A recent report from the Royal Institute of Chartered Surveyors suggests has shown that there may be some hope for many home buyers who have struggled through the financial crisis and house price crash in the UK over the past few years.
To make this easier, finding a solicitor that you can depend on and more importantly, trust should be at the top of any list of priorities when it comes to purchasing commercial property. The minefield of legal red tape can be complex and confusing at times, so we’ve assembled a quick guide that should give you a solid plan of action on how to tackle the legal issues.
Regulation: You don’t want to be stuck with a ‘Lionel Hutz’ type solicitor, so always hire a solicitor who is regulated by the Solicitors Regulatory Authority (SRA). SRA members will be fully and properly insured so you as a client will be protected if anything slips through the cracks during the legal process. Plus by being regulated through the SRA you have an avenue to take action should your chosen solicitor not act or behave in the proper way during the transaction.
With news on the back of that, that lenders are loosening up their lending criteria again, now would appear the perfect time to remortgage your home in order to release funds for home improvements or to buy additional properties.
You don’t have to spend thousands on your home to add value. Some improvements cost very little but can add significant value. For example, creating an off-road car parking space can cost little more than a few hundred pounds but in urban areas can add a significant amount to your property’s value. Central heating is another improvement that often adds value, as does a new kitchen or bathroom.
Converting the attic into an additional bedroom can add thousands onto the property value. And if you make it an en suite room then this will add even more value and will make your property more sellable.
Extensions also allow you to put in additional bedrooms which can add thousands to the price of your property. If you already havea garage, this can be converted to another bedroom too at relatively low cost.
Do make sure that when you are planning your projects that you don’t do anything that would make the property less saleable, such as adding new bedrooms, but leaving the kitchen very small or out of date. Ensure that you address the needs for existing rooms before creating additional bedrooms.
Another thing to bear in mind when considering home improvements is the quality of the work. Trying to undertake refurbishment or redecoration yourself might save money, but a poor quality job will actually put buyers off. And, remember that certain jobs such as gas or electric installation require qualified professionals.
You should also ensure that you take all costs, fees and charges into account when looking for a remortgage. Don’t just compare the interest rates. Make sure you get quotes and also look at the overall cost which is detailed on every mortgage quote.
