Found a different kind of property, a unique property, you are in love with, but are unsure about what you need to do before making an offer? Hopefully this blog will help shed some light on the process!
A two bedroom school conversion in in the heart of Islington, moments from the Regents Canal – £695,000
Preparing to make a unique offer
Making an offer on a unique property is tricky, as there are many abnormalities to consider, but if you find something different that just speaks to your heart, you just have to have it.
You will need to decide what is the right price to pay. Seeing other properties that have sold in the area is a great starting point, and will help you decide what kind of offer to make. Utilising house price websites can help (like Rightmove, Nethouseprices etc…) but remember, one of a kind properties are really hard to compare to anything else, so it really is down to you to decide what you want to pay.
MortgagesÂ
Once you have decided what price you would like to pay, you need to decide if you want to get a mortgage or have enough money to pay cash. Some of the properties we sell, with all their stipulations, sometimes only allow cash offers.
Getting a mortgage is still possible, and can be the best way of making an offer. There are a lot of financial products out there that can help you buy a unique home. It is strongly advised you seek independent financial advice, primarily from a broker, who has access to the open market and also understands the specific requirements attached with quirky property, and can provide you with your best options.
They do generally charge fees, so if you wanted to find a mortgage yourself, then make sure you do your research.
Once you decide on a financial product and they accept your initial application, you should get what is called ‘an agreement in principle’. This is the primary piece of the puzzle that you will need in order to put in an offer.
Remember the golden rule… always stay within your budget.
Beautiful grade 2 listed, one bedroom apartment set in Royal Victoria Patriotic Building, SW11 in the heart of the Battersea – £550,000.
Proof of Funds
Next, prepare your evidence for proof of funds, which effectively is your deposit. This can include any combination of savings, ISA’s, L-ISA’s and any other financial proof that you require, ready to present when submitting your offer.
These can be in the form of a PDF, a letter from a chartered accountant, bank manager or a wealth manager (if your money is from investments). As long as it has all the crucial information necessary, is on signed headed paper, and it is clear you have the full amount available required for a deposit, you are good to go.
This is a crucial element, as it will make you a much more attractive proposition to any vendor since you have taken that extra step to show you are in a good position, have your deposit ready and are an honest buyer.
A two bedroom seaside apartment in Bexhill-On-Sea on the market for £328,000.
Finding a Unique Solicitor
A good starting point is to ask the estate agent if they have a recommendation, as they will very likely have a great relationship with a solicitor already. The solicitors we recommend are very au fait with the properties we sell, and understand the nuances we encounter.
One thing to be aware of, estate agents do sometimes make referral fees from the recommendations they make, which can affect their service. We do not receive any referral fees from any solicitors we recommend and make this a point of why we are unique.
Asking friends and family for a recommendation really is a good starting point. Most good solicitors will be able to act for you in most parts of England (remember Scotland has a different system for purchasing property), so as long they are a proven recommendation, you will be well set.
Google searches can also be your friend here, but be sure to check all reviews and recommendations on the individual and the firm. Some of the top performing solicitors that appear on a Google search, do not often live up to their reputation.
Once you have decided on a solicitor (or a few to get a reasonable quote), be sure to go through their sign up process and get ready. They will require various forms to sign, they will ask for you to go through anti-money laundering and ID checks, before you are properly signed up.
A one bedroom loft in Shoreditch, a great first time buy in the heart of Shoreditch – £485,000 (currently under offer)
Be a ready buyer
If you get these three things ready well in advance, you will be in a good position. Buying a unique home is always a tricky proposition, but the more you can prepare, the more you will come across as an organised and diligent buyer.
