Q: When is a sold house not a sold house ?

A: When your agent thinks an accepted offer is the end of the sales process not the beginning!

We all know the sales process is fairly straight forward, the right property, valued at the right price ( just to mention our valuation record is 100% accurate) with good photography and marketing will pretty much sell itself to a certain extent …

The benefits of using a reputable, credible, qualified, experienced and tenacious agent all becomes very obvious once the offer is agreed and the hard work of seeing the sale through to completion actually starts.

Here at Cross Keys, we are well aware of that and all take a proactive role in the sales progression, making the journey as smooth as possible for all involved.

Spending time in the offices of the local solicitors, we recommend and work with, has definitely benefitted every member of our team and given them not only a thorough understanding of the conveyancing process but also the confidence and ability to deliver the result everyone is working towards.

Sales progression is rarely smooth sailing but occasionally hits very troubled waters which is where the need to be tenacious and not give up really comes into play.

This happens more than we would like but after the blood, sweat and tears have faded and our vendors and buyers have all moved on, it sometimes becomes apparent that this was actually a rewarding journey and never more so than when it’s acknowledged and appreciated by the people involved.

One such instance is highlighted in the review below left for one of my amazing colleagues recently:

I would like to express how incredibly grateful we are to Cross Keys for all your help and support throughout the whole sale process of our parents’ house. I initially met Jack at the house to discuss the listing, and it was lovely to chat to him about the area, which he knew. Jack also took time to listen to me, and was really sensitive to the emotional aspect of the sale – this was very much appreciated.

Everyone we have spoken with has been friendly and helpful, but it is Fiona Hardie, our agent, that we want to thank the most. Throughout this whole (extremely stressful) journey, when at times we encountered huge obstacles, Fiona has been absolutely fantastic. Our solicitors were less than helpful, and Fiona has spent so much time chasing and relaying information to us, so that we were kept informed, and trying so hard to find solutions to our house issues.

Thank you Fiona, for listening to us, for your kindness in all our phone conversations when I cried, for your assurances, when we felt like giving up, that there would be a positive outcome, (you were right!) and for making us feel that you really cared – we really couldn’t have done this without you! You deserve far more than five stars and you definitely deserve the champagne I’ll be bringing to you very soon!

Nin and Shan Chana.

I would like to say that all agents would have the same devotion to the end result rather than just the sale agreed stats however, that’s not the reality.

I can only say how delighted I am to be part of a business and a team who see going the extra mile as the default setting.

How to choose the right solicitor for you and your transaction – When selling or purchasing a property.

Summary:

As we all know buying and selling a property is one of the biggest things you will do and we understand that this comes with worry and also stress. When choosing your desired solicitor, finding the right point of contact is extremely important. Your desired choice can impact the outcome of your sale or purchase whether it’s leasehold, freehold or commercial or due to legal reasons.

Choosing a solicitor for your needs from the start:

One of the main things is making sure your solicitor is made aware and understands your specific legal needs, so identifying your requirements from the start is crucial to avoid any bumps in the road. This can be anything from just a normal selling and buying transaction, to a transaction where there are more complex needs being a separation / divorce, a complex lease transaction or a probate transaction. Knowing your legal needs will help you narrow down the field of potential solicitors with the experience that will be required for your transaction.

Recommendation for potential solicitors:

If you are new to the selling and buying process, or have sold and brought a property before but was not satisfied with your chosen solicitor at the time, one of the most reliable ways to find a proactive solicitor is through recommendations. This could be from friends, family members and also the estate agent who is dealing with your property.

We understand that some clients believe estate agents only recommend solicitors to “gain commission” however this is not the case. As we deal with solicitors daily, it comes to light which solicitors have a reputable background and we also come across ones that unfortunately don’t. It is our duty of care to act in the best interest of our clients, as we of course want to recommend solicitors in which we have experienced transactions with and have also received great feedback.

It’s a common frustration that online solicitors don’t respond to you, and this tends to be the case. Emails will get lost and calls get missed with no returned contact so it’s reassuring when you have a local solicitor acting for you, knowing you can arrange an appointment to meet with your solicitor to raise or go through any concerns in person.

The end result for all parties involved is that we all look for a smooth, and steady process. However, where obstacles do come up, you as the client want to have the confidence your acting solicitor can deal with the issues promptly and also go “The Extra Mile” where required.

My advice would be choosing a local solicitor.

Fees and Comparing:

We also recommend you obtain 2-3 solicitors’ quotes from recommendations. This way, before making a decision you can compare the initial quotes and decide by liaising with the solicitors, which one you feel you have the most confidence in and whether they are the right solicitor for your transaction. Solicitor quotes can vary depending on the solicitor’s expertise and the complexity of your transaction i.e., if it’s a Leasehold? Is it a listed building? are there any restrictions or covenants on the property?

All these factors take a big part in the initial quotation. Don’t forget to discuss the breakdown of fees and the payment structure during your first interaction with the solicitor. This will help you avoid any financial surprises down the road. Remember, the cheapest option is not always the best option.

The importance of Communication from your appointed Solicitor:

Good communication skills are one of the most essential things to look out for, especially in what could be a stressful and tough time. Effective communication can give you the confidence to trust and also build a rapport with your solicitor, along with managing all parties’ expectations by making sure you are both on the same page, at the same time.

Lastly, choosing the right solicitor is a decision that should not be rushed. Take the time to research by looking into reviews for the individual and the company, liaise with multiple solicitors (2-3), and consider all aspects including their fees, the communication received to date and most importantly, do you feel confident and could you trust your appointed solicitor?

Hopefully by following these steps, you can ensure that you are well-represented from the start with a pro-active solicitor, with confidence that you will reach a point of exchange of contracts with completion following.

Hi Folks, here we are, another month and another blog and this time, on a different topic completely, the law!

Buying and selling a property can be confusing to say the least and that is before you even get to the conveyancing part.

On 21 December 2017 the Government announced plans to tackle the growing problem of newly built houses sold as leasehold rather than freehold, and to limit ground rents on new lease agreements. Leasehold reform was included in the Law Commission’s Programme of Law Reform with the aim of finding ways to make buying a freehold or extending a lease “easier, faster, fairer and cheaper.”

In The Queen’s Speech 2022 “The Government will be taking forward a comprehensive programme of reform to improve fairness and transparency in the leasehold market. The Law Commission’s work on leasehold reform is now complete and will become law from 31^st May 2022.

There are around 4.6 million leasehold homes in England, according to estimates from the Ministry for Housing, Communities and Local Government (MHCLG). Long leaseholders buy the right to live in their homes for the term of the lease. Around 68% of these are flats, while 32% are houses. Most flats in the private sector are leasehold (an estimated 93% of owner-occupied flats and 73% of private-rented flats). Leasehold houses are uncommon across England, at around 8% of the stock. There’s evidence indicating that developers had started to sell new-build houses on long lease agreements as this can represent a lucrative future income stream.

Leaseholders report a range of problems, including: high service charges and a lack of transparency over what they are being charged for; freeholders who block attempts by leaseholders to exercise the Right to Manage; excessive administration charges and charges for applications to extend lease agreements or enfranchise; and a lack of knowledge over their rights and obligations.

From the end of May, estate agents and other property businesses must include length of lease, amount of service charge and ground rent and whether the property is in a shared ownership scheme when marketing properties. This information is absolutely essential to buyers finding out from the start whether a property is worth pursuing or not (e.g., is the lease so short they won’t be able to get a mortgage).

What does this information include? Perhaps most significant is that details of tenure of the property (how you own a property) must be disclosed, this includes the following categories:

1. leasehold
2. freehold
3. commonhold

Currently most reputable estate agents and property professionals are in the midst of obtaining the relevant information required to comply with this new legislation, however it is not an easy task as some of the property owners are not even aware of what their exact lease terms mean to them. There are some developments in our area that are indeed freehold but also have a leasehold element, including the cost of maintaining communal outdoor areas or the cost of electric and maintenance of gates in gated communities etc: –

The story here at Cross Keys Estates is no different. We are speaking to vendors and their solicitors to obtain this newly legally required information. The best way is to get a physical copy of the lease, that way we can quote the lease details directly. If a copy of the lease is not immediately available, then maybe either talk to the solicitor that is either doing or committed to doing the conveyancing on the property. Unfortunately, we cannot just take the vendors word for this information anymore as it forms an integral part of the Government’s reform for the housing market.

If you would like a personal chat with me to see if now is the right time for you to sell or rent out your property, please feel free to either give me a call on 01752 500099 or 01752 500018 or pop in to our Stoke office where I or one of my experienced property consultants will be only too happy to see if we can help.