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Local property agents have reported an increase in the number of closing dates being set for properties for sale, with one local agent reporting 1 in 4 of their properties sold at a closing date.

A closing date occurs where more than one party wish to offer on a property, and the Estate Agents advise the interested parties the time and date when their best offer must be submitted and herein lies the problem….What is your best offer? What price will the other party offer? How do you make sure your offer is the most appealing?

We believe the increase in property closing dates is due to the number of purchasers outweighing the number of appealing properties currently on the market. In addition, more desirable mortgages are on offer from mainstream lenders, and millennials find themselves in the fortunate position of entering the property ladder often with the assistance of gifted deposits from parents and family members.

Expert Property Lawyers. Here to Help.

Unfortunately, The McKinstry Company do not have a crystal ball and cannot predict the price the other party will offer however, we can ensure that you submit your best offer in the most appealing manner to the seller.

We would suggest that before entering into the world of relentlessly searching property pages that you meet with a mortgage advisor to establish your budget, which should take into account mortgage fees, solicitors fees, conveyancing outlays and Land & Buildings Transaction Tax. If you own (outright or partially) any other property elsewhere in the world, you may be liable for Additional Dwelling Supplement Tax and should speak to a Solicitor to clarify if you would be liable for this. Where a property is purchased with the assistance of mortgage funding, purchasers should note that a mortgage provider will only lend to the home report value and any part of a purchase price above that figure will require to be met by the purchaser.

How Can I Make a Successful Purchase?

When you have established your budget, you can search for your dream home. We would suggest that you contact local estate agents and let them know the style, locale, price and specific requirements you require in a property in addition to requesting that they add you to their mailing list. To ensure you do not miss any online listings, we also suggest that you sign up to property alerts on the various online property portals.

We recommend that you instruct your Solicitor to submit a note of interest to an Estate Agent for any properties which appear to meet your requirements. A note of interest does not commit you to submitting an offer on a property but should allow you the chance to offer if another interested party were to appear – in simple terms it lets the seller know you are interested.

When you are in a position to offer on a property, and particularly at a closing date, your Solicitor will research historic sale prices of properties in the locale which are similar in style, size and condition to the property you are looking to purchase. With this information in mind, every purchaser should review the terms of the Home Report and where any part of a property requires immediate attention consider if this required work add value to the property. We would highlight that the valuation of the property in the Home Report takes into consideration the present condition of the property as quite regularly purchasers deduct the cost of the works from the valuation figure.

We believe that any offer should explain if your offer is subject to the sale of your current property or if you require mortgage funding – in the current property market only a small percentage of purchasers are fortunate that they do not require either and sellers are aware of this.

We are regularly asked if offers at closing date are required to exceed the Home Report value. The answer is that it depends on the level of interest in the property and what the property is worth to an individual.

When a purchaser has considered their budget, the local property market and any work which might require to be carried out at the property they should be confident in the price they wish to offer at the closing date, and we appreciate that there can quite often be a conflict between the heart and the head! Our property department will always present your offer in the most appealing manner to the seller and their estate agent and advise you at the earliest opportunity the outcome of your offer.

Contact The McKinstry Company Property Lawyers Today

Our team of experienced solicitors will guide you through the process of preparing for a closing date. The McKinstry Company property department would be delighted to discuss the purchase of your new home or any other property query you might have. Contact us today on 01292 388048 or fill out our online enquiry form.

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