Catch a falling star save it for a rainy day

Catch a falling star and put it in your pocket save it for a rainy day! When it comes to buying that all important home many of us underestimate the full cost of buying a home and so catch and save everything you can as it will almost certainly be needed.

House buying it’s not a one egg omelette

Although many of us have an understanding of having to pay a solicitor when we buy our home, many of us forget all the additional costs that soon mount up if you have not accounted for them.

So let’s start at the very beginning a very good place to start, the deposit. This is by far the biggest cost and many mortgage lenders want at least 10% of the purchase price up front. The more you put down the better the interest rate you are likely to be offered.  If you don’t manage to find the 10% but still get a mortgage at a more expensive rate the lenders may also impose that you get mortgage indemnity insurance.

The Legal Bit!

When you have found your property and have a provisional offer you need the services of a solicitor or licensed conveyance to begin the legal process of buying your home. This cost can vary depending of the work needed to be done and the property value.

Stamp Duty Land Tax (SDLT)

In the UK when there is a transfer of property or land and where the amount paid is above a certain threshold H M Revenue and Customs require you to pay a fee before completion of the transfer of ownership can take place.

The Survey 

If you are going for a mortgage your lender will ask you to pay for a mortgage valuation report to confirm that the property is worth the amount you have asked to borrow.

For an additional cost you may choose to have a homebuyers report or full structural survey. This cost can range from around £300 to £1000.

Mortgage Arrangement Fees

To process your mortgage application mortgage companies charge a fee which can be around £500 or more.

Cover the things you care for

Building and contents insurance is a must and many mortgage lenders will insist on the buildings insurance as part of any offer.

Mortgage Protection Insurance

If you cannot work due to illness or you lose your job this insurance will meet your monthly repayment until such time you find work or return to work.

CHAPS Fee

Some lenders charge about £30 to cover CHAPS (Clearing House Automated Payment System) to arrange the telegraphic transfer of funds to your solicitor to complete your property purchase.

Search Fees

Your solicitor may recommend about 5 searches which can cost around £300.

A Sure Catch

Make sure you catch the biggest star of them all and keep it safe in your pocket because remember through all this process you will be in the star hands of David Jordan Estate Agents an estate agent that excels in all areas of the house buying process and will take you every step of the way. 

The time is now David Jones Estate Agents is here to make sure you have a pocket full of starlight whether buying, selling or letting.

 

Call or email us using the details on our website  www.davidjordan.co.uk

T:    01323 898414

Simply The Best

We think that we David Jordan Estate Agents are the best. We speak your language, we are there when you need us and we know what it means to look for your dream home. We offer some tips about getting that all important mortgage.

Know your onions

Getting a mortgage can be a tricky affair and for first time buyers daunting to say the least. It’s important to select the right lender and get the best possible rate so you don’t pay a higher rate than necessary.

So for some buyers waiting and saving a bigger deposit can in the long run save thousands of pounds on their annual mortgage.

Getting to know how a mortgage works, the process involved and what lenders need from you. This can help you to secure a better interest rate and increases the chances of getting accepted for a decent sized loan.  The big problem with banks today is that they continually change their lending criteria leaving you chasing your tail.

What you need in your shopping basket

To get a mortgage you will need a:

• clear credit history;
• solid deposit; and
• suitable home.

Support of parents for many can be the difference needed to get a mortgage.

Big is better

The size of your deposit will determine what your monthly mortgage payment is and the interest rate that you pay.  In the main all lenders use a loan to value banding system meaning you pay considerably more if you only have a small deposit.

A further 5% on top of what you have saved if you can because will give you big saving when trying to secure a mortgage. For example if you have a 10% deposit, you may for example get a rate of 5.75%. With another 5% deposit this could drop to say 4.29%. The point being that the extra deposit will make a difference to the mortgage rate you can secure.

Be Prepared

Before any mortgage offer is forthcoming any lender will need to know what your monthly outgoings are and how much you have left at the end of the month.  Lenders will take into account any existing borrowing you have and this will include credit card and store cards.

Because of past history with interest only mortgages if you are trying to secure this type of mortgage you will be faced with needing a possible 25% deposit. Some lenders will require you to earn a minimum of £30,000 to qualify. 

This is because while interest only mortgages offer a more affordable way to get on the property ladder and the monthly payments are considerable less because you only pay the interest on the money you borrow. The onus however is on you to ensure that at the end of your mortgage term you have all the capital you borrowed to repay back to your lender.

Red hot chilli pepper tips to help you get a mortgage.

• Make sure you are on the electoral roll.
• Don’t miss any monthly loan payments including credit cards as this can count against you.
• Try and reduce any personal debt this means you can borrow more.
• Don’t apply for more credit while your mortgage application is going through.
• Check and know your own credit rating.
• Have available your payslips and P60’s.
• And as with anything financial, do your homework, know what lenders want from you.

And don’t forget throughout this journey David Jordan Estate Agents will be with you every step of the way offering their years of expertise to guide you along the way.

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

 

Bat, Ball and Cucumber Sandwiches

Nothing beats a long slow sunny afternoon, deckchair at the ready cucumber sandwiches and cup of tea at the ready for a leisurely meander watching the local of cricket team play their skills.

Cricket, a traditional English game comprising two sides of eleven players, similar to the house buying and selling game which is headed by our local state agent David Jordan Estate Agents.

There are two main varieties of cricket, regular cricket and one day cricket as with house buyers you have your cash buyers and your buyers who fund their purchase with a mortgage.

The length of the match can be variable depending on the importance of the match, the important matches usually being longer. The longest matches are international ones and these are called test matches and last five days. 

Each day playing time can be eight to ten hours. The first side has their innings and scores as many runs as they can before all the batsmen are bowled or caught out. The next team then has their first innings.  Like buying and selling property it can be a lengthy process made up of many twist and turns before achieving the winning run.

Under and Over’s

As with the many stages of house buying and selling a cricket innings is divided into over’s. One over comprises of the bowler delivering six balls from the same side of the pitch and the next over a different bowler delivers six balls from the other side of the pitch.

If the batsman hits a fly ball and it is caught he is out just like being gazumped, one minute you are in and the next you are out.

Home Run and the Winning Run!

So in summary cricket is played by two sides of eleven players.

House buying and selling needs two sides one to sell and one to buy unlike cricket you may end up with many innings if things don’t go to plan and buyers pull out or mortgage offers are not forthcoming.

Each side bats or fields twice, known as an innings.

The bowler delivers balls to the batsmen made up of over’s where six balls makes an over.

The batsman attempts to score runs by hitting the ball in any direction and /or defend his wicket. If he hits the balls far enough he may get a boundary.

Like cricket curved balls can come from any direction in the world of house buying and selling that may mean a review of options.

When each team has played two innings the game is over and the team with the most wickets wins.

Unlike the house buying and selling process where there is an eventual winner for both the buyer and the seller. 

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

There’s A First Time For Everything !

Are you thinking about making that step, that leap of faith? Are you going to join those who are to become first time buyers and get your footing on the property ladder albeit it feels like a rope ladder at times swinging in the wind?

While there is a large emotional component that goes along with owing your own home and you take on significantly more responsibilities. You can also enjoy all the benefits of making your own decisions and taking pride in the results, so don’t be scared take the plunge.

Just as mum or dad used to say do your homework!

This house buying process requires research, time, dedication and application. As a first time homebuyer it can be life changing because it puts you in charge of home maintenance, repairs and taxes. 

Paying your mortgage each month is a serious obligation.  Paying on time is a big step in establishing credit rating for you to use in acquiring another property in the future.  If you apply the same organisation and determination to house hunting that you would to searching for a job or even shopping for a car you will be successful in your endeavours.

Fact or Fiction

The media continues to suggest that first time buyers get the raw end of the deal with high deposit requirements and shortage of available funds, is this strictly true?  Although the deposit for first time buyers in the main is around 10% when previously it had been 5%, the price of property has dropped and so a smaller loan is needed.

The average mortgage can be around £100,000 but repayments would be lower than those say back in 2007, with new initiatives for first time buyers coming onto the market all the time. Also providing the buying price is not £125,000 or more then there is no stamp duty to pay.

So while a first time buyer may have to find a bigger deposit lower prices and no stamp duty can balance this out, so don’t be deterred.

Jump the hurdles and get to the finish line!

Once a prospective first time buyer has faced the first and most sensitive hurdle their own fears the next hurdle is the down payment.  Be diligent in your saving and consider the following:

·         Don’t be afraid to start small.  Just because you may qualify for a large loan does not mean it is a smart financial decision to buy as large as home as possible.  Take a careful detailed look at your family budget and your housing needs before you decide how much you can really afford.

·         Don’t get caught up in finding your dream house at outset, that is likely to come two or three homes down the road.

·         Be aware as first time buyers and getting on the ladder you make have to sacrifices. Don’t be discouraged if you can’t afford a home like your mum and dad’s when you are buying your first home.

·         Keep your eye on the ball, buying a solid home you can later sell when you want in probably a few years when you may want to trade up is the end goal.

And finally be an educated buyer and do your research, understand the steps necessary before you take the plunge.  

And remember through all this process you will be in the expert hands of an estate agent David Jordan Estate Agents an estate agent that excels in all areas of the house buying process and will take you every step of the way. 

The time is now David Jordan Estate Agents is here to make it a clean run whether buying, selling or letting.

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

 

 

Bagged and Checked !

As you get ready to play a round of golf you need to check your golf bag to make sure you have fourteen clubs and they are the right combination for your game. Similarly when you want to move you need to make sure you have all the tools and resources to achieve your desired outcome such as:

• the right people involved;
• a good solid dependable estate agent for example David Jordan Estate Agents;
• is the property up to scratch ready to sell;
• where do you want to move to; and
• to what type of property.

David Jordan Estate Agents are on hand to offer their vast knowledge in all these fields.

Driver in control

The driver is normally the first club off the tee.  It is also the most difficult to master. As is the first steps in deciding to move. Getting all the information together assimilating it into a logical approach is often the most difficult, but once you are there and get it kicked off it’s like the driver that gets you in the middle of the fairway ready for the next shot. Getting the start of the process right puts you in a commanding position to take the next steps.

Practice makes Perfect

The long irons are tricky to hit consistently, practice and refinement of the swing helps the golfer play these irons confidently. Similarly keeping your eye on your long term goal, reviewing with your estate agent David Jordan Estate Agents:

 

• progress;
• potential buyers;
• pricing review;
• feedback on the property;

helps to keep your end goal in sight. 

A birdie or under par

The medium and short irons are the golfer’s bread and butter and if played well allow the golfer to reach the green with consistent accuracy. Moving home likewise is preparation and refining if required getting to where you need to be.

For example you may need to:

• fine tune some of the interior based on viewing feedback;
• review the price;
• review where you want to move to; and
• determine if a price review affects where you want to move.

To be or not to be

The wedges not only help the golfer get close to the pin but also allow recovery from the sand or rough.  Similarly in house moving make sure you have considered a ‘what if plan’ in case things don’t go to plan.

• How might you rethink your end goal?
• What changes sacrifices could you make?

Game set and match

The putter is where golf matches are won and lost and in house moving its about getting the offer, negotiating a price that suits both parties, closing the deal, job done. You can then move forward with your next set of goals.

Keep your eyes focused on the ball whichever one you are looking at – golfing or house moving! 

David Jordan Estate Agents are on hand to welcome you as a new client or welcome you as one of our existing clients with lot of advice and tips to help you.

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

A Chain Is Only As Strong As Its Weakest Link!

Words guaranteed to strike fear into the heart of anyone trying to sell a house “the broken chain”.

A chain is a line of buyers and sellers involved simultaneously in property transactions that are linked to each other.  If one transaction goes wrong or is delayed the chain breaks and the effect is felt top to tail of the chain.

It is a common problem because chains happen in up to 85 per cent of property transactions, sometimes starting with a firs time buyer and linking along a line of existing owners.

The chain can end with an owner who just wants to sell maybe on behalf of a deceased relative or to move abroad. When the market is buzzing with more buyers than homes chains tend to be strong. Purchasers may overlook minor faults when viewing or reading surveys. When the market is sluggish chains tends to be slower as buyers have a wide choice and can be more pernickety.  

Whose the weakest link!

Links break for a variety of reasons:

• Many fail because of tight deadlines for paperwork being missed or finance falling through at the last minute.
• Until contracts are exchanged the buyer has no legal obligation to buy so they can simply withdraw their offer and have to pay no costs the seller may have incurred.
• The survey reveals a problem with the property previously not known.
• So in the vast majority of cases the weakest link is simply because someone in the chain changes their mind.
• Delays by a lender making a formal mortgage offer to the buyer. Until the mortgage offer is made contracts cannot be exchanged.  

Gazunderer or Gazumper!

Gazundering happens when a potential buyer reduces their offer at the eleventh hour just before contracts are exchanged.

Alternatively the seller may accept an offer for their property and then tell the buyer that they have been offered a higher price by someone else.

Avoiding a broken chain

• Avoid chains in the first place Find out about potential buyers and you can choose to decline their offer if they are stuck in a chain. Also find out about the people you are buying from as the chain can break both ways.
• Make sure all finance is in place and avoid you becoming the weakest link. Have the mortgage offer in place before you start making offers.
• If you really have to buy before your sell or visa versa there is the option of getting a short term loan (bridging loan) which can cover any financial shortfalls in the short term and can normally be done quickly.  
• A property can typically sell within three months of being put on the market. If your property is still for sale after this time the asking price may have fallen out of line with local levels and you may have to be prepared to lower your asking price.
• Sell your property first and opt for rented accommodation while you look for a new home is another option.

David Jordan Estate Agents are on hand to welcome you as a new client or welcome you as one of our existing clients with lot of advice and tips to help you.

Call or email us using the details on our website  www.davidjordan.co.uk

T: 01323 898414

To Be The Best

To be the best .... are you the best! When it comes to being a good boss being nice trumps being smart and any boss feels proud when employees support this as our Facebook page suggests!

A remarkable boss in an outstanding estate agent David Jordan Estate Agents with remarkable employees.

So what makes a good boss?

So what makes a good boss with great employees who as a team makes a great estate agent?

While we focus on reaching target, achieving results and accomplishing solid goals, key to this at David Jordan Estate Agents is developing every employee. Without great employees no amount of focus on goals and targets will ever pay off.  So it’s the boss’s job to help all their employees grow and be more capable so they and our business can achieve more.

At David Jordan Estate Agents we know this is key and that developing skilled employees will lead to achieving goals being a natural outcome.

When employees excel you and your business excel. A boss is the umbilical cord that connects employees to the company. A good boss will set clear expectations for their employees and clearly explain how they define excellent performance.

An effective boss doesn’t tell their employees how to get the work done but clearly explains the results and outcomes and entrusts the employees to execute the details and the process in the way they see fit.

A great boss:

• Is both leader and coach a person who educates and encourages their employees and leads by example?
• Recognises efforts nothing works like positive reinforcement.  
• Gets to know their employees, makes themselves openly available and is open and truthful but is direct and sensitive.

Cream of the Crop

To be cream of the crop in the estate agency world as well being led by a great boss supported by great employees at David Jordan Estate Agents our success is further defined by our:

• unbridled enthusiasm;
• unfailing determination; and
• Insatiable desire to be at the forefront of the industry.

Our honesty is transparent and sincere in the manner that we conduct our business at all times. Our passion is addictive and makes us successful and we are resolute in our vision of tomorrow and what we should look like. We value all our clients and respect their needs.

At David Jordan Estate Agents we are creative, inspirational and responsive to our employees, our clients and to the ever changing face of our industry.  So if you are thinking of selling, buying or letting then give us a call.

David Jordan Estate Agents are on hand to welcome you as a new client or welcome you as one of existing clients with lot of advice and tips to help you.

Call or email us using the details on our website www.davidjordan.co.uk

T: 01323 898414