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Buyer's Guide
As an estate agents in Birmingham for over twenty years, we have helped many people to find their ideal property, ranging from first time buyers to seasoned investors. That experience has allowed us to create a step-by-step guide to buying a property, as well as a checklist that can be downloaded below that will hopefully make the buying process much more straight-forward.
Step 1 - Check Your Credit Score
Unless you’re a cash buyer, checking your credit score is an essential first step before even considering buying a property. Mortgage lenders need to be confident that the money they are loaning to you is going to be paid back to them and assessing your credit score is one method of determining that confidence. A credit score that isn’t sufficient in their eyes could result in your mortgage application being rejected and in turn that could reduce your credit score further.
But it’s not all doom and gloom. You can check your credit score yourself for free using a number of services and best of all your credit score won’t be harmed for doing so.
Step 2 - Choose A Solicitor
Once your satisfied with your credit score, decide which solicitor you wish to hire. They will be responsible for completing any legal paperwork involved and exchanging contracts with the seller of the property you wish to buy in order to finalise the move.
Having a solicitor in place from the beginning is crucial to ensure that once you have an offer accepted for a property and your mortgage application is successful, that you’re able to take possession of your new property as soon as possible.
Step 3 - Compare Mortgage Lenders
Your bank doesn’t always provide the best mortgage rates and they certainly aren’t more likely to consider that your an existing customer when it comes to approving of your mortgage application. Additionally, the COVID-19 pandemic has highlighted how important it is to have a mortgage lender that can provide some flexibility with repayments. For example, acknowledging that if people receiving furlough payments are only being paid 80% of their wages, it is going to be more difficult for them to pay their mortgage.
Interest rates are also worth comparing and you should pay particular attention to whether those rates are going to remain fixed or if they’re going to increase later on. It may be tempting to choose a lender that offers cheaper rates initially, but if those rates are going to increase it can be harder to budget for the extra costs you’re going to incur.
Step 4 - Decision In Principle
Unless you’re a cash buyer, checking your credit score is an essential first step before even considering buying a property. Mortgage lenders need to be confident that the money they are loaning to you is going to be paid back to them and assessing your credit score is one method of determining that confidence. A credit score that isn’t sufficient in their eyes could result in your mortgage application being rejected and in turn that could reduce your credit score further.
But it’s not all doom and gloom. You can check your credit score yourself for free using a number of services and best of all your credit score won’t be harmed for doing so.
Step 5 - Research The Area
Now that you have your decision in principle, it’s time to start looking at properties. But before you book any viewings, we recommend that you carry out some research on the area. For example, if you have children you might be interested in finding out the standard of the schools close by. Additionally, if you have to commute to work, transport links might be essential.
With an eye on the future, we also recommend researching the historic value of properties in the area. This is because if property values in the area have experienced a consistent decline, you could end up selling your property for less than what you originally bought it for.
Step 6 - Calculate Other Expenses
As well as researching the area, we also suggest calculating your other expenses before even viewing a particular property. On top of the mortgage repayments, you might be required to pay stamp duty after purchasing the property, as well as monthly costs incurred by council tax, gas, electric and water bills, buildings and contents insurance.
It might seem frustrating but conducting the research and calculations before viewing the property you’re interested in could save you a lot of time as well as prevent any disappointment.
Step 7 - View The Property
Once the research and calculations are complete, it’s time to view those properties. This is usually a very exciting moment especially if you’re a first time buyer taking your first steps onto the property ladder. But while you’re day dreaming about a cosy night in on the sofa or imagining how you’re going to transform the garden, make sure to carry out your own inspection of the property.
Be mindful of any damp on the walls, rot in the woodwork or whether any furniture has been strategically placed to obscure any faults. We would also recommend checking the electricity in each room by flipping the light switches and flushing all the toilets in case there are any issues with the plumbing.
Step 8 - Make An Offer & Apply For A Mortgage
When you’ve had an offer accepted for a property, apply for a mortgage with your chosen lender. During the application process, your mortgage lender in most cases will instruct their own surveyor to inspect whether the property is worth the offer you have made and whether there are any defects to the property that would prevent the mortgage lender from loaning you the money to buy the property.
If your mortgage application is successful, your solicitor will begin the necessary legal paperwork and searches which may take up to three weeks to complete. Searches are used to check if the property you want to buy is at risk and include but are not limited to, a drainage and water search, a flood risk search, coal mining searches and more recently a HS2 search.
Step 9 - Exchange Contracts
Once the legal paperwork has been completed and as long as the searches conducted by your solicitor didn’t highlight any issues with the property, yourself and the seller should be in a position to exchange contracts and finalise the sale.
The next step is to arrange a completion date with the seller as well as transfer your deposit to your solicitor. As soon as the deposit has been received, you will then be required to sign a contract that makes the sale legally binding. At this point, you could lose your deposit if you decide to withdraw.
Step 10 - Completion
On completion day, your solicitor will transfer funds from your mortgage lender to the seller’s solicitor. Once the seller’s solicitor has confirmed that they have received those funds, completion has legally taken place and you will be able to collect the keys to your new property from the seller’s estate agent. The day you’ve been waiting for has finally arrived!
The final step for your solicitor is to register your details with the Land Registry who will then provide your solicitor with new title deeds to your property. If you have a mortgage the deeds will be made available to your lender.
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Avoiding Stress & Time-consuming Tasks
Being an estate agents in Birmingham that specialises in property management, we are often hired by property owners to oversee the running of their real estate. This includes finding tenants, collecting deposits and rent, dealing with complaints, arranging repairs, carrying out inspections, handling legal notices and much more.
For a property owner this can be a constant source of stress, especially if you have multiple properties, in which case, managing these properties yourself can feel like a full-time job.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
Why Hire A Property Manager?
Hiring a property management company in Birmingham has a number of benefits especially with Matthews Estate Agents. As well as six months free property management, those benefits include...
And if that wasn't enough, landlords that choose Matthews Estate Agents as their property management company in Birmingham will be able to...
And if that wasn't enough, landlords that choose Matthews Estate Agents as their property management company in Birmingham will be able to...
4 —
Relax & Have Peace Of Mind
Your rental property might not be close to where you live. By hiring a local property manager, you can have peace of mind knowing that if there's a reason to, someone can attend the property quickly. And we can't speak for all property management companies in Birmingham, but with Matthews you will benefit from unlimited property visits at no extra cost.
Additionally, a local property manager will have knowledge of the rental market that will allow you to set a competitive rate. The last thing you want to do is put off high quality tenants by setting your rent too high. By the same token, you want to be able to maximise the return on your investment. A local property manager will help you to find that balance.
5 —
Avoid Legal Hassles & Penalties
There are many laws that you need to be familiar with pre-tenancy, during the tenancy, and post-tenancy. Failure to abide by these laws could result in fines over £10,000.
However, experienced property management companies in Birmingham such as Matthews are well versed in these laws and processes, and ensure that they are up-to-date with the latest legislation that is introduced. For instance, if for whatever reason you decide that you wish to evict a tenant, Matthews are aware of the necessary steps involved to ensure that the eviction goes ahead. Failure to carry out certain steps could result in an eviction being delayed which could impact you financially.
6 —
Avoid Uncomfortable Situations With Tenants
Hiring a property management company in Birmingham allows the landlord to keep a professional distance from their tenants, and avoid any uncomfortable or difficult situations.
There are cases where a landlord is too lenient with their tenant over certain issues. For example, a landlord may feel uncomfortable about discussing a late rent payment or feel bad about evicting a tenant that’s costing them potentially thousands of pounds. Whereas, a property management company will maintain a strictly professional relationship with the tenant, will have those difficult conversations if necessary, and take appropriate steps if any problems arise.
Six Months Free Property Management In Birmingham
At Matthews Estate Agents, we believe that the six months free property management we offer is a game changer for property management in Birmingham. By providing this service, we aim to give our landlords peace of mind with the knowledge that their property is in safe hands.
View our Terms and Conditions here.
Six Months Free Property Management in Birmingham
2 —
Gaining Access To High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
4 —
Relax & Have Peace Of Mind
Your rental property might not be close to where you live. By hiring a local property manager, you can have peace of mind knowing that if there's a reason to, someone can attend the property quickly. And we can't speak for all property management companies in Birmingham, but with Matthews you will benefit from unlimited property visits at no extra cost.
Additionally, a local property manager will have knowledge of the rental market that will allow you to set a competitive rate. The last thing you want to do is put off high quality tenants by setting your rent too high. By the same token, you want to be able to maximise the return on your investment. A local property manager will help you to find that balance.
5 —
Avoid Legal Hassles & Penalties
There are many laws that you need to be familiar with pre-tenancy, during the tenancy, and post-tenancy. Failure to abide by these laws could result in fines over £10,000.
However, experienced property management companies in Birmingham such as Matthews are well versed in these laws and processes, and ensure that they are up-to-date with the latest legislation that is introduced. For instance, if for whatever reason you decide that you wish to evict a tenant, Matthews are aware of the necessary steps involved to ensure that the eviction goes ahead. Failure to carry out certain steps could result in an eviction being delayed which could impact you financially.
6 —
Avoid Uncomfortable Situations With Tenants
Hiring a property management company in Birmingham allows the landlord to keep a professional distance from their tenants, and avoid any uncomfortable or difficult situations.
There are cases where a landlord is too lenient with their tenant over certain issues. For example, a landlord may feel uncomfortable about discussing a late rent payment or feel bad about evicting a tenant that’s costing them potentially thousands of pounds. Whereas, a property management company will maintain a strictly professional relationship with the tenant, will have those difficult conversations if necessary, and take appropriate steps if any problems arise
2 —
Gaining Access To High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
3 —
Reliable Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
4 —
Relax & Have Peace Of Mind
Your rental property might not be close to where you live. By hiring a local property manager, you can have peace of mind knowing that if there's a reason to, someone can attend the property quickly. And we can't speak for all property management companies in Birmingham, but with Matthews you will benefit from unlimited property visits at no extra cost.
Additionally, a local property manager will have knowledge of the rental market that will allow you to set a competitive rate. The last thing you want to do is put off high quality tenants by setting your rent too high. By the same token, you want to be able to maximise the return on your investment. A local property manager will help you to find that balance.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
5 —
Avoid Legal Hassles & Penalties
There are many laws that you need to be familiar with pre-tenancy, during the tenancy, and post-tenancy. Failure to abide by these laws could result in fines over £10,000.
However, experienced property management companies in Birmingham such as Matthews are well versed in these laws and processes, and ensure that they are up-to-date with the latest legislation that is introduced. For instance, if for whatever reason you decide that you wish to evict a tenant, Matthews are aware of the necessary steps involved to ensure that the eviction goes ahead. Failure to carry out certain steps could result in an eviction being delayed which could impact you financially.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
6 —
Avoid Uncomfortable Situations With Tenants
Hiring a property management company in Birmingham allows the landlord to keep a professional distance from their tenants, and avoid any uncomfortable or difficult situations.
There are cases where a landlord is too lenient with their tenant over certain issues. For example, a landlord may feel uncomfortable about discussing a late rent payment or feel bad about evicting a tenant that’s costing them potentially thousands of pounds. Whereas, a property management company will maintain a strictly professional relationship with the tenant, will have those difficult conversations if necessary, and take appropriate steps if any problems arise.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
4 —
Relax & Have Peace Of Mind
Your rental property might not be close to where you live. By hiring a local property manager, you can have peace of mind knowing that if there's a reason to, someone can attend the property quickly. And we can't speak for all property management companies in Birmingham, but with Matthews you will benefit from unlimited property visits at no extra cost.
Additionally, a local property manager will have knowledge of the rental market that will allow you to set a competitive rate. The last thing you want to do is put off high quality tenants by setting your rent too high. By the same token, you want to be able to maximise the return on your investment. A local property manager will help you to find that balance.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
5 —
Avoid Legal Hassles & Penalties
There are many laws that you need to be familiar with pre-tenancy, during the tenancy, and post-tenancy. Failure to abide by these laws could result in fines over £10,000.
However, experienced property management companies in Birmingham such as Matthews are well versed in these laws and processes, and ensure that they are up-to-date with the latest legislation that is introduced. For instance, if for whatever reason you decide that you wish to evict a tenant, Matthews are aware of the necessary steps involved to ensure that the eviction goes ahead. Failure to carry out certain steps could result in an eviction being delayed which could impact you financially.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.
6 —
Avoid Uncomfortable Situations With Tenants
Hiring a property management company in Birmingham allows the landlord to keep a professional distance from their tenants, and avoid any uncomfortable or difficult situations.
There are cases where a landlord is too lenient with their tenant over certain issues. For example, a landlord may feel uncomfortable about discussing a late rent payment or feel bad about evicting a tenant that’s costing them potentially thousands of pounds. Whereas, a property management company will maintain a strictly professional relationship with the tenant, will have those difficult conversations if necessary, and take appropriate steps if any problems arise.
2 —
Gaining Access to High Quality Tenants
This can’t be said for all property management companies in Birmingham, but we advertise our properties to let on property portals, our website, and social media. Our extensive marketing therefore allows us to attract high quality tenants who are then subject to right to rent checks, affordability checks, as well as reference checks from employers and previous landlords.
By providing this service, we minimise the risk of late rent payments or arrears, ensuring that you receive your return on your investment.
3 —
Reliable
Maintenance & Repairs
While offering property management in Birmingham, we have become very well connected with reliable professionals from many different trades who are available at a fair quote.
This means that if any repairs or maintenance is required during the tenancy, services can be arranged and those issues can be dealt with swiftly. This ensures that tenants remain happy at your property and more likely to renew their tenancy, rather than seek accommodation elsewhere.