Residential Sales FAQs
Valuations are generally free and without obligation. Charges are only applied if you require the valuation for re-financing or legal purposes e.g. probate, separation, divorce etc.
You will be asked to pay an advertising fee prior to putting your house on the market - this covers payments to signage contractors, listing fees on property websites, photographs, brochures etc and, also if you want us to arrange the provision of an Energy Performance Certificate (a legal requirement).
Following the sale of your property we will charge a commission fee, either a percentage of the final sale price or a flat fee, which will have been discussed and agreed with you during the valuation. Online estate agents may appear cheaper but there are hidden costs that you should be aware of.
After a sale has been agreed, we do not encourage further interest or offers on the property. However, we will take the names and contact details of interested parties in the event that the sale cannot proceed. If an interested party insists on making an offer, we have a legal obligation to inform the vendor of any higher bids. It is also important to note that most corporate vendors insist on the property remaining available until the contracts are signed, especially in the case of a repossession sale
Not necessarily. Sometimes, if a purchasers offer is dependent upon a third party agreement e.g. co-ownership, the vendor of a property may advise their offer is acceptable, subject to the other party also agreeing. Until such time, the property continues to be fully marketed and any other offer received may be considered. Where properties are being sold on behalf of an asset managment company, the vendor will accept an offer, and both parties will instruct solicitors and begin the sale process. The sale will only be agreed, and closed to other interested parties once contracts have been exchanged. This especially applies to repossession sales.
When you buy a house and need a mortgage, a lender will commission a mortgage valuation from an RICS qualified surveyor. A lender’s mortgage valuation is specific to the property you’re looking to buy. It can give you a rough idea of whether you are paying too much (or tool little!) for a property.
The valuation advises the lender of the value of a property and of any characteristics of the property, including significant defects which might affect its value as security for the proposed loan. They are not surveys, which have more detail. A mortgage valuation report is very limited in scope and is only likely to uncover obvious, visible defects as part of a brief inspection. Many, but not all, lenders provide a copy of the valuation report or an extract from it to their loan applicant.
A Homebuyer Report is an in-depth visual inspection of the property by a RICS qualified surveyor. The report provides an expert account of the property's condition and highlights any problems in clear and easy to understand 'traffic light' ratings. It also offers guidance to legal advisors, highlights any urgent defects, provides a market valuation and insurance rebuild costs, advice on defects that may affect the value of the property with repairs, and ongoing maintenance that may be required.
This survey does not look beyond the floorboards or behind walls and may recommend more specialist reports e.g. timber and damp surveys, be carried out. You may be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.