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Let Agreed – What does it mean?
Terminology often used when looking to rent or let a property can seem confusing, even more so when it’s your first time. Here are Peregrine Properties we’d like to make things as clear and as transparent as possible.
Prospective tenants who are actively looking for a property to rent could come across properties with the term “Let Agreed” next to them, this can often be confusing, is the property off the market and no longer available to rent?
Let Agreed, means that a prospective tenant has viewed the property, shown interest in the property and has verbally made an offer to rent the property. This has then been accepted and agreed with the landlord or the letting agency themselves. At this stage a holding, refundable deposit will be taken to secure the property. This is so administration work can take place such as references and credit checks.
A holding deposit is to keep the property reserved for the tenant that’s shown interest and will be refunded if the landlord changes their mind or an agreement is not finalised in time (If the tenant is not at fault.)
However, it should be noted that parts of the deposit can be kept for work carried out if the tenant is at fault for example providing false information.
Once the property has been let the holding deposit is credited as part of the first initial months' rent, the tenancy agreement will be finalised, signed and a moving in date will agreed.
Should I show interest in a let agreed property? Not all properties that are let agreed go as far as completion, although most do. If you do notice a property with the words “let agreed” it’s probably best to find a different property or ask us here at Peregrine Properties to be placed on a waiting list, properties often come back onto the market.
Don’t be afraid to give us a call if you have any questions on any of our properties.
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Firstly what is conveyancing, well conveyancing is the exchange and transfer of the legal title of the property which takes place in two stages, the exchange of contracts and completion. Exchange is when the deal is fixed and in place and agreed by both parties, completion is when the sale is finalised and the legal title now passes ownership.
As an average conveyancing takes around 12 weeks, however it has been known to take as little as four weeks or be dragged out for months due to delays. The smaller the chain the less complicated things will be and in theory take less time.
So, what delays can take place, there are many common reasons why delays can take place and these include:
- The property has a title issue or missing deeds
- The buyers mortgage may have issues that need to be resolved
- A leasehold property may need extra information
- Cash buyers may need to free up funds
- Sellers that are waiting for a new build property
- Property searches
- Shared ownership properties
- Probate properties need to wait for the right paperwork
- A survey may find some issues that previously no one was aware of
Properties that have a chain can increase the time of conveyancing in many ways as you are relying on the sales of properties above yours in the chain. So delays at the top of the chain will affect the ones at the bottom even if they go smoothly.
Just because you don’t have a chain it doesn’t always go smoothly, problems can arise from searches that take place for example a structural issue.
There are many things you can do to put things in place to help speed up the process, for example setting a completion date from the start that both parties can agree to.
Here at Peregrine Properties we are always on hand to answer your questions, keeping you informed and up to speed with the process throughout.
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So, this year has been a tricky one to say the least, since the country went into lockdown on March 23rd due to the ongoing Covid19 pandemic, but here we take a look at what has been going on with the local Wakefield property market since the turn of the year.
It can be said that Wakefield has seen some real optimism and purpose this year, low interest rates and banks offering some great deals has seen a surge in properties selling quickly, which means now is a great time to be looking at buying a Wakefield home.
If you need convincing on why to choose Wakefield for your new investment, just look at its excellent links with nearby Leeds, Huddersfield and Sheffield easily reached by road and also Wakefield has direct train links to London and Edinburgh. Plus top of the range schools such as QEGS and Silcoates being “go to” schools.
2020 saw a flurry of properties selling quickly which were up to around £300k, Wakefield also saw some new home developments enter the market and also sell quickly. We are confident now restrictions have been lifted slightly. The Wakefield property market will start where it seemed to pause momentelary.
Peregrine Property Wakefield isn’t against the local property market in fact excelling, instructing more properties than ever before at full market value. So, no need to raffle your home like one Wakefield resident did when he started to sell tickets for as little as £1, for his 4 bedroom Ossett, Wakefield property.You can read more about that story here.
Have a property to sell in Wakefield? Then get in touch with us here directly on 01977 253035. We run a family run boutique estate agency, a professional hardworking team that always puts our customers first. We believe our customer service and local knowledge is what sets us apart from other Wakefield estate agencies.
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It’s a little too early to tell what effect Covid19 has had on the local area, but we can see what the property market is starting to do now that the restrictions are starting to be lifted and viewers are back taking place.
Hull’s cheapest property recently went to auction this week with a starting price of a mere £1,000. The property is in the Gyspyville area of Hull and is a mid terrace 2 bedroom property, it was badly damaged in a fire and needed extensive repair work. The low starting price shouldn’t be a sign of things to come.
Buying properties in Hull is now possible, Hull being one of the countries most affordable cities to purchase a home, according to a recent Open Property Group affordable index release, in which it compares house prices and salary data.
There is only one city currently in the UK where house prices fall into affordability, with local Hull house prices only having to fall on average by 12% to fit with the affordability index. Ranking 3rd Hull the most affordable city to live in across the UK.
Hull continues to see investment in the area making a more enticing place to buy a property for many first time buyers. Wykeland Group has recently completed on the purchase of 100,000sq foot of Whitefrigate, in what it sees as a long term regeneration plan, the properties include the old Marks & Spencer’s , HMV and New Look.
We can only see the Hull property market going from strength to strength both short and long term.
Peregrine Properties Hull
We are confident the property market will return to how it previously was pre-lockdown and we are the estate agents for you to do that, if you have a property to sell we’ll make sure it’s seen.
The most viewed property in Hull on Zoopla is currently one Peregrine Property Hull has on the market, a 3 bedroom property in the HU5 area and is listed at £150,000.
If you want to know more about the property you can view it here, or if you are looking to find out what Peregrine Property, the number one estate agent in Hull can do for you contact us directly on 01482 506161.
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What do you do when your mortgage application is declined?
Through our years of experience in property we know that when buying a home you hope things will go smoothly, but that’s not always the case, it can in fact become a bit of a minefield. The first stage is getting a mortgage approved, we do actually see an outcome people are not always wanting.
Don’t worry if you have had an application declined, it’s most certainly not the end of the road, here we look at reasons why you may have been refused a mortgage and what to do to resolve it.
Some of the most common reasons and solutions:
* Your credit history plays a big part, if you have been seen to have a poor financial history this will need to be worked upon, to improve your financial rating.
* Make sure you're on the voters register, this is something many banks check to confirm who you are, if you are not registered go and do so.
* Pay as much debt off as possible, the less debt you have accredited to you the better, make sure you do so before reapplying.
* Reduce your credit applications the more you registered in your name suggests you may be struggling with debt, keep these to a minimum.
* Make sure you can afford the repayments, it’s not just about the deposit the bank needs to be able to see you can make the repayments without any financial struggle.
* Being self employed can be a cause of a mortgage application being rejected if you are self employed it is probably wise to seek out a mortgage for those that are specifically self employed.
* Check for errors and mistakes, these do happen, read through your credit report and make sure everything is correct.
Having a mortgage in principal but then declined?
Just because you have a mortgage in principle doesn’t mean it will be approved once you apply for the mortgage, the lender could later find something that will lead to the application being rejected.
All is not lost speak with the lender and ask for details on why the application was later rejected, sometimes these problems can be rectified, or seek the help of a mortgage advisor.
If you are facing difficulties with a mortgage being approved then please get in touch and we may be able to help you further.