Buyers & Owners Guide
Everything you need to know about buying or selling your home through Zump.
Buyers
1. Messaging owners We will alert the homeowner and once they accept the request you can chat directly with them to enquire about their property.
2. Dealing direct or through an agent Once you and the owner agree to the sale they can choose wether to instruct an agent or take care of the sale themselves.
3. Mortgage required? Once you find the mortgage you want, you can apply for it before you make an offer on a property. You can get a decision and a mortgage offer from a lender, which will confirm how much they are willing to lend you. This is called a mortgage in principle. You can skip getting a mortgage in principle and wait until you have an offer on a property accepted before you apply for a mortgage, but you may not know exactly how much you can borrow, and the seller may not take your offer as seriously. Check out our services page for information on mortgages.
4. Veiwings the property Viewings can be done with an agent or directly with the homeowner depending on yours and the sellers preference. There’s a lot to think about during a viewing so here is a quick checklist of things to look out for. Damp. Keep an eye out for dampness. Does it smell damp? Are there watermarked walls or ceilings or flaky plaster? Roof. How old is the roof, has it had any work done recently? Ask these questions and take a look at it if the tiles and guttering looks tired this is a cost you need to take into consideration. Windows. Is there condensation on the windows? If the window has condensation inside the glass this shows the window is blown and could indicate poor insulation. If the frames are cracked and rotten then they will need to be replaced at some point too. Area. Location is very important when looking for a house. Does it have good schools, transport links, parks, and green space? Look for the nearest shop, restaurant and of course a decent pub. Has it got a good sense of community? Always look at the crime rate. It’s always good to drive around and get a feel of the area. Which way does the house face. A south facing garden will get a lot more sun than north facing. Don’t be shy to get a compass out. You can easily download apps on your phone. Potential. Could you boost the value of the property? See if you can add an extension or a roof conversion. If it is a listed building it can be very difficult to make changes to the property so always check this first. Condition. Assess the general condition of the house. Look out for worn carpets, cracked walls, tired floorboards, and skirting. Make sure you understand how much work the property needs so you can assess your finances. What is included. See what the owners are willing to leave. Are they taking all the white goods, cooker and curtains? If there is a wood burner will they leave this?
5. Making an offer There is a lot to consider when making an offer. You don’t want to overpay but you found your dream home and you don't want to lose it. So, here are a few things to help you decide on an offer. What's the market telling you? Research the area to make sure you aren't overpaying. If you go onto Zump there will be an estimated value and last sold price. You can also look on Zoopla and see if there are previous listings of the property. On Rightmove you can see what other houses on the road have sold for too. So do as much research as possible. Talk to your Zump advisor. Ask the following questions. How long has the owner lived at the property. If they haven’t lived there for long find out why they are now deciding to sell. Has the owner found another property? Check the chain if they have. (the chain is the houses being bought and sold above and below you). Have many people viewed and do they have other offers. Is there a minimum price the seller would accept? Once you have this information you can decide to make an offer over, under, or for the asking price. The asking price is what the owner would ideally like to get for the property. However, people understand they may have to accept under the asking price. If a seller is in a hurry, a recent property sold for less or you're a cash buyer the owner may take a lower price. Also if there is work that would need to be done they may accept taking this money off your offer. If your first offer is not accepted you should be able to offer again. However, some agents go straight to sealed bids and best and final offers in these circumstances you may not be able to offer again. In competitive markets, properties are snapped up quickly and you may find yourself bidding against other buyers. In these circumstances, it is recommended to pay the asking price or above but make sure you are not paying over the odds. Do your market comparison and stick to your budget! When buying in a competitive market it is important to make your offer stand out. If you have a property up for sale you’ll be less favourable than a first time buyer without a chain. When making an offer, set yourself an upper limit. If you're not in the most competitive position consider going slightly lower - between 1-5% depending on the price of the home - so you have room for upward negotiation. When making an offer we suggest you email it with the following information. Decision in principle Proof of deposit Your position, i.e. First time buyer, Sold subject to contract Are you flexible on move in date And your solicitors details This shows you are ready to go and will put you in a really good position. You can add in why you would like home, the emotional bit, this can sometimes win over owners. If your offer is rejected, weigh up your options and if you can afford to make a higher offer.
6. Get ready for the legal work If your offer is accepted, you can appoint a solicitor to handle conveyancing; the legal process of passing ownership of a property from one person to another. The sooner in the process you do this, the more time you save and the quicker you can move in. Their job includes: Drawing up the contracts Checking survey reports to find (if any) problems with the property Initiating searches (Local Authority/Environmental & Water & Drainage) Raising inquiries with the other solicitors/management companies Exchanging contracts with the seller’s solicitor Transferring documents like title deeds into your name Sending funds to make the purchase Head to our services page to contact brilliant local soliceters in Bristol.
7. Geting a home survey This is a check of the value of the property you want to buy and its condition. There are four main types of surveys: a valuation survey, a condition report, a homebuyer report, and a full structural survey. VALUATION SURVEY A valuation survey does exactly as its name suggests: it determines whether the property you are wanting to buy is worth the amount you have agreed to pay for it. This is primarily for the mortgage lender so that it knows the loan will be covered if the property has to be repossessed and sold. CONDITION REPORT Designed for newer properties and conventional homes, it provides a clear and concise report on the condition of the property, plus details of urgent faults and advice for legal advisors. You will not, however, get a property valuation with a survey of this kind. HOMEBUYER REPORT The slightly more expensive homebuyer report provides a market valuation and an estimate of the insurance rebuild cost, as well as all the information offered by a condition report, will offer greater peace of mind. STRUCTURAL SURVEY If you have reason to be particularly worried about the structure of the building or are buying a period property, then it is probably best to go for a full structural survey. It includes information on defects and repair and maintenance options and is also essential if you are buying a larger property or are planning to carry out major works. If you are unsure about which survey to carry out, speak to your Zump property advisor.
8. Exchange contacts When your mortgage has been approved, and the buyer of your home has fulfilled their purchase duties, and you and your solicitor are ready to make the purchase, your solicitor will exchange contracts of sale with the seller’s solicitor. Once this has been done, your agreement to buy the property is legally binding. Your solicitor will then transfer the deposit to the seller, and you can agree on a date for completion of the sale. You will also need to pay stamp duty at this point.
9. Moving home The completion date is the day you legally own your new home. The seller must leave the property, the funds are transferred to them from your mortgage company, and you have been given the keys and the title deeds for the property. At this stage, you will also want to arrange for Home Insurance and schedule your actual move and everything that is required. Here are things to consider when you reach this step: Renting a van or booking a removals company Clean your old home Getting packing boxes and labels ready Take time to pack – throwing anything you don’t need away Cancel any bills Consider childcare or pet care Let people and companies know your new address Set up all new utilities Create an ‘essentials’ box for moving day (a kettle, teabags, toilet roll, phone chargers etc.) Know where all your important documents are (birth certificates, passports, driving licences, bank cards etc.) Record your meter readings And then get settled on to your new home!
Owners
1. Communicating with buyers Once you've created a property property profile buyers will be able to message you. Make sure you have an up to date valuation of your home.
2. Accept message requests You'll receive message requests directly from owners enquiring about your property. Accept theses messages to start a chat with the buyer. They will want to know more information on the property and when you're looking to sell and you can find out more about them.
3. Use an agent or deal directly with the buyer When selling with Zump you can choose to sell your property yourself or work with one of our partner agents. Sell your property yourself Until now the only way to sell your house was through an agent. They held the keys to the portals and there wasn’t a good alternative. Selling a property yourself is a new, and for some, a strange concept. Zump gives you the platform, tools, and freedom to take control of the selling process. Receive interest and market your property yourself. Your property advisor will be able to advise you on everything that needs to be done. With agents making up the majority of costs associated with selling a property you can save yourself thousands of pounds doing it yourself. However, it does depend on how much time you have. Agents do this day in and day out and know the processes involved which can seem overwhelming and complex to a relative property novice. Sell with a Recommended Agent When working with one of our recommended agents there are two main added benefits. They will conduct a full market appraisal (valuation, research, possible selling price, and associated fees) and they will market your home on the major property portals. This will reach a wider audience but may not guarantee you a better price. If you’ve already received interest from people on Zump they may be more motivated
4. Viewings on your home When selling with Zump you can choose to sell your property yourself or work with one of our partner agents. Sell your property yourself Until now the only way to sell your house was through an agent. They held the keys to the portals and there wasn’t a good alternative. Selling a property yourself is a new, and for some, a strange concept. Zump gives you the platform, tools, and freedom to take control of the selling process. Receive interest and market your property yourself. Your property advisor will be able to advise you on everything that needs to be done. With agents making up the majority of costs associated with selling a property you can save yourself thousands of pounds doing it yourself. However, it does depend on how much time you have. Agents do this day in and day out and know the processes involved which can seem overwhelming and complex to a relative property novice. Sell with a Recommended Agent When working with one of our recommended agents there are two main added benefits. They will conduct a full market appraisal (valuation, research, possible selling price, and associated fees) and they will market your home on the major property portals. This will reach a wider audience but may not guarantee you a better price. If you’ve already received interest from people on Zump they may be more motivated
5. Receiving, negotiating, and accepting offers You’ve received an offer – hooray! If you've used an agent they are legally required to pass all offers on to you. If not you'll receive this directly. If you are not happy with the offer, you can either reject it outright, wait to see if a better offer comes along, or try to negotiate it upwards. I t’s also important to consider; 1. What is the financial position of the potential buyer? 2. What are your buyer’s timescales for moving? 3. Is there a chain and how long is that? Once you are happy with an offer, you need to formally accept it, ‘subject to contract’, which means as long as a survey doesn’t throw up any surprises, the buyer will most likely complete the sale. At this stage, most buyers will request for your property to be taken off the market, and therefore viewings to stop An accepted offer is not legally binding until contracts are exchanged. This means a buyer can back out of the sale at any point up until contracts are exchanged. This is also the same for the seller.
6. Get ready for the legal work You must hire a solicitor to handle the legal work involved in selling and buying a property. Solicitors will help with searches and raising enquiries. Just as you would with an estate agent or mortgage broker, compare quotes and look at reviews. Online firms and local firms will have big differences so do your research! Check out our services section to be conected with an amazing local practice. It is best to choose a solicitor before making or accepting an offer so you can understand their costs. To get ahead of the game fill out all relevant forms too and consider what you will add to your will.
7. Sales progression You want to commit your buyer quickly, so ensure once your solicitor has received a ‘memorandum of sale’ from the agent they have forwarded the completed contract back to the buyer’s solicitors. Check with your agent to ensure the buyers are happy to commit to searches being instructed asap. Searches include, water, drainage, environmental and local council and could take approximately 1 month for all to be returned. Your agent should assist in helping expedite this part early to save time in the process. Check with your agent to ensure the survey is being booked. Are they only having a mortgage survey or do they wish for further surveys too? Again, keep close contact with your agent and ensure the buyers understand the process Solicitors will raise enquiries based upon the contract pack received, respond as quickly as possible once your solicitors raise with you any enquiries received from the buyer’s solicitors. Sign contracts ready for exchange. Buyers will need to send deposit funds to their solicitors to initiate the exchange of contracts.
8. Exchange contracts When you exchange contracts with the buyer you become legally committed to selling the property – and they are legally committed to buying it from you.
9. Complete the sale and moving home You’ll need to ensure you have organised your home moving before completion. The more time you can give yourself the less stressful it will be. Completion is when the property changes ownership, you accept payment and hand over the keys. On the day of completion, the money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer. Your solicitor/conveyancer will register the transfer of ownership with the Land Registry. At the time of completion, the property has to be in the condition agreed in the contract – including all the fixtures and fittings. The mortgage company will have given you and your conveyancing solicitor a precise redemption figure for your mortgage for the day of completion. Now the buyer has transferred the remaining money to your solicitor, they will pay off the mortgage for you and settle any solicitors and estate agent fees.
