly found in cement and roofing material.
Blue Asbestos: Blue Asbestos is Crocidolite, a very thin fibred material. The fibres are brittle and can easily break down, which can release a toxic cloud of sharp dust particles that can become lodged into the lungs. Exposure to this dust is increasingly dangerous over time.

All forms of asbestos are a threat to human health due to the release of hazardous fragments as they break down. Due to the health hazard posed, you will require a specialist asbestos removal company to locate and remove any of the material from your home.

5. Will you need to have an asbestos survey to sell?

You do not have to get an asbestos survey done, but it is worth noting that these typically only cost you around £85 to procure. You might be asked to do such a survey as a condition of sale of your property, but it will be up to you whether you decide to go ahead with the sale, though there is little reason to refuse.

6. Should I purchase a property that has asbestos?

The history of asbestos is enough to scare many prospective buyers. Asbestos is a hazardous material that is dangerous to human health, so it is right to be cautious when considering a property with asbestos. It is only dangerous though when disturbed as this can lead to the fibres being inhaled.

As asbestos remains relatively common in many homes in the UK, there is every chance that a property you are considering to purchase may have some asbestos within it. You should not be immediately put off by asbestos, but you must know not to disturb it in situ, and to plan a removal strategy with a specialist.

7. Is it worth buying a house with asbestos?

Whilst it is something to be mindful of, don't automatically be put off if the property has asbestos. There are inherent costs in properly removing asbestos from the property, but this can often be a tool to leverage a better purchase price, therefore making the actual cost of asbestos removal negligible.

If you are looking to sell a property where asbestos may be an issue and you struggle to find buyers, or you are looking for a fast sale, Quick Property Buyer can help. We will carry out a RICS survey and can advise you on the best course of action for removing any asbestos that is discovered and we can then go on to buy your property for cash, completing in a timescale that suits you. Get in touch today to find out more.

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How Does Japanese Knotweed Affect the Value of a Home?

In this article, we will look at the following:

Wait…what is Japanese Knotweed?
Does Japanese Knotweed spread fast?
How do I know if I have Japanese Knotweed?
Why is Japanese Knotweed Such a Big Issue?
Should I call a Japanese Knotweed expert?

1. Wait…what is Japanese Knotweed?

Native to the country of Japan, Japanese Knotweed has become a regular occurrence in the UK. A plant or weed may not sound dangerous or damage-causing, but many types of foliage, Japanese Knotweed in particular, have the ability to cause a significant amount of irreversible damage to your home or property.

Japanese Knotweed was brought to the UK from Japan and given to a garden to display because of its white blooms that pop out during the summer. In Japan, this plant has a natural predator and cycle of life that keeps it from becoming an overwhelming nuisance the way that it has in the UK. The United Kingdom does not have the same climate and natural predators as Japan, so it is not naturally maintained well like it is in its home country.

2. Does Japanese Knotweed spread fast?

Japanese Knotweed began spreading around the UK because of how well it grows and spreads. Ironically, that is the reason it has become a problem in the past decades. When it was noticed how easily it spreads and grows, it was planted along railroad tracks to help diminish noise coming from the trains. The train’s speed and travel was a catalyst for spreading the plant and its seeds around the country. Because of this widespread access, Japanese Knotweed has become a common issue and a problem the country is currently trying to get under control.

3. How do I know if I have Japanese Knotweed?

If you are not sure whether you have seen Japanese Knotweed or not, here are some key features to look out for:

3.1 The leaves are often heart or shield shaped.
3.2 The leaves have a flat base that comes down to a point in either shape.
3.3 Between each leaf, the stems form a zigzag pattern and have easily visible purple spots.
3.4 The main stems are hollow.

4. Why is Japanese Knotweed Such a Big Issue?

Japanese Knotweed has become an issue because of its large range of growth. These plants can grow to span seven meters across the roots. A single plant has the ability to have that large range of root growth. Wherever Japanese Knotweed grows, its instinct is to keep growing and push through whatever is in its way of reach its full grown potential.

This is why it can become such a hazard to home and property owners. If any portion of this plant grows underneath a structure, it will try its best to grow its way through the structure to reach the surface and its number one necessity: light. If your home or patio has weak spots, holes, or cracks, this plant can grow through the structure, causing severed foundational damage.

5. Should I call a Japanese Knotweed expert?

Japanese Knotweed can severely devalue a home and make it more difficult to sell it for what it was purchased for or what the home itself is actually worth. This is why it is so necessary to contact an expert or a professional as soon as there is even a small sign of Japanese Knotweed.

If you have detected knotweed on your property and it is listed on the surveyor’s report, your home value can become almost nonexistent. We here at Quick Property Buyer do not agree and believe that the home should be valued for the quality of the house, property, and location. If Japanese Knotweed was efficiently removed and controlled, there would not be an issue with selling the homes for the price they are worth on land or property the plant is found on.

What is a Structural Survey?

If you’re in the property business, you’ve likely heard of the dreaded “structural survey”; but what exactly is a structural survey? A structural survey is a general home inspection to determine the condition of the property and whether any work needs to be done to it at all.

This includes any problems with the property such as foundation cracks, eroded or loose tiling's, etc. But it also includes general notes and points of interest regarding the house, such as hardwood floors, or double-glazed windows.

While expensive, these surveys are essential for marketing your property. A clean survey will make a property more attractive to a perspective buyer, and it shows honesty on your behalf when it comes to disclosing any potential faults with the home.

Let’s dive a little deeper into the process if a structural survey...

Who conducts a structural survey?
What do you get with a full structural survey?
Do all buildings have to be surveyed?
How much do building surveys cost?

1. Who conducts a structural survey?

All structural surveys will be carried out by qualified surveyors, pertaining to the RICS (Royal Institute of Charted Surveys). All RICS members have professional indemnity insurance, making them the best people for the job.

2. What do you get with a full structural survey?

All structural surveys include:

A full, detailed report on the property
A thorough inspection of both the interior and exterior of the building. And we mean thorough; inspecting every window, door, floor, closet, staircase, toilet, and even the roof and chimney. Essentially, every visible area of the house that a surveyor can physically access. All the while, keeping an eye out for any possible structural problems or concerns.
And, if requested by the owner, a property valuation too.

3. Do all buildings have to be surveyed?

While they’re not an absolute necessity it's highly advised that you have one done before putting your house up on the market; this way you avoid complaints from tenants about any nasty surprises you weren't aware of, after already completing a sale. This could also lead to legal trouble, which is completely avoidable; you would be distraught if you had to spend thousands on legal fines because you didn't do a single building survey.

4. How much do building surveys cost?

Unfortunately there isn't a real catch or answer to this question. It's all dependent on the property itself; most survey companies will charge their fees based on location, size, and the type of house. Surveys could start as low as a couple hundred pounds, but slowly creep up into the thousands if your property is significant in size or in an area of prime real estate. There are three main categories of structural surveys that you can purchase:

Condition report: This is really the most basic survey you can get your hands on. While it may point out some structural flaws it won't go as in depth as the other surveys we’re about to mention. Condition reports are mostly used to determine a property valuation. These surveys start as low as £300.
HomeBuyers Report: While these surveys are a little bit more in depth, they are still not quite as thorough as the RICS. However, they are more thorough than a condition report, making them a nice middle ground for someone who doesn't want to go too basic, but doesn't want to go too in depth at the same time. These surveys start as low as £350
Full Building Survey: These are the most extensive reports available. Full building surveys the type that go round every nook and cranny me in your house, pointing out any possible flaw or probable cause for a tenant to be upset in the future. Of course, they are also the most expensive starting at a base of around £500. But you have to remember these surveys are being carried out by RICS professionals, which is a premium.

If you are ever interested in selling quickly, feel free to contact Quick Property Buyer. We pay for all fees including for the survey.

Location, Location, Location. Why is it so important for homes?

Choosing an ideal location for your home can be overwhelming. There are different pros and cons to various areas and types of areas, so deciding which factors are more important to you than others can be complicated and cause you to move back and forth multiple times between two or three options. Narrowing down what is important to you and sticking to that list when you begin looking at homes can take away the stress once you begin the already stressful process of viewing homes.

Buying a house that you really love, in a location you think you will enjoy, is not the only factor to think about when you are purchasing a home. You primarily need your space to be a haven for you to enjoy, but it also needs to be a wise investment that will sell well whenever you need to move to another location. Location can be the reason someone wants to purchase the home. Whether it is in a new and unique part of town or if it is near their place of work, there are different reasons people are interested in one location over another.

When it comes to a home’s location there is not only one type of location that appeals to everyone. Most likely, if the location appeals to you for one reason, it will also likely appeal to another buyer for the same or even a different reason. Some people value being near stores, schools, work, or parks. Some people like living in a historic part of town. Others may value owning a home in a good school district for their children. Whatever the reason, finding and purchasing a home in a location with some kind of value can assist you in selling your home later.

If for whatever reason, the location of your home was appealing to you and after deciding to sell you realize that it is not as appealing to others, there is a way you can still sell the home despite the seemingly unappealing location. A property cash buyer can help you sell your home quickly. You enjoyed the location of your home and it fulfilled the needs that you had when you lived there. If that location is not as appealing to others and your home is struggling to sell, we can make it happen. We can buy homes quickly and provide you with a competitive price despite the location.

How to Sell a House at Auction â€“ A Useful Guide

The process of selling your house is certainly a tricky one, but quite possibly the most challenging problems you’ll face, is deciding how to sell it in the first place. One of the most commonplace methods of selling a property is through an auction.

But is it worth the risk? Is your property even desirable enough to others that they would be willing to outbid each other for it? And how do you even market a house for auction in the first place?

In this guide we’re going to go over everything you need to know about actioning your house, helping to clear any misconceptions you might have and help you to gain a better understanding of the process.

In this article we will look at:

How do you sell a house at action?
What’s the difference between a guide price and a reserve price?
What are the advantages of selling at auction?
What are the disadvantages of selling at auction?
Things to Consider

1.How do you sell a house at Auction?

The process is a lot easier than you may think, and it works much in the same way as other means of selling, e.g., an estate agent. Similar to estate agents, auctioneers will take a percentage of the profit – often between 2-3%, as commission; therefore, it’s in their own self-interest to make sure the house sells well. The main difference is that the action house does not determine the final selling price, unlike an estate agent.

Getting your property up for auction is really simple and hassle free. The stressful part comes with actually selling the home. Due to the work necessary for an auctioneer to attempt to sell your house, even if your home does not sell, you will still have to pay the fees. This more often than not in the range of £1,200-£1,500 (+ VAT). To get the best out of your action sale, ensure you find a local business that knows your area well, and can adjust their strategies based on knowledge of what does and doesn’t sell in your area.

2.What's the difference between a guide price and a reserve price?

This is an element of auctioning that a lot of first timers seem to get a little confused by or taken-a-back by. To put it simply:

A guide price is provided to buyers through the auction house themselves; it lets them know the price at which bidding for the property is most likely to start. The final purchasing price is expected to be higher, but this gives the buyer an idea of what they’re getting into.
A reserve price is the minimum price that they would accept for a sale. As we’ve already mentioned, if the reserve price is not met, the seller is still liable for the auctioneer’s fees.

3.What are the advantages of selling at Auction?

One of the biggest advantages is how quick and efficient the process is. As soon as the buyer purchases the home, they will have to pay a 10% (minimum) deposit to secure the property. After this, the buyer must then present the full amount of funds within 28 days or the sale will fall through, and the deposit will not be refunded. This is perfect for a seller, as they get money in their pockets immediately, and the property will be taken off their hands as soon as humanly possible.

4.What are the disadvantages of selling a house at Auction?

It’s important to remember that there are two sides to every coin, so it’s only fair that we look at the possible downsides of selling at auction too. But also, how you can get around them.

4.1 Your house is difficult to value – In some cases a property may have a few unique attributes that make it hard to determine a value when compared to other properties in the neighborhood. For this reason, estate agents could undervalue the property in order to encourage a sale. This is good in a way, as buyers who frequent auctions are usually more likely to pay a higher price for distinctive, rare houses; but there’s always a chance that you could’ve received a better deal.

4.2 : Your house needs renovation – A majority of buyers at auctions also tend to be investors and will pay good money for a property that they can quickly renovate before making a swift sale and pocketing the difference. Make sure that your property is up to scratch and doesn’t require major repairs.

4.3 : Your house has sitting tenants – Houses with pre-existing tenants are perfect for those looking for a bargain that can immediately pay dividends in the form of rental payments. If you’re not already filling your property with tenants, get on this right away!

5.Things to Consider

But what about things that you just can’t help? Elements of auctioning that aren’t within your control are as follows:

A house that’s “by-the-books” isn’t appealing to most buyers – as a result, “standard” homes often sell for as little as 40% of their market value.
Auction houses are there for people with a lot of disposable cash, looking for a bargain, whose aim is to buy your house for as little as possible. They’re determined, and sometimes ruthless.
While you may be able to transfer all associated auction fees to the buyer in the small-print, more experienced buyers could pick upon this, and ultimately drive down the price during bidding.

We hope you found this guide useful! Now it’s up to you to determine whether or not to auction your house off to the highest bidder or go a quick property buying company. It’s your choice...

How Do You Sell Your Home If You Have a Mortgage?

Navigating the world of real estate is tricky business. There are so many different processes and professionals to go through when you are purchasing or selling a home. When you buy your home, you purchase it for a reason. Sometimes, that reason is just that you need a space to live and another reason may be that it is time for you to purchase what you currently consider your "dream home" or a home that is perfect for your current needs. But -- if you are simply purchasing a home out of current necessity, your current needs will eventually change. If you are taking the time to find a home that perfectly fits your current family size and lifestyle, you may need to eventually purchase another as your family size changes or you make certain adjustments to your lifestyle.

In this article, we will look at the following:

How Common are Mortgages in the UK
When is it Not Beneficial for You to Sell Your Mortgaged Home?
What Happens to the Mortgage over Your Home when You Sell?
What Does it Mean to Port Your Mortgage?
I Want to Sell My Mortgaged Home. How do I do that?

1. How Common are Mortgages in the UK

Considering the fact that most mortgages last for on average twenty five years it is very likely that you will have to purchase a home, or a few homes, while still tied to a current mortgage. Indeed in 2020, there were 24.2 million dwellings in the UK and nearly 11 million mortgages.

Requesting a loan for a home, purchasing one, and then needing to purchase another while still tied to a loan and mortgage sounds complicated or counterintuitive. It's not, as most people have to purchase a home through some sort of loan and mortgage and then have to move and purchase another while still tied to that home. It's so common, that any lender you have requested a previous loan from, will understand the situation and have advice ready for you. They may give you a green light and tell you to move forward with your home purchase or they may advise you to wait as it may not be the best time to sell your mortgaged home.

2. When is it Not Beneficial for You to Sell Your Mortgaged Home?

There are a few reasons that selling your mortgage home at a certain time may not be ideal. If you need to sell your home out of necessity, you may be able to still complete this process, but speaking with a mortgage broker, estate agent or solicitor would be beneficial so you know the specific needs for your situation.

If the market has changed and the value of your home has been adjusted because of the changing tides, it may not be the perfect time to sell your mortgaged home. If the value of your home has decreased since you took out the loan and you decided to sell your home after some of the value was temporarily or permanently lost, you may have to pay the difference back to your mortgage company. In some situations, they may be able to assist you or make a deal, but very often, this situation is not an ideal time to sell your mortgaged home as you would have to pay back a large sum of money all at once.

If you have not lived in your home very long and have not moved past the lower rates of an introductory payment period, you may not be eligible to sell your home. If you do, you may be subject to a large fee until you move past the introduction payment rates.

If the situation regarding your mortgage has changed or you have not kept up with paying your mortgage, you may not be able to sell your mortgaged home right when you want to. If you have not kept up to date with your mortgage, your credit score has likely taken a hit. This can keep your current lender or future lenders from initiating business with you.

3. What Happens to the Mortgage over Your Home when You Sell?

If you can move forward with selling your mortgaged home and purchasing a new one, there is usually one of two different processes that you will follow through. In one situation, you may be able to pay off the balance of your current mortgage when selling the home. When this is done, you can typically move forward with starting a new mortgage with a new lender or the one that you have worked with previously. In other cases, you may be able to port your mortgage. If you port your mortgage, you can move it from one house to another without having to close the old one and begin a new one.

4. What Does it Mean to Port Your Mortgage?

Porting your mortgage is a transfer of a mortgage. This process can be used so that you do not have to go to the trouble of paying out your previous mortgage and beginning a new one. The ability to do this depends on your specific lender and often your standing with the lender.

Sometimes, when closing out a previous mortgage, borrowers may go to a new mortgage company to begin a new loan for the purchase of their next home. In order to avoid losing customers in the process of transferring from one loan to another, sometimes lenders will allow you to simply transfer the loan of your previous home to the new one. This is all based on your standing with the lender, your credit score, and whether this is even an option that your specific lender usually considers at all.

5. I Want to Sell My Mortgaged Home. How do I do that?

When you begin the process of selling your mortgaged home, it is best to consult with both your lender and mortgage broker. They can help guide you through the process and what will be best for your property. If you can port your loan to your next home, the process may seem complicated at first, but if you can complete the process this way, you will not have to go through the process of paying off your first loan and applying for a new one. If you were not happy with your current lender, you may be glad to be able to start fresh with a new one. But -- many people prefer to be able to roll over the loan and stay with their current lender if they are able to.

If you are attempting to pay off the difference of your loan, you will be able to choose whether you would like to continue business with your previous lender or if you would like to begin a new mortgage with a different lender. The choice is yours and a real estate broker or advisor can help you decide what the best option for you would be.

No matter what you choose -- port your mortgage or pay off the outstanding balance, you will likely prefer to sell your home as quickly as possible and finalize it with a quick sale. Many people prefer to do this as it allows them to move into the next phase of their life as soon as possible. Sometimes, the length that your home is on the market can affect how well it sells overall. Quick sales are beneficial for many reasons.

If you are looking for a fast sale, a cash property buyer can help you move through the process faster than other options. Quick Property Buyer will view your home and give you a top-notch quote and offer. We know that many people need and want to sell their homes as quickly as possible and we can assist with that. If you are navigating the process of how to sell if you have a mortgage, a quick sale with Quick Property Buyer is one way to take that large task of selling your home off of your to-do list.

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What does POA mean?

When checking for property listings, you may have noticed that sometimes the desired price is listed whilst some others will state “Offers in excess of”. You may also, on occasion, stumble across a property listed as “POA”. Read on to learn more about what this listing type is, and why some sellers and agents choose to use it.

What is PAO?
Why is POA used?
POA on online listings
The advantages of using POA
The disadvantages of using POA

1. What is POA?

In property listings, POA means ‘Price On Application’ or less commonly as ‘Price On Asking’. You won’t see a guide price anywhere on such a listing, as the agent is asking you to approach them to discuss the property and its price. This sort of strategy has its place in certain niche situations, which we will discuss below, although it is not always welcome.

‘Offers in excess of’ listings, makes sense to use when buying demand is outstripping available property availability, such as in the current UK property market now that the initial waves of Covid-19 have come under some measure of control. POA functions differently, acting as a method to put a listing online or in an Estate Agent window without putting a firm price. This is not because a seller is trying to maximise potential income, but because for some reason they either wish to keep the expected price under wraps, or the agent and seller are unsure of the properties true value.

Commonly POA is used for a property that is in some way individual in a manner that prevents agents from figuring out an accurate value. Think undeveloped land with or without planning permission, billionaire mansions or derelict properties in affluent areas that might significantly improve with redevelopment but are currently unliveable.

Much like with luxury cars and yachts, listing as POA gives a seller the chance of establishing what the market is willing to bear in terms of price, without publicly giving a price that deters interest due to being overpriced, or proved to be a significant undervaluation.

2. Why is POA used?

Estate Agents work for a commission and will usually only get paid when a property sells. They know that people generally like to know a ballpark price before enquiring. Therefore, using POA as a listing method, which will deter many potential buyers, is a method that is only going to be used in special circumstances. You won’t see it cropping up on regular house listings often.

Estate agents use POA only sparingly. If an estate agent suggests to you that you list your property as POA, make sure they explain the reasons why. Do they simply not know what the value might be? If that is the case, try and ascertain why this is. Land sales are more commonly sold as POA as the land might have, or be able to obtain, planning permission on it that will suit a developer. Incredibly individual high-end properties are also more typically sold as POA, either due to their individuality making it impossible to set a guide price, or because the seller does not want a publicly disclosed sale price.

3. POA on online listings

For the most part, properties are not sold as POA. Visit any online property platform, such as RightMove or Zoopla and you can find guide prices for most property in the country, based on its area, the available number of rooms, extensions and so on. Previous sale prices and known property average price moves are all factored in and can be shown to give you an idea of what you can expect to buy or sell at.

These online platforms work hard to make this pricing accurate, as their visitors want to see the properties that suit them. No one wants to be looking for a 2-bed terrace and be shown a million-pound mansion. Without rough guides, these platforms would become a hindrance to buyers and sellers alike. Just like the Estate Agents that will ferry your property listing onto the platform, they want clear pricing for the majority of the properties shown. POA listings can appear, but they are the least common type specifically because they go against this clarity.

So if your agent is recommending that you use POA to sell your property, it’s best to have a clear idea of why this method may suit you. Below we’ve listed some pros and cons to help you with the decision. Remember, different property circumstances require different methods of sale.

4. The advantages of using POA

4.1 POA Makes your desired sale point private.

For the affluent, or those who are just particularly private about their financial affairs, POA allows you to list your property without prying eyes knowing that you’re the proud owner of a multimillion-pound property, or maybe just a regular £250,000 home that you brought back in 1990 for £25,000. Whilst that final sale price may still end up listed online, it keeps that information just that little bit more private.

4.2 Unusual properties can be honestly priced with POA.

Selling individual or unusual properties can present a challenge for even the most experienced estate agents. Selling via POA allows time for the agent to invite offers and get an idea of what the market considers to be the true appeal and value of the property. If they are swamped with offers, with buyers keen to outbid each other, the agent may feel that holding out for a while longer is in order. Conversely, if the initial offers seem low, but nothing else is coming in, a change of approach may be required.

4.3 POA stops buyers seeing dropping prices

Sometimes house prices slip. Sometimes houses are listed at too high a value. In both these circumstances, the house may not sell and eventually, you’ll need to consider dropping your price. Your agent may well be pushing for this after months with little or no interest in your property. When you agree and have the house price reduced, this reduction shows to the keen-eyed buyers on RightMove, Zoopla, etc. Not only does this signal that you are struggling to get a sale, but it also virtually guarantees that you will receive offers even further below your desired price. With POA, no price was ever shown, therefore no reductions are going to be listed.

4.4 POA has a certain cache.

POA listings invite bidding on a property. If there is a lot of interest, there can be significant financial gains for the seller, and the buyer with the biggest wallet wins the prize. Whilst this will only really apply for expensive properties, or sometimes the big developers if we’re talking about land, the bragging rights for claiming the win can sometimes be enough for the right buyer on the right property.

5. The disadvantages of using POA

5.1 POA Isn’t the norm.

Listing your property as POA is certainly not the route of the average seller. Consider whether your property truly has unusual characteristics that make it hard to value and also make it worth fishing for the best the market can offer. Bear in mind that 99% of the market do declare the price that they are looking to sell for, and by being the 1% that does not, your listing might be off-putting to some buyers.

5.2 POA may scare off those on a tighter budget.

Most buyers will assume a POA property is going to be more expensive than similar properties, simply due to the decision to list it differently. Maybe they are right but, regardless, this may be enough to make many buyers close the tab on your listing.

5.3 POA is an additional hurdle

Having to call or email to enquire after a guide price for offers is going to put off plenty of potential interest. Again, if your property is just like the rest in your street, POA really isn’t for you. We live in an information age and people viewing your listing will want to know everything at all at once, from the price down to the energy certification. By leaving some of this information out, buyers will skip your listing.

5.4 POA creates additional efforts for the estate agent.

POA creates additional work for your agent. Answering price queries on your listing without being able to secure viewings or offers can be incredibly frustrating and this may hamper the relationship between you, especially if you were the one demanding that the property be listed POA. In comparison, if you went for a regularly listed property with your price declared, you can expect any interest received to at least want to request to come and view the property, and getting buyers through the door is the true first step in getting your property sold.

Feel free to contact us here at Quick Property Buyer for a quick offer on your property.

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What Does Sold STC Mean in Property? A Useful Guide

To begin, let’s get a basic definition of “Sold STC”: Sold STC (subject to contract) essentially means an offer has been made on a property which has been agreed by a vendor, but that purchase is not yet legally binding. If something is sold STC, it means the main points such as price have been made between the two parties but the sale is still subject to change.

They’re used more as placeholders while all the legal paperwork is still being arranged. This means the house is still on the market, and you as a prospective buyer, are too. If you spot a house that you fall head over heels for but its sold STC, don’t worry, as you may still have a chance of snatching up for yourself.

But to explain why and how, let’s delve a little deeper into the topic of sold STC houses...

How does Sold STC differ from Under Offer?
Buyers: What Does SSTC Mean?
Sellers: What Does SSTC Mean?
What is the next stage after SSTC?
Can a SSTC deal not proceed to completion?

1. How does Sold STC differ from Under Offer?

Under offer is the stage before a property is sold subject to contract where, typically, the seller and buyer are still negotiating terms (details like the final price, what will be included for that price, extra work being done etc). Sold STC is where the terms have been agreed, primarily the price to be paid.

The biggest take away is though, that neither under offer houses or sold STC houses are actually legally bound to a purchase yet.

2.Buyers: What Does SSTC Mean?

From a buyer’s perspective, Sold STC means that they've had an offer accepted by the seller of the property they wish to buy which is great news. But what’s your next move as a buyer? Well, you should try and push the estate agent to mark the property as sold STC as soon as possible; if at all possible, preferably on the same day that your offer is accepted. You should pressure them to do the same on any market site’s the property is posted on, e.g., Zillow, Rightmove. You should ask them to take it off the market and stop any further viewings. This way, others are less likely to find the property and snatch it from you.

3.Sellers: What Does SSTC Mean?

Sold STC means that you've accepted an offer from a buyer and the property is to be taken off the market for further viewings. You may want to ensure you do this only after your estate agent has received proof of funds from the buyers. This is just in the case your buyer turns out not to have the funds they originally said,, then you won’t lose other interested buyers that thought your property was now off the market.

4.What is the next stage after SSTC?

The legal conveyance with the solicitors for both parties commences after SSTC. All of the finer details and requests of the deal are defined and agreed upon, and contracts between the buyer and seller are agreed. Before exchange, the transaction can fall through at any time and frequently does. After exchange, both parties are contractually obliged to make the purchase. Backing out now will cost both parties and can even lead to legal trouble, so do not exchange unless you are absolutely certain you want to go through with it.

5.Can a SSTC deal not proceed to completion?

Absolutely they can, that’s one of the riskier sides of SSTC. Whether you’re a buyer or a seller, a collapsed deal can have a negative impact on your property buying/selling experience. Not only can it draw out the process (as a buyer or seller), but it can also see you forced to accept a lower offer next time round (as a seller).

So how do you avoid a deal from falling through. Well, there are a couple ways to prevent the issue from occurring.

Prevent Gazundering and Gazumping - The easiest way to avoid gazumping and gazundering is being efficient. Once your sale's been set up, both aprties should be ready to go appoint fast solicitors. The quicker the sale, the less likely there’ll be any issues.
Don't try and hide issues with the property- Be transparent about any structural problems with the property. If you're a buyer, then it’s your responsibility to ask the right questions. It could take quite a while for the surveto to get done and reveal issues which may kill the deal much later than it might have done.
Go for an off-market sale - If you're a seller, you can easily get around all of these potential obstacles by not using estate agents. While there are a few reliable buyers on the plain open market, not every buyer can hold this title. A large majority can be overly picky and also unreliable, especially when it comes financial dealings. Whereas quick property buying companies tend to be far less picky. Ultimately, it’s up to you.

We hope you found this article useful.

Feel free to contact us here at Quick Property Buyer if you would like to sell your property fast, sometimes in as little as 7 days.

Avoid Paying Stamp Duty on an Additional Property

When you are going through the process of selling and purchasing a home, there is a seemingly endless amount of fees and payments you have to make that come out of nowhere. You agreed to pay these fees when you signed a contract to sell or purchase a home, but many people do not understand how many fees can accrue over the selling and buying period. Money is constantly being discussed and purchasing a home is such a large investment that some of these fees are overlooked and just blindly paid for because for many people who are uninformed, that may just seem like a part of what you have to do when you purchase a home.

Buying a home is a long process and involves a long list of people who need to get paid. The government has to be paid as well. Stamp duty is a tax that is required to be paid when purchasing a home over a certain price. For the time being, the threshold for stamp duty is £500,000. If your main home is purchased at a price under £500,000, you currently get to avoid stamp duty. This "Stamp Duty Holiday" is set to hold up until June 2021 and then reduce until September 2021. If you purchase your main home under that price before June 2021, you owe 0% in stamp duty charges. Because of the Coronavirus Pandemic, this date has been pushed back multiple times.

In this article, we will look at:

Stamp Duty on Your Main Residence
Second Home Stamp Duty
Avoiding Stamp Duty on a Second Home
Failed Home Sale

1.Stamp Duty on Your Main Residence

This threshold is the one used for your main home. Your main home is the one you and your family currently or permanently reside. If you own multiple homes, your main home is the residence that is near your children's schools, your place of work, where you are registered to vote, and where the family spends the majority of the year.

There are some ways to avoid paying stamp duty if your time and money is flexible. Or -- you know how to haggle a price.

If you are searching for a new main residence and the price is currently above £500,000, you can attempt to move the price down. If the home is extremely competitive on the market, this might be a difficult task. If the sellers are having a difficult time selling the home, and you are the only offer or one of few, you may be able to get the price under £500,000 by leveraging other factors. If you are able to get the purchase price under £500,000, you can currently avoid stamp duty because the price is under the 0% threshold.
If your time is flexible, purchasing land can be a helpful way to avoid paying stamp duty tax. Purchasing land with future permission to build a home on it means you can have the home of your dreams without paying stamp tax on the property. If you purchase land without a home with intent to make it the location of your main residence, you will be held to the standard of the main residence or first home stamp duty. The price of the land will likely fall under the £500,000 threshold.
If the legal deeds of the home have been transferred to you or you transfer them to someone else as a gift or as part of a will, stamp duty is not required.

2.Second Home Stamp Duty

If you own a second home, the threshold for stamp duty is significantly lower. Currently, if you own a second home over £40,000, you will owe stamp duty. For a second home, the rate is about 3% higher than the main residence.

Second homes are not only holiday houses. People end up owning a second home for many reasons. Sometimes they purchase a home for a retired or dependent family member to live in. If the property is purchased as an investment or a buy-to-let property, it qualifies for stamp duty. If you have a home that qualifies as a main residence and you purchase another home, then that second home will qualify for stamp tax regardless of the price.

If you are selling your main house, purchasing a new one that is intended to be the main residence and you currently own another property that you do not live in, many times stamp duty will not qualify. Or at least it will not qualify up until £500,000. If you are purchasing the new home to be your main residence, you will receive the threshold and interest rate of main residence stamp duty.

3.Avoiding Stamp Duty on a Second Home

Avoiding stamp duty on your second home can be a little more complicated. The threshold for a second home is much lower, so unless you are able to find a home under £40,000, you are likely going to be required to pay stamp duty on the second resident. It is not impossible to find a home under £40,000, but unless you are looking at mobile homes, boathouses, caravans, or other types of intentionally tiny homes, land you might have a difficult time finding a second home under the £40,000 threshold.

If you purchase a second home and pay the required stamp duty because your home did not fall underneath the threshold, there may be a way for you to avoid it if you plan on moving in and selling your main residence within the next three years.

If you end up selling your first home and switching your main residency to your second home within three years or purchasing it, you can request a refund on the stamp duty you paid when you purchased the home initially. In order to do this, you have to file paperwork promptly within the timeframe, otherwise, your situation will not be eligible for a refund. Occasionally items can get mixed up in paperwork and government organisations may not have the full picture of your living situation. If you were wrongly charged stamp tax for not living in a certain home, you can claim a refund if you are able to prove your residency in that home. You can do this by providing your place of work or your children's school registration.

If you are wanting a refund, you can request it online and submit it to the HRMC. They will usually get back to you within fifteen days and state the partial or full amount of refund that you will be awarded.

4. Failed Home Sale

Occasionally, there may be an accidental situation where you unintentionally end up owning two homes. If you are purchasing a home and are a part of a buying and selling chain or you purchase your new home before the sale of your own is finalized, you may end up in the possession of two homes. If the sale of your old home falls through because of a chain or other reason, this could be the case. House sales fall through all the time. It is extremely common and happens more often than you might think. Financials are usually the cause in this situation because the process of getting approved for loans can be complicated and some lenders require certain contingencies from the people they are lending to.

When this happens, you may need to sell your property quickly. If the sale of your home has fallen through and you need a quick sale, a cash property buyer is the perfect person to turn to. Here at Quick Property Buyer we can purchase your home and keep you from potentially having to pay a required stamp duty tax for owning two homes. We will visit the property and give you a price that gives you great value you for your home. The best part is, you can have the cash from the sale in your pocket in as little as seven days. Quick Property Buyer is available to help you sell your home quickly and avoid the burden of stamp duty tax.

How and Why Selling to a Cash House Buyer Is Best for You

It’s far from out-of-the-ordinary for homeowners to turn their nose up at the prospect of selling their property to a cash house buyer; but the snobbery and reluctance towards this option of house-selling is often unwarranted.

Cash house buyers are the perfect option for many prospective house-sellers out there, but why is that exactly? Why might selling to a cash house buyer be your best option? And how does this method compare to selling through a traditional high-street estate agent?

Let’s take a look...

No Nasty Surprises – A Lack of Hidden Fees
Fast as Lightning – Speed
It’s Tough Out There – Your Property is not Selling
It’s Complicated – Financial Difficulties
Gone for Good – Repossessions

1. No Nasty Surprises – A Lack of Hidden Fees

Selling through an estate agent can produce double the paperwork compared to selling through a cash house buyer, and it’s often within the small print of that paperwork that some sellers are caught off guard. Some estate agents like to throw in some pretty nasty hidden payments which can really bite you in the backside after an already lengthy and pricey process.

One of the greatest advantages that comes with working with cash house buying companies, is the efficiency and lack of surprise payments. It’s a lot more beneficial to both parties if the process goes swiftly and smoothly; they give you a price, you can take it or leave it. Any additional costs are covered by the company and before you know it, you’ve got a hefty heap of bills heading straight to your pocket.

2. Fast as Lightning – Speed

Anyone who has been through the process of selling your house through an estate agent knows that the turnaround isn’t exactly quick; the process can take weeks, even months, but not with cash house buyers.

As we briefly mentioned earlier, it’s in a cash house buying company’s best interest to get the transaction done swiftly, so there won’t be any dragged out dealings when working with them. They can sometimes complete in as little as 7 days.

3. It’s Tough Out There – Your Property is not Selling

Sometimes, for no clear reason, a house just might not be selling, even after being up on the market for a long period of time. If you’re looking to sell your property as soon as possible then it’s not worth waiting potentially months to even receive an offer.

Cash house buying is a great option for those properties which just can’t seem to sell through a traditional estate agent. They’ll purchase almost any house, regardless of its condition, as long as it has the opportunity to turn a profit in the future.

4. It’s Complicated – Financial Difficulties

Unfortunately, a lot of buyers and/or agencies don’t offer much sympathy for any difficult personal situations you may find yourself in such as divorce, becoming a widow/widower, etc. And as such, a lot of the paperwork and documentation can prove a hassle and may cost even more to complete.

Cash house buyers, while not necessarily any more sympathetic, won’t charge you more for any personal situation you may be in; it’s simply the property they’re interested in. They can be flexible and are not boxed in to only dealing with certain circumstances. If you are in financial difficulties and need funds fast, cash buying companies can come in very useful.

5. Gone for Good – Repossessions

Debt is a problem faced by many across the country and the world and becoming behind on payments is not uncommon. However, if you fall too far into debt, it could prove extremely difficult to get out. Selling your property may be the most feasible option to get out of debt, but estate agents certainly don’t make it easy to do so.

Cash house buyers make the process simple and get the cash to you quickly and efficiently, helping you start a new in no time.