When it comes to selling a property there are rigid but straightforward and common sense dos and don’t dos to observe to ensure a successful sale.

Mistake One: Overpricing:

Overpricing can doom a house sale to failure before even the FOR SALE notices have gone up. If the property has too high an asking price, potential buyers will be put off and wonít even bother to look at it. If it’s priced too low, sellers will be concerned about losing potential sales profits.

Some sellers have hopelessly unrealistic expectations about sales prices and run the risk of both being offended by offers which don’t match their expectations and end selling their home for less than its market value or indeed not at all.

One of the biggest mistakes made by eager sellers – driven by dreams of what they want to do with the money (holiday, new car, etc) from the sale ñ is to employ the services of estate agents who entice them with potentially lucrative sale prices. Some estate agents can intentionally exaggerate the value of a property with the aim of getting sellers to agree to an overpriced listing. This could place the seller at a disadvantage when they inevitably have to drop the price later on. Sellers beware, if you test the market you run the risk of getting get stung.

What sellers have to come to terms with is no matter what they or even their estate agents think the property is worth, it is buyers who ultimately determine the final sale prices.

Pricing a property for sale takes a skillful mixture of economics, science and psychology. There is an art to combining knowledge and skill in all these areas to achieve a sale at the desired price.

The market value of a house is often driven by sales of comparable properties, but additional factors playing vital roles, include: where the property is. It can seem unfair, but if an area has a reputation for social problems this will have an impact on the price.

Sellers need to make comparison with similar properties in their area and also be prepared to allow for any differences between what they want and what the local market is determining.

Other factors include analysis of market movements and how many similar properties are on sale in the same area, access to local services and the overall condition of the property. At best, any sale price is, at best, only an educated guess determined by current market conditions.

Many potential sellers could save themselves much frustration, anguish and disappointment if they just heeded the simple but true maxim – which also applies to many other transactions we make in life – it’s not what you think it’s worth, but what someone else is willing to pay for it

However, there’s far more involved than showing up, finding yourself a deal and then getting the keys.

You still need to know something about the property market and the legal binding documents which await you after a sale. So do some research and get yourself ahead of the game.

Before you start, set yourself a budget and stick to it. Don’t risk stretching yourself beyond your financial range. Make sure your finances are in order and you have a good credit rating.

Buying at auction has been one of the main driving engines of the buy to let market with many a tale of an old property being snapped up and transformed into a dez rez to temp those who see it as a quick way to make a profit.

If that’s your aim, stop and think. Have you a business plan? IF not, get one drawn up and save yourself much frustration and anguish as things go wrong with you unprepared.

Before you take part in an auction, why not just go to one and see what happens? You’ll learn a lot and it will help you with your plans and ambitions.

Get in touch with an auction house first and ask to see their catalogue. Most auction houses regularly have sales with catalogue published usually several weeks before. Subscribing to mailing lists is also a good idea.

When you get a catalogue or list, examine it thoroughly and digest all the facts and details.
When you’ve found a property or lot that interests you, make an appointment to see it (see catalogue for arrangements).

Do some independent research on the property concerned and carry out property or land searches. Speak to your would be neighbours and check it out with local estate agents.

Make sure the property actually matches the one in the catalogue. Seeing the lot in reality can be different to seeing a specially prepared promotional photo.

If you’re interested in bidding, don’t jump in before going over the catalogue and relevant conditions with the finest of fine tooth combs. Then don’t anything else before getting advice from a solicitors and/or chartered surveyor.

When the day of the auction comes, you will need to have a deposit of at least 10% ready for when you buy. After signing contracts, the remaining 90% will have to be paid by 28 days later or you could lose your deposit.

If you need to a get a mortgage to help you pay, make sure you see your bank or building society before bidding at an auction.

Always remember that buying at auction will see you taking on a binding commitment with all the same legal implications as buying privately. Auction Houses can usually provide copies of all relevant legal documents.

Yes, hiring one means more paperwork, form filling, red tape and lots of coffee, but it must be done in order to successfully and properly complete a property transaction.

So where to start? Sorry, but there are many, many conveyancing solicitors to choose from, all of which can make finding the right one even more daunting and complex.

But don’t panic.

Help is on hand, right here, with our guide to help you hitch hike through the maze and find the right one for you.

Firstly, three important words to bear in mind: research, research and research. Buying a selling a property will be the single most important transaction you will deal with during your life, so it is vital to know exactly what is involved and what you’re going to be getting into.

If you just reach for the phone book and call the first one you find, you can be sure of extra worry, work, stress and expense.

So, try and make it easier for yourself by doing the following:
1. Select a conveyancing solicitor offering a personalised service. They may already have a number of clients, but if they know exactly what you need they will be the ideal solicitor to work with. Just ensure they deal with all your questions truthfully, and so give you confidence in their services.

2. Find one offering modern and up to date services. In recent years the property market has found new outlets for growth and development online, and the right conveyancing solicitor should be able to deal with this by providing their services accordingly. This will help ensure you receive a fast and more business-like service.

3. You need to hire a conveyancing solicitor who can give the very best possible value service for your money. Don’t make the mistake of hiring one who will try and entice you with a lower price for their services, or you will be risking getting a lower quality service and probably ending up paying even more for yet another conveyancing solicitor to finish the job.

Always closely examine the services the conveyancing solicitor is offering. Calculate their fees according to their offer and compare them to those offering lower fees. By doing this, you increase the odds of finding the right one and also the best one.

When you have checked out all of the above, only then can you feel confident you’ve found the right conveyancing solicitor. It is also advisable to check out their credentials and background.

For further information and advice, it is essential for you to contact The Law Society, the professional body for solicitors in England and Wales. Their members are bound by a code of practice and the society also has advice on what to do if things go wrong.

You can find a local solicitor specialising in conveyancing on their website at www.lawsociety.org.uk.

After falling 20% from their 2007 peak, house prices unexpectedly rose in 2009. According to the Nationwide, house prices were 6% higher at the end of 2009 than the start. Many point to house price to earnings ratio’s and point out they are significantly higher than at the end of the last bust. This will certainly be a factor keeping house prices low; it will prevent any rapid increase in prices and could lead to a further downward correction. But, against this backdrop, there are some encouraging signs of a return to more normal lending conditions.

We can see the first positive signs, in the improvement in housing transactions. When housing transactions were very low, it meant changes in house prices were more a reflection of the unusually shortages of property on the market.

Banks gave 60,518 loans to buy homes, up from 57,718 in October; this is highest level since 2008. The amount of net mortgages rose to £1.5bn the most for nearly 11 months. Whilst there will be no return to the boom conditions of the naughties, there are signs banks are slowly expecting to increase the number of mortgages. The proportion of disposable income spent on mortgage payments, by first time buyers has fallen from 50% of average earnings in June 2007, to 27 per cent by November 2009. This is below the long term average of 35% and will definitely encourage more into the market.

The stabilisation in house prices may well encourage people to sell who have been holding off. But, on the other hand, the end of dramatic falls may also encourage buyers back into the market.

The overall outlook for 2010 looks for a period of consolidation. I think the most likelihood for house prices is to remain static. They may go down a little, they may even go up. But, it is hard to see wild swings in house prices this year.

This stability is no bad thing. After the roller-coaster ride of the past couple of decades, a period of consolidation could be just what the housing market needs.

It’s hard not to feel a little downhearted if your property has been on the market for a while and you don’t seem to have the same influx of potential viewers. More people are using the internet to view properties’ than ever before and your property may be being discounted before potential purchasers even venture through your door. Just visually changing the look of a few rooms could generate some new interest or make a previous viewer see your home in a new light. Your estate agent will be more than happy to come and snap a few new photos and update your properties profile, never forget that your estate agent wants to sell your property just as much as you do.

Here are a few tips

Firstly – walk around your property or better still get an ‘honest’ friend to walk around and make a note of things that catch the eye – scuff marks, peeling paint, overflowing cupboards or grubby grouting. A room full of furniture – you use six dining chairs which makes the room look cluttered but for the estate agent photographs and viewings take out two chairs and instantly the space looks larger. You’ll be amazed at the things you overlook that a viewer could be put off by.

Before your estate agent comes around to take photographs of your property, make sure its clutter free, that there aren’t dirty clothes or dishes spotted about. Open all your curtains and blinds if the photos are being taken in the day and turn on the lights in all the rooms so that you get the full effect of your homes warmth. If possible make sure you are at your property when the photographs are being taken, ask to see the photos and details before they’re published on any sales material or websites – if you’re not happy with the photos and details – speak up and ask for re-takes and re-writes.

Give your property a really good spring clean and as much as possible remove personal touches and clutter. You want your potential buyer to imagine living in your home. Make your home as neutral as possible it will help the viewer to visualise his or her own family in your home. By removing clutter you’ll also make your rooms look larger, remove furniture that may be blocking the view of any features. Remember buyers are looking at the whole of your property and storage is always key, whilst it’s tempting to hide clutter in a wardrobe or spare room your viewer will want to know how large those rooms and storage areas are. Consider storing items in boxes, neatly stacked away in the garage, or even ask a friend or storage unit to temporarily store these items.

If you feel your property may have ‘gone off the boil’ it could be time to give your property a small budget makeover. There is potential in everything you own, even if you’ve been living with it for so long that you’re blind to it. That nondescript kitchen dresser that suddenly takes centre stage when you wallpaper the inside with a vibrant print or paint; what was previously viewed as a large cumbersome piece of furniture suddenly stands out after being given a lick of something colourful. Alternatively, if you hate a piece of furniture but don’t want to pay to replace it, you can hide it by painting it the same colour as the walls of your house. This will also make the room look much bigger.

Paint, wallpaper and fabric are key to unlocking a new look for every area of the home. Tester pots of paint may not cover a wall, but there is enough in those little bottles to paint old picture and photo frames and then hang them together on what was an empty white wall. A tablecloth made by stitching together clashing off-cuts of fabric can brighten even the dullest dining table. Buying new bathroom towels and rugs in a vibrant colour can instantly make a room look brighter, newer and inviting. Re-organise your books according to the colour of their spines to form bold batches of colour on your shelves. Change the focus of the living room from the TV to the fireplace; or face a sofa and chairs towards each other for a more sociable set-up. Buy a few cheap plants and pot them in bright or unusual planters for a stark corner. Any of these little touches can bring life to a room and refresh your property instantly.

And for people who still harbour concerns about whether all this is worth it, make some simple changes first and see what a difference it makes: Once you have done this you will see that it really is worth moving on to the bigger stuff. Above all, don’t be afraid to have a go – you can always change things again if you don’t like them.

Remember its all about creating or re-creating interest in your property – to sell your property and never forget that your estate agent wants to sell your property just as much as you do.

You have a modest regular income, solid credit record, and a burning desire to have and hold your own little kingdom. Great! perfect mortgage candidate, Right? Wrong! Recent figures show how the credit crunch (don’t you hate the sound of that phrase?) has turned the mortgage product upside down.

We are constantly hearing how first time buyers are being left out in the cold, how do you get on the proverbial ‘property ladder’ if at every turn the bottom rung has been cut! It is clear that with rates of 7 to 8 percent on offer, first time buyers are subsidising equity richer, affluent homeowners on low tracker rates.

First time buyers once the lifeblood of the market, are feeling ignored as lenders lean towards the lower risk borrowers. As a first time buyer, it’s all about the compromise, perhaps not quite living in Bell Air or having that lovely open plan loft living. The ‘compact and Bijoux’ apartment may have to do for now. That may still be tenable for some, having savings or parents that are fine with handing over their retirement fund, so that the little darlings may move on. Others are not so fortunate.

What’s the answer? Who knows, but with two teenage children at home, the possibility of them not moving on to that old property ladder is pretty scary!!

Pledging Chancery Lane’s support for conveyancing solicitors, chief executive Des Hudson questioned whether the market would continue to pay lawyers’ rates for work related to the transfer of title.

Hudson told delegates at the Society’s property section conference: ‘We’re looking at what [we] can do to create a sustainable commercial role for conveyancing solicitors in the rapidly changing climate of the 21st century property market.’

One option, he suggested, might be for solicitors to take on more liability by increasing the role they played in certain due diligence aspects of the conveyancing process, which he said would make them pivotal to the Land Registry and to lenders.

‘There is a lack of clarity regarding a solicitor’s duties to the Land Registry and others in respect of identification and other conveyancing issues. It seems to me that this a need the market wants to see addressed.
‘Rather than simply assume we do not want to increase our liability, one option would be for solicitors to take on a greater role in these aspects of the process,’ he said.

Hudson said it was a difficult area that would require detailed consideration: ‘It is clear however that taking on additional risk cannot be considered without appropriate compensation.’

He said the Society, which has just published the findings of its consultation on improving the homebuying process, is also looking into whether there should be separate representation for buyers and lenders.

Licensed conveyancers and solicitors structure their fees differently, some will charge a percentage of the the property value, while others will charge a fixed fee.

In addition to fees are disbursements, which are set costs payable to other parties. These costs are standard and include stamp duty, VAT, local authority and other relevent searches and postage- simply any other costs incurred by the solicitor or conveyancer carrying out the work.

There are many excellent service providers online and a cursory search on Google for Conveyancing Solicitors will usually return a good selection of reliable, cost effective providers.

The term conveyancing may also be used in the context of the movement of bulk commodities or other products such as water, sewerage, electricity, or gas.

A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes) and completion (whereby legal title passes). Conveyancing occurs in three stages: before contract, before completion and after completion.

A buyer of real property must ensure that he or she obtains a good and marketable ‘title’ to the land; i.e., that the seller is the owner, has the right to sell the property, and there is no factor which would impede a mortgage or re-sale.

A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase. In most mature jurisdictions, conveyancing is facilitated by a system of land registration which is designed to encourage reliance on public records and assure purchasers of land that they are taking good title.

United Kingdom
In England and Wales, this is usually done by a solicitor or a licensed conveyancer. Either may employ or supervise an unqualified conveyancer. The domestic conveyancer market is price competitive, with a high number of firms of solicitors and conveyancing companies offering a similar service. It is possible for someone to carry out their own conveyancing.

Under English and Welsh law agreements are not legally binding until contracts are exchanged. This affords both the advantage of freedom before contract, but also the disadvantage of wasted time and expense in the event the deal is not done.

The normal practice is for the buyer to negotiate an agreed price with the seller then organise a survey and have the solicitor (or conveyancer) carry out their searches and pre-contract enquiries. The seller’ssolicitor or conveyancer will prepare the draft contract to be approved by the buyer’s solicitor. The seller’s solicitor will also collect and prepare property information to be provided to the buyer’s solicitors, in line with the law Society’s National Protocol for domestic conveyancing.

It takes on average 10–12 weeks to complete a conveyancing transaction, but some transactions are quicker, many take longer. The timescale is determined by a host of factors – legal, personal, social and financial. During this period prior to exchange of contracts (exchange being the point at which the transaction becomes legally-binding) either party can pull out of the transaction at any time and for any reason, with no legal obligation to the other. This gives rise to a risk of gazumping and its converse, gazundering.

The position in Scotland under Scots law is that the contract is generally concluded at a much earlier stage, and the initial offer, once accepted by the seller, is legally binding. This results in a system of conveyancing where buyers get their survey done before making a bid through their solicitor to the seller’s solicitor. If there is competing interest for a property, sellers will normally set a closing date for the initial offers. The contract is normally formed by letters between the solicitors on behalf of each of the seller and purchaser, called missives. Once all the terms of the contract are agreed, the missives are said to be concluded, and there is then a binding contract for the sale of the property. Normally the contract is conditional upon matters such as the sellers being able, before completion of the transaction, to prove that they have good title to the property and to exhibit clear searches from the property registers and the local authority. The fact that there is a binding contract at a relatively early stage, compared with the normal practice in England and Wales, makes the problem of gazumping a rarity. The disadvantage for the buyer is that they usually have to bear the cost of the survey for unsuccessful bids, though trials have been made of a system where the seller arranges for one survey available to all bidders. From 1 December 2008 properties for sale will have to be marketed with information, now branded as the ‘home Report’. This is a pack of three documents: a Single Survey, an Energy Report and a property Questionnaire. The Home Report will be made available on request to prospective buyers of the home. The date of final settlement (the “completion date” in England) is in Scotland known as the “date of entry”.